Ref : SE/10453
September 9, 1991

To:

The Presidents/Executive Directors
of all recognised Stock Exchanges in India

Dear Sir,

Monthly development report

As you are aware SEBI has been, inter-alia, vested with the responsibilities relating to development and regulation of securities market and investor protection and advise Government on these matters. In order to perform these functions effectively, it is necessary that SEBI is kept apprised of various developments at the Stock Exchanges. At present, SEBI does not receive information on the working of the Stock Exchanges on a regular basis. To build up a good information system, it has been decided that the Presidents/Executive Directors of all recognised Stock Exchanges in India should write a monthly D.O. letter addressed to Shri G.V.Ramakrishna, our Chairman. The letter should, contain information on average daily turnover at the Stock Exchange during the month, number of days the trading was suspended at the Exchange and reasons therefor, delays in settlement and payments compared to scheduled dates and reasons therefor, steps taken to regulate the market, details of disciplinary action taken against member-brokers and companies for non-compliance with the rules and regulations of the Exchange, important decisions taken by the Governing Board/Council of Management any suggestions for improving the working of the Stock Exchanges and service to investors. The D.O. letter may please be sent from the month beginning from September 1991 and despatched within 7 days from the close of month. Further, in addition to the monthly letter, if there are any important developments which you consider it proper to bring to the notice of SEBI, you are welcome to write to our Chairman as and when such developments take place.

Yours faithfully,

sd/-

(A.L.Bhatia)

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