Approval for amendment to bye-law No. 228(3) of the bye-laws of the Uttar Pradesh Stock Exchange Association Ltd. - S.O. No.991(E) - G/E/01/NRO - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA ORDER Mumbai, the 28 th August, 2003 S.O.991(E).- -Whereas the Securities and Exchange Board of India (hereinafter referred to as SEBI ) vide circular No. SMD/POLICY/Cir-6/03 dated February 12, 2003 advised the Stock Exchanges to shorten the settlement cycle from T+3 rolling settlement to T+2 rolling settlement with effect from April 1, 2003 and in response to the said circular, SEBI has received a proposal from Uttar Pradesh Stock Exchange Association Ltd. (hereinafter referred to as the Exchange) vide letter dated March 26, 2003 seeking amendment to byelaw no. 228(3) of the bye laws of the exchange and the proposal received from the Uttar Pradesh Stock Exchange has been considered and approval is granted subject to the following modifications: Members shall make payment to their constituents and deliver the securities purchased within 24 hours of the payout . Whereas, the Exchange vide the above referred letter sought the approval of SEBI for waiver of prior publication of the proposed amendments in the official gazette in order to implement SEBI's circular no. SMD/POLICY/Cir-6/03 dated February 12, 2003 and the request received from the exchange has been considered and SEBI is of the opinion that in the interest of the trade and in the public interest the above amendment should be made immediately for effective implementation of T+2 rolling settlement in the Exchange. Therefore, in exercise of the powers conferred under Sub-section (4) of Section 9 of the Securities Contracts (Regulation) Act, 1956, SEBI hereby dispense with the condition of previous publication of the bye-law as approved above. [No. G/E/01/NRO] G.N. BAJPAI, Chairman