April 09, 2008
PR No. 096/2008

Reconstitution of the Governing Board of 

Uttar Pradesh Stock Exchange Association Limited

SEBI had superseded the Governing Board of Uttar Pradesh Stock Exchange Association Limited, vide order dated July 12, 2002, and appointed Shri M. N. Sabharwal, IPS (Retd.) as the Administrator of the Exchange to exercise and perform all the powers and duties of the Governing Board. Subsequently, Shri K. D. Gupta – IRS (Retd.) was appointed as the Administrator. 
 
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 Uttar Pradesh Stock Exchange Association Limited, comprising three Public Interest Directors, three Trading Member Directors, six Shareholder Directors and one Executive Director, held its first meeting on March 31, 2008. Shri K. D. Gupta, IRS (Retd.), Public Interest Director has been unanimously elected as the Chairman of the Board.

Mumbai

April 9, 2008