To:E.Ds / Presidents / M.Ds. of all Stock Exchanges

SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021 

To
The Managing Directors/
Executive Directors of all
the Stock Exchanges.
 

Dear Sir,

Please refer to our earlier circular dated December 20, 1996 regarding uniform eligibility norms for contesting election for the member of Governing Board of the Exchange. As per those eligibility norms, no member shall be eligible to be elected as member of governing board if he has been a member for less than three years standing on first day of January of the year in which the election takes place. On the basis of representation made by Exchanges the condition (ii) is amended and will now read as below:
 

1. " he has been member for less than three years standing on the last day for submission of proposals by candidates for election."

All the stock exchanges are advised to take the note of above change.

Thanking you,

Yours faithfully,
 

M.D. PATEL
EXECUTIVE DIRECTOR
SECONDARY MARKET DEPARTMENT
 

1. All Executive Directors of SEBI.
2. All Divisional Chiefs Requested to circulate to all their officers.
3. All SEBI Nominee Directors on the board of Exchanges.
4. All Regional Managers i.e., SRO, NRO and ERO.

  Note:
 

1. SMD Stock Exchange Administration Division to follow-up with Exchanges for implementation.
2. All the SEBI Nominee Directors on the Board of Exchanges to follow-up the issues in the Board Meeting of the Exchanges.