IES/DC/ 8726/00

May 31, 2000

The Managing Director/Executive Director,

The National Stock Exchange of India Ltd.,The Stock Exchange, Mumbai.

Dear Sir,

The Derivative Segment of the Exchange & its Clearing House have been granted approval to commence derivative trading & settlement in SEBI approved derivative contracts. You are advised to appoint:

· Governing Board of Derivative Exchange/Segment (which shall include Governing Council/Executive Committee),

·Clearing Council (which shall include the Clearing Council/Executive Committee of Derivatives Clearing House / Clearing Corporation),

· Chief Executive Officer of the Derivative Exchange/Segment

· Chief Executive Officer of Derivatives Clearing House/Corporation, and

·  Statutory Committees such as Disciplinary Action Committee, Arbitration Committee, Defaulters Committee,

within a period of two months from the date of final approval for trading and settlement granted by SEBI in the manner specified in the enclosed Guidelines.

Yours sincerely,

(L. K SINGHVI)

L.K Singhvi

Sr. Executive Director

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