Deputy General Manager

Market Regulation Department

Email: sundaresanvs@sebi.gov.in

Tel: 2284 5355 Fax: 2284 5761

SEBI/MRD/SE/15958/2003

August 22, 2003

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The Executive Directors/Managing Director/Administrators Of All the Stock Exchanges

Dear Sir/Madam,

Sub: Access to unauthorized persons by the members of subsidiaries

1.  It has been brought to the notice of SEBI that some of the members of the exchanges who are sub-brokers of the subsidiary companies formed by the stock exchanges have been providing unauthorized access to persons for illegal trading and/or providing their own terminal for illegal trading.

2.The stock exchanges which have formed subsidiaries are hereby directed to note that appropriate penal action including fine, suspension of trading rights of the subsidiaries/sub-brokers, etc., would be initiated, in case, any of the members of the exchange who are sub-brokers of the subsidiary is found to be indulging in such type of activities referred to at paragraph 1. The exchanges are also directed to exercise vigilance and surveillance on their subsidiaries/its members to ensure that the members do not indulge in these types of activities.

3. The stock exchanges are advised to communicate to SEBI immediately, the steps taken by them in this regard as well as in the Monthly Development Report commencing from the month of August 2003.

Yours faithfully,

V S SUNDARESAN

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