April 2, 2008
PR No. 093/2008

Reconstitution of the Governing Board of 

Bhubaneswar Stock Exchange Limited

SEBI had superseded the Council of Management of Bhubaneswar Stock Exchange Limited, vide order dated January 3, 2003, and appointed Shri Jai Prakash Verma, IPS (Retd.) as the Administrator of the Exchange and subsequently Shri Vivekananda Pattanayak – IAS (Retd.) was appointed as the Administrator of the Exchange, to exercise and perform all the powers and duties of the Council of Management. 
 
The Exchange has successfully completed its demutualisation process. On a review of the functioning of the Exchange and taking into account the developments in the functioning and administration of the Exchange during the tenure of the Administrators, it has been decided to restore the administration of the Exchange to the Board of the Exchange, reconstituted in accordance with the composition prescribed by SEBI. The reconstituted Board of the Bhubaneswar Stock Exchange Limited, comprising of two Public Interest Directors, two Trading Member Directors, three Shareholder Directors and one Chief Executive Officer, held its first meeting on March 26, 2008. Shri Vivekananda Pattanayak, IAS (Retd.), Public Interest Director has been elected as the Chairman of the Board.

Mumbai

March 19, 2008