SEBI restores administration of Bhubaneshwar Stock Exchange

Mumbai, Apr 2 (UNI) The Securities and Exchanges Board of India has restored the administration of the Bhubaneshwar Stock Exchange to the newly reconsituted Board.

The new Board, reconstituted in accordance with the composition prescribed by SEBI, comprises of two Public Interest Directors, two trading member directors, three shareholder directors and one Chief Executive Officer, SEBI said in a release here today.

SEBI had superseded the Council of Management of Bhubaneswar Stock Exchange Limited, vide its order of January 3, 2003, and appointed Jai Prakash Verma, IPS (Retd.) as the Administrator of the Exchange and subsequently 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.

SEBI said 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, it said. Mr Pattanayak, Public Interest Director has been elected as the Chairman of the Board.

UNI VK SR SKB1933