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The Gazette of India

EXTRAORDINARY

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

NO. 442] NEW DELHI, FRIDAY, SEPTEMBER 15, 1967/BHADRA 24, 1889

Separate paging is given to this Part in order that it may be filed

as a separate compilation.

MINISTRY OF FINANCE

(Department of Economic Affairs) (Stock Exchange Division)

NOTIFICATION

New Delhi, the 14th September 1967

S.O. 3302.—The Central Government, having considered the application for re- newal of recognition made under section 3 of the Securities Contracts (Regulation) Act. 1956 (42 of 1956), read with rule 7 of the Securities, Contracts (Regulation) Rules, 1957, by the Ahmedabad Share and Stock Brokers' Association (hereinafter referred to as (the Exchange), and being satisfied that it would be in the interest of the trade and also in the public interest so to do, hereby grants, in exercise of the powers conferred by section 4 of the said Act, recognition to the Exchange, under the said section 4, for a further period of five years commencing on the 16th September, 1967. and ending on the 15th September, 1972, in respect of contracts in securities, subject to the conditions stated herein below and such other conditions as may be prescribed or imposed hereafter.

Conditions

(1) The Exchange shall appoint a wholetime President/Chairman/ExecutiveDirector, as may be designated, who shall, be an ex-officio member of the govern- ing board thereof and also a member of any committee appointed by the govern- ing board and in whom shall vest the executive powers of the Exchange to run the day-to-day administration and to enforce the rules/bye-laws and regulations of the Exchange. The appointment of such a whole-time President/Chairman/| Executive Director and the terms and conditions of such appointment shall bo subject to the previous approval of the Central Government. The Exchange shall ( 1 5 3 7)

ensure that the person so appointed does not engage In any business during his Incumbency and if a member of the SJxchange is so appointed, he resigns hi* membership thereof forthwith. The person so appointed shall not be removed from office without the previous approval of the Central Government.

r(2) The Exchange shall provide for nomination on the governing board of a person who is unconnected with the securities business and' wfifo 1$ of public emi- nence in, the locality and such nomination shall be made by the governing board only after the previous approval of¹ the Central Government.

(3) Only one-third of the members elected to the governing board shall retire each year by rotation but the retiring members shall be eligible for re-election-

(4) No member, who does not maintain a security deposit of ten thousand rupees with the Exchange and who is not carrying on business on the Exchange, shall be eligible for election to the governing board and any such member who after such election, fails to maintain a security deposit of ten thousand rupees with the Exchange and ceases to carry on business on the Exchange shall forth- with cease to be a member of the governing board.

(5) The aforesaid conditions shall be complied with by the Exchange as early M possibl* but in no case ltterthan a period of one year from the 16th Sept^Tibpf. ""7.

[No- F. 1/4/SE/67-1 0. 6. SH1RAIJCAR, Addl. Secy.