SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021
SMDRP/Policy/Cir-25/99
August 12, 1999
To
The Presidents / Executive Directors/ Managing Directors
of All Stock Exchanges
Dear Sir,
Sub : Powers of the Executive Directors
It has been brought to our notice that the Executive Directors of the stock exchanges do not have financial powers to sanction the normal revenue expenditure and to issue cheques. In some of the cases though the financial powers have been given to the Executive Directors to sanction the expenditure, the same are reported to be inadequate. You are, therefore, advised to take up the matter in the Governing Council / Board so that adequate financial powers are given to the Executive Directors for smooth functioning of the exchange. The co-signatory on the cheques would be one more officer to ensure that at least two persons sign the cheque.
Yours faithfully,
M.D. Patel
EXECUTIVE DIRECTOR
SMD-II
