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REGISTERED No. D. (D.N.)-72

The Gazette of India

EXTRAORDINARY,

PART II—Section 3—Sub-section (ii)

PUBLISHED BY AUTHORITY

No. 458] NEW DELHI, THURSDAY, OCTOBER 13, 1983/ASVINA 21, 1905 Separate paging is given to this Part in order that it may be filed as a separate compilation

906 GI/83

(1)

MINISTRY OF FINANCE

(Department of Economic Affairs)

Stock Exchange Division

NOTIFICATIONS

New Delhi, the 13th October, 1983

S.O. 733(E).—Whereas the Central Government has received a request in writing from the Delhi Stock Exchange Association Ltd., New Delhi, that the bye- laws made by it may be amended.

(6) in Bye-law 122, the words "and bearer se- curities" appearing in Bncs 2 and 4. shall be deleted.

(7) in clause (a) of Bye-law 123, the words "and debentures" appearing in line 2 shall be deleted.

(8) in clause (b) of Bye-law 123, the words "and debentures'¹ appearing in line 5 shall be deleted.

(.9) the existing clause (b) of Bye-law 126, shaFI be reclassified as clause (d) oF that Bye- law and after clause (a) of the said Bye- law 126, the following new clauses shall be inserted, namely :—

"Deduction from Cum-interest Purchase Price of Debentures or Bdnds,

{b) in respect of cum-kitercst transaction in de- bentures |bonds the buyer shall deduct from the purchase price the interest on gross basis provided Ibe securities are delivered to him by the seller less than five days before the record date or the date of closure of the Transfer Books of the debenturesjbonds for the purpose of payment of interest ;

3

S.O. 734 (E).—Whereas the Central Govern- ment has received a request in writing from the Delhi Stock Exchange Association Ltd., New Delhi that the bye-laws made by it may be amend- ed.

Now, therefore, in exercise of the powers con- ferred 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 Delhi Stock Exchange Association Ltd., New Delhi, specified in the Schedule below, and in pursuance of the proviso to sub-section (4) of that section the Cen- tral Government, in the interest of the trade, and to facilitate performance of contracts in respect of specified shares without delay hereby dispenses with the condition of previous publication of the said amendements to the bye-laws.

SCHEDULE

In the bye-laws of the Delhi Stock Exchange

Association Ltd., New Delhi,—

(1) in Bye-law 48, at the end of the existing clause (ii) the following proviso shall be added, namely,—

"Provided however that in the case of such shares as may be designated by the Go- verning Board as "specified shares'*, delivery and payment may be extended or postponded by the Governing Board by further periods of 14 days each, so that the overall period does not exceed 90 days from the date of the contract."

(2) after Bye-law 52, a new bye-law 52A

shall be added, namely,—

"Bargains in specified shares

52A. Uness otherwise determined by the Gov- erning Board, bargains in "specified shares" will be prformed in the follow- ing manner:

fa) All bargains shall be settled every fourteen days hereinafter called a "Settlement period" by delivery and payment or as the Governing Board may from time to lime prescribe in addition thereto or in modification thereof.

(b) The Governing Board shall fix in advance the first and last business day for each settlement period.

(c) The bargains may be for spot delivery or for hand delivery or for special deli- very or for the settlement but unless otherwise stipulated when entering into the bargain, all bargains shall be deemed to be for the current settlemnt.

(d) Bargains in other than the prescribed tra- ding unit or multiples thereof shall dee- med to be for hand delivery as defined in Bye-law 48 (ii).

(e) Bargains made for a period beyond the current and ensuing settlement periods shall be void.

(f) Bargains carried over from one settlement to another shall be at the making up price fixed for any security by the Exe- cutive Director or in his absence by the Secretary.

(g) Bargains entered into during the settle- ment period may be closed by purchase or sale or carried over to the next settle- ment period. All other bargains which remarh outstanding must be performed by delivery and payment on the days fixed for the purpose.

(h) All the provisions in these bye-laws regu- lations which are at present applicable to the settlement of bargains in cleared securities and which arc not in conflict with the above will apply mutatis mutan- dis to the settlement ot" bargains in "specified shares".

(3) after clause (c) of Bye-law 72, a new cla- use (d) shall be added, namely ;—

(d) If in the opinion of the Governing Board an emergency ot the type referred to above has arisen in any security it may be a special resolution regulate the backwardation charges payable to the buyer by the seller".

(4) in clause (i) of bye-law 335 after the words "of the Exchange', the following words, shall be added, namely,—

"or in which the claimant has cither not paid himself or colluded with the defaulter in the evasion of margin payable on bar- gains in any security¹'.

[F. No.2|7|SE|831

N.K. SENGUPTA, Joint Secy

PRINTED BY THE MANAGER, CCVT. Cl- INDIA PRESS, RING ROAD, NEW DEI HI-110064

JU-ID ruBLisHEn nv THII.. OWTROT.I F.R OF PUBLICATIONS, DELIU-1 10054. 1983