Notification under section 11(3) of the Securities Contracts (Regulation) Act, 1956 for Extending the period of supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited. - S.O. No.936(E) - SEBI/LE/43510/2005 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai the, 30 th June, 2005 S.O. 936(E).- Vide Notification F. No. SEBI/LE/29503/2004 dated December 30, 2004 ( said notification ), the supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited ( Governing Board ) was extended by the Securities and Exchange Board of India ( SEBI ) for a further period of six months and Shri M.N. Sabharwal, IPS (Retd.) continued as an Administrator to exercise and perform all the powers and duties of the Governing Board. The term of supersession of the Governing Board is due to expire on July 11, 2005. I have noted that the Administrator has initiated various corrective measures in the functioning of the Exchange, some of which require sustained follow up action. Further, I am of the view that in order to further streamline the functioning of the Exchange, time required to complete the process of election and constitution of the new Governing Board and also to complete the process of corporatisation and demutualisation, the period of supersession of the Governing Board is required to be extended for a further period upto March 31, 2006. In view of the aforesaid, in exercise of the powers conferred upon me under section 4(3) of Securities and Exchange Board of India Act, 1992 read with section 11 of the Securities Contracts (Regulation) Act, 1956 and the Notification No. SO 573 dated July 30, 1992 issued by Central Government, the supersession of the Governing Board of the Uttar Pradesh Stock Exchange Association Limited as ordered in the said notification is hereby extended for a further period upto March 31, 2006 with effect from July 12, 2005. Shri M.N. Sabharwal, IPS (Retd.) shall continue as the Administrator and shall exercise and perform all the powers and duties of the Governing Board, during the period so extended. Shri M.N. Sabharwal may take the assistance of such persons as he deems necessary in discharge of his duties as Administrator. [F.No. SEBI/LE/43510/2005] M. DAMODARAN, Chairman