September 18, 2007
The Resident Editor
The Economic Times
Times of India Building
Mumbai – 400 001
This has reference to the letter headlined “Remember OTCEI” from Mr. Sunil Kumar, published in your daily on September 18, 2007. The facts are as follows:
The OTC Exchange of India (OTCEI) was granted recognition as a Stock Exchange on August 23, 1989 and commenced its business from September 25, 1990.
The functioning of a Stock Exchange is the responsibility of the management and promoters/shareholders of the Exchange and the Securities and Exchange Board of India is not vested with the task of running or the day to day management, of the Stock Exchange.
The issue of forfeiture of deposits by any Exchange is a matter between the concerned Stock Exchange and its members. It is not for SEBI to ensure that money is refunded by OTCEI to “its various participants” as suggested by Shri Sunil Kumar.
It is requested that the above clarification may be published in your newspaper.
For Securities and Exchange Board of India
Deputy General Manager (Communications)