IES/DC/ 8726/00

May 31, 2000

The Managing Director/Executive Director,

The National Stock Exchange of India Ltd.,The Stock Exchange, Mumbai.

Dear Sir,

The Derivative Segment of the Exchange & its Clearing House have been granted approval to commence derivative trading & settlement in SEBI approved derivative contracts. You are advised to appoint:

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· Governing Board of Derivative Exchange/Segment (which shall include Governing Council/Executive Committee),

·Clearing Council (which shall include the Clearing Council/Executive Committee of Derivatives Clearing House / Clearing Corporation),

· Chief Executive Officer of the Derivative Exchange/Segment

· Chief Executive Officer of Derivatives Clearing House/Corporation, and

·  Statutory Committees such as Disciplinary Action Committee, Arbitration Committee, Defaulters Committee,

within a period of two months from the date of final approval for trading and settlement granted by SEBI in the manner specified in the enclosed Guidelines.

Yours sincerely,


L.K Singhvi

Sr. Executive Director

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