TMI BlogSecurities and Exchange Board of India (hereinafter referred to as SEBI) had discussed the issue of demutualisation with the stock exchanges from time to time.X X X X Extracts X X X X X X X X Extracts X X X X ..... above, policy announcement, The Securities and Exchange Board of India (hereinafter referred to as SEBI ) had discussed the issue of demutualisation with the stock exchanges from time to time and Whereas SEBI Board in its meeting held on December 28, 2001, discussed the issue of demutualisation of the stock exchanges and decided that henceforth no broker member shall be an office bearer of an exchange that is hold the position of the President, Vice-President, Treasurer etc., and the other administrative and legal modalities for corporatisation and demutualisation of exchanges of the stock exchanges are being worked out; and Whereas subsequently, SEBI directed all the exchanges including The Uttar Pradesh Stock Exchange Association ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry general meeting held on March 09, 2002, UPSE vide its letter dated 18.3.2002 informed that the members alleged that the notice calling the meeting and its resolution are not proper, that the Governing Board had failed to give valid reasons for the notice and the proposed resolution and the members raised several queries which were not answered by the Governing Board and the Chairman of the meeting Shri H K Garg adjourned the extra ordinary meeting to April 06, 2002 as per the provisions of the Companies Act, 1956 and Whereas, it is noted that that the governing board had failed to explain whether the proposed resolutions are in the interests of the exchange, that the governing board was not able to explain properly the policy of the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the rules of the concerned stock exchanges in accordance with the provisions of the said Section 8; and in view of the failure of the Governing Board of UPSE to address the queries of the members and in view of the failure of UPSE to amend the articles of association of UPSE within the stipulated time and thereby comply with order dated 10.1.2002, SEBI is forced to notify amendments to article 112 of UPSE and Whereas most of the stock exchanges have amended their rules/articles of association to give effect to the order of 10.1.2002, and there is failure of UPSE to amend article 112, in the light of the above SEBI is of the opinion that in the interests of the investors and the capital markets, as also in public interest, it is necessa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... office and ; Provided that no broker member of the exchange shall be elected as President of the stock exchange. iii. The Vice President of the Exchange shall be elected from amongst the members of the Board of Directors within 10 days after the conclusion of the Annual Genera! Meeting. iv. The Vice-President appointed as above shall hold his office for one year and shall be eligible for re-election; Provided that no member who has held the office of the Vice-President for two consecutive terms shall offer himself for re-election unless a period of one year has elapsed since he last held such office and ; Provided that no broker member of the exchange shall be elected the Vice President of the stock exchange. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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