Securities and Exchange Board of India (SEBI)
SENIOR EXECUTIVE DIRECTOR
December 7, 1993
ALL THE PRESIDENTS/ED’s
OF ALL STOCK EXCHAHGES
Election Of President/Vice Presidents
Stock exchanges in the country have amended their rules/Articles of Association to provide for non-eligibility of a person to offer himself as a candidate for being a President/Vice President if he has been so elected on two consecutive occasions earlier. A question has now been raised whether a person who has been “nominated” as a President/Vice President on two consecutive occasions earlier can offer himself for election for a third term.
Attention of the Stock Exchanges is brought to the fact that the amendments include the word ‘elected’. Legally it is not possible to include in it’s scope the word ‘nominated’. In view of this in all cases where Presidents or Vice Presidents were ‘nominated’ and not elected earlier , the provisions for ineligibility would apply only with regard to occasions where they were elected.
C. B. BHAVE