Subject NOT available

click here for IIIF manifest

The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 117] NEW DELHI, TUESDAY, JUNE 25, 1963 ASADHA 4, 1885

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATIONS

New Delhi, the 26th June 1963

S.O. 1797.—In exercise of the powers conferred by sub-section (1) of section 16 of the Securities Contracts (Regulation) Act, 1&56 (42 of 1956), the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Economic Affairs) No. S.O. 3644 dated the 29th November, 1962.

[No. F. 24/14/SE/EAD/63.]

S.O. 1798.—Whereas the Central Government has received a request in writing from the governing body of the Calcutta Stock Exchange Association Ltd., Cal- cutta that the bye-laws made by it may be amended.

Now, therefore, in exercise of the powers conferred by sub-section (1) of section 10 of the Securities Contracts (Regulation) Act, 1956, (42 of 1956), the Central Government hereby makes the amendments to the bye-laws of the Cal- cutta Stock Exchange Association Ltd., Calcutta specified in the Schedule below, and in pursuance of the proviso to sub-section (4), of that section the Central Government, in the interest of the trade, and with a view to enable the said Stock Exchange to commence bargains for the clearing under its bye-laws with- out delay, hereby dispenses with the condition of previous publication of the said amendments to the bye-laws.

SCHEDULE

In the bye-laws of the Calcutta Stock Exchange Association Ltd., Calcutta, (1) for bye-law 50, the following shall be substituted, namely: —

"50. Conditions of Admission to the Cleared Securities List.—The Committee shall from time to time specify the securities admitted to dealings on the Exchange which shall be included in the Cleared Securities List but no securities shall be so included unless the following conditions are satisfied, namely—

(i) The securities are fully paid-up equity shares of a Company other than a banking company.

(iii) The securities are not included in the Cleared Securities List of any- other Stock Exchange recognised under the Securities Contracts (Regulation) Act, 1956.

(iv) The Company is of sufficient magnitude and public importance and the subscribed capital represented by the securities is at least Rs. 25 lakhs and their aggregate value at the ruling market price Is at least one crore of Rupees.

(v) There is adequate public interest in the Company and at least 4& per cent, of the capital represented by the securities is held by the public and such holdings are broadly and evenly distributed among a large number of shareholders without any undue concentration in the hands of a few persons.

Explanation,—For purposes of sub-clause (v) of this provision the word "public shall be deemed to exclude Directors, Managing Directors, Managing Agents, Secretaries and Treasurers and where the Managing Agents or Secretaries and Treasurers are a partner- ship firm or a private limited Company the partners of such firm and members of such Company; the nominees and the husband, wife, brother, or sister of the persons aforesaid and any private or public limited Company in which such persons have a controlling interest or which is under their management or supervision.";

(2) for Bye-laws 60 and 61, the following shall be substituted, namely:—

"60. Carry-over Bargains Deemed to be at Making-up Price.—Carry-over bargains in any Cleared Security shall be deemed to be at the making- up price fbted for the security for the current Clearing."

"61. Performance oj Bargains in Cleared Securities.—Bargains in Cleared Securities entered into during a Clearing may be closed by purchase or sale during the Clearing or carried-over to the ensuing Clearing. All bargains entered into during the Clearing that remain outstand- ing at the close of business on the last business day shall be per- formed by delivery and payment on the days fixed for the purpose.";

(3) Bye-law 222 shall be renumbered 222 (a), and after the Bye-law so re numbered, the following new clause; (b) shall be inserted, namely: —

"(b) Carry-over Contracts at Other Than Special Making-up Price when Void.—Save as otherwise provided in these Bye-laws and Regulations carry-over contract notes rendered by members to their constituents shall be at the special making-up price fixed as prescribed in the re- lative Regulation notwithstanding that the corresponding bargains have been entered into at a price other than such special making-up price. Carry-over contracts between members and their constituents either as agent to principal or as principal to principal in respect at which contract notes are not rendered as prescribed herein shall be deemed void.";

(4) in Bye-law 331 in sub-clause (vl), for the full-stop at the end, a semi- colon shall be substituted; and after the said sub-clause, the following new sub- clause (viii shall be inserted, namely: —

"(vii) carry-over contracts between members and their constituents either as agent to principal or as principal to principal in respect of which contract notes are not rendered to constituents at the special making-up price as provided in these Bye-laws and Regu- lations."

[No. F. 24/14/SE/EAD/63.] A. BAKSI, Jt. Secy.