Securities and Exchange Board of India
Executive Director (Law)
e-mail: dnr@sebi.gov.in
LGL/Cir-2/2003
February 19, 2003
To,
All the Stock Exchanges / Depositories
Sub: Approval of Amendments to Bye Laws / Rules of Stock Exchanges and Depositories
1. SEBI is receiving several references for approval of amendments to Bye Laws / Rules / Regulations of various Stock Exchanges and Depositories. It is observed that in many cases the Exchanges and Depositories are not giving objective / purpose behind such amendments. It is also not being stated as to whether such amendments necessitate further amendments to Bye Laws / Rules / Regulations. This is causing delay in disposing of the references.
Therefore, in order to facilitate speedy approval of Bye Laws / Rules / Regulations and amendments thereto all the Stock Exchanges and Depositories are requested to inform the following while seeking approval to Bye Laws / Rules / Regulations and amendments thereto for SEBI’s approval.
1. The objective / purpose of amendments.
2. If the amendment is in consequence of any directive / circulars / guidelines from SEBI / Government, the details thereof.
3. Whether such amendments necessitate consequently amendments to other Bye Laws / Rules / Regulations.
4. The proceedings of the Governing Board or Governing Council, as the case may be, in which these amendments are approved by the Exchanges / Depositories.
5. If any document other than Bye Laws / Rules / Regulations is sent for approval, the justification and need for forwarding same to SEBI, indicating whether it forms a part of any Bye Law or Rule or Regulation.
2. It is further observed that the Exchanges are routinely sending requests for dispensing with pre-publication. It is therefore, brought to the notice of all the concerned that all requests for dispensing with pre-publication should necessarily accompany proper justification for urgency indicating how the public interest or interest of Trade is served by the same.
3. The above information will help SEBI in speedily disposing of the references for approval of Bye Laws / Rules / Regulations.
D.N. RAVAL
