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SEBI supersedes UPSE board

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MUMBAI, July 12

THE Securities and Exchange Board of India (SEBI) today superseded the board of Uttar Pradesh Stock Exchange (UPSE) due to various irregularities and non-compliance issues such as allegedly unauthorised carry forward transactions.

The market regulator said the decision to supersede the board of UPSE was taken to ensure the safety and integrity of the exchange.

SEBI has appointed Mr M.N. Sabharwal, IPS (Retired) as the administrator of the exchange to exercise and perform all the powers and duties of the board.

There have been several irregularities and non-compliance found during inspection by the market regulator. The inspection was conducted by SEBI in March last following several complaints from the public representative directors of the exchange, SEBI nominee directors and ex-executive director of the exchange.

Some of the irregularities of UPSE are allegations of unauthorised carry forward transactions and continued non-compliance with SEBI directives. Other irregularities included continued interference from elected directors and brokers in the functioning of the exchange and preventing the executive director and public representatives from discharging their functions effectively.

SEBI, in a statement, said that there had been delays in considering and redressing the deficiencies pointed out in the SEBI inspection and compliance reports.

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