THE GAZETTE OF INDIA
EXTRAORDINARY
PART – II – SECTION 3 – SUB-SECTION (ii)
PUBLISHED BY AUTHORITY
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 15th day of September, 2005
Notification under the proviso to sub-section (1) of section 4B of the Securities Contracts (Regulation) Act, 1956
S.O. No. 1313 (E). WHEREAS OTC Exchange of India having its Registered Office at 92, Maker Towers, “F”, Cuffe Parade, Mumbai – 400 005, has vide its letters no. 0285/05/MD/76 dated January 31, 2005, no. 1749/05/MD dated August 11, 2005 and no. 1811/05/MD/125 dated August 23, 2005 represented to the Securities and Exchange Board of India that it is an already corporatised and demutualised stock exchange and has confirmed that it shall not change its current corporatised and demutualised structure;
NOW THEREFORE the Securities and Exchange Board of India hereby specifies, under the proviso to sub-section (1) of section 4B of the Securities Contracts (Regulation) Act, 1956, that the OTC Exchange of India, which had already been corporatised and demutualised, shall not be required to submit a scheme for its corporatisation and demutualisation, subject to the following conditions: -
(1) The OTC Exchange of India shall not change its current corporatised and demutualised structure, without prior approval of the Securities and Exchange Board of India; and
(2) The OTC Exchange of India shall comply with further conditions as may be imposed by the Securities and Exchange Board of India in this regard from time to time.
[F. No. SEBI/MRD/ 49395 /2005]
M. DAMODARAN
CHAIRMAN
SECURITIES AND EXCHANGE BOARD OF INDIA