The Gazette of India
EXTRAORDINARY
PART II—Section 3—Sub-section (ii)
PUBLISHED BY AUTHORITY
No. 484] NEW DELHI, MONDAY, OCTOBER 9, 1967/ASVINA 17, 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 7th October 1967
S.O. 3684.—The Central Government having considered the application for renewal of recognition made under section 3 of the Securities Contracts (Re- gulation) Act, 1956 (42 of 1956), by the Calcutta Stock Exchange Association Ltd., Calcutta (hereinafter referred to as the Exchange), and being satisfied that it would be in the interest of trade and also in the public interest so to do, hereby grants, in exercise of the powers conferred by section 4 of the Securities Contracts (Regulation) Act, 1956, recognition to the said Exchange under section 4 of the said Act for a further period of five years commencing on the 10th October, 1967, and ending with the 9th October, 1972, in respect of contracts in securities subject to the conditions stated herein below and such other conditions as may be prescrib- ed or imposed hereafter :
Conditions
TllE GAZETtE OF INDIA ExlRAORMNARY [PART 1I-SISC. i (it) ]business during his incumbency; and ii the person so appointed Is a member of the Exchange, he shall resign his membership thereof forthwith. The person so appointed shall not be dismissed or removed from the office without the pre- vious approval of the Central Government.
(2) The Articles of association of the Exchange shall provide—
(a) for nomination on the Committee, o! a person who is unconnected with securities business and who is of public eminence in the locality and such nomination shall be made by the Comrnlttea with the previous approval of the Central Government;
(b) that one-third of the members elected to the Committee ihall retire each year by rotation but the retiring members shall be eligible for re-election;
(c) that no member, who does not maintain a membership deposit of twenty thousand rupees with the Exchange and who ia not carrying on business on the Exchange, shall be eligible for election to the Com- mittee and any member who, after such election, fails to maintain a membership deposit of twenty thousand rupees with th* XxckMtge and ceases to carrying on business on the Exchange, shall forth- with cease to be a member of the Committee;
(d) that no membership deposit shall be accepted otherwise than In the form of deposit of cash or deposit receipt of a scheduled Bank or in •ecurities of listed companies approved by the Committee or in such other form as the Committee may, with the previous approval of the Central Government, decide from time to time;
Provided that a member who has already furnished a membership deposit by way of surrender of life insurance policies shall not be required to make, so long as the surrender value of such life insurance policies does not fall below twenty thousand rupees, fresh membership deposit.
(3) The aforesaid conditions shall be complied with by the Exchange as ••rly as possible but In no case later than the 9th October, 1068.
[No- F. 1/6/SE/87.]
& S- SHIRALKAR, Add!. Secy.