Order under section 11 of the Securities Contracts (Regulation) Act, 1956 Extending the Supersession of the Council of Management of the Magadh Stock Exchange. - S.O. No.1019(E) - SEBI/LE/3138/98 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 1st December, 1998 S.O.1019(E).- vide notification no.822(E) dated December 5, 1997, the Council of Management of the Magadh Stock Exchange was superseded by the Securities and Exchange Board of India for a period of one year with effect from December 08, 1997 and Shri. S.S Dhanoa, IAS (Retd.) was appointed as an Administrator to exercise and perform all the powers and duties of the Council of Management. An Inspection of the Magadh Stock Exchange was conducted by Securities and Exchange Board of India in August 1998, and on the basis of the inspection report it has been decided that the period of supersession of the Council of Management be extended for a further period of one year keeping in view the corrective measures which were initiated by the Administrator, still require sustained follow up action to further streamline the functioning of the exchange so as to make it a viable proposition, and to attract the interest of the large number of investors in the state and in the eastern region. In view of the above, in exercise of the powers conferred upon me under Section 11 of the Securities Contracts (Regulation) Act, 1956 read with the Government of India Notification number S.O 573 dated July 30, 1992 and sub-section (3) of Section 4 of the Securities and Exchange Board of India Act, 1992, the supersession of the Council of Management of the Magadh Stock Exchange is hereby extended for a further period of one year with effect from December O8, 1998 and Shri S.S. Dhanoa, IAS(Retd) resident of 40, Monararika Enclave, New Delhi - 110 067 will continue as the Administrator to exercise and perform all the powers and duties of the Council of Management for the extended period, [File No. SEBI/LE/3138/98] D. R. MEHTA, Chairman