SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021

SMD-II/Policy/Cir- 14/2000
April 06, 2000

To,

President/Executive Directors/Managing Directors
Of Stock Exchanges.

Dear Sir/Madam,

Amendments to the Listing Agreement

This is with reference to our circular no. SMD-II/Policy/Cir – 8/2000 dated February 04, 2000 regarding amendments to the Listing Agreement.

In order to avoid excessive volatility in stock prices due to announcements regarding the decisions taken in respect of declaration of dividend or rights or bonus etc., during the market hours, stock exchanges have been advised to amend Clauses 20 and 22 of the Listing Agreement to provide that such announcements be made immediately on the date of the Board Meeting only after the close of the market hours.

It is clarified that announcements regarding dividend/rights/bonus etc., can be made outside the market hours i.e if such announcements are to be made before the opening of the market hours it shall be made at least half an hour before the market opens.

Yours faithfully,

M D PATEL
EXECUTIVE DIRECTOR

SECONDARY MARKET DEPARTMENT – II

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