The Hindu Business Line : Saurashtra SE recognition cancelled

Mumbai, July 7 SEBI has passed an order to withdraw the recognition of Saurashtra Kutch Stock Exchange (SKSE) in view of deficiencies and non compliances carried out by the exchange. As per the SEBI order, the last recognition to SKSE was valid up to July 9. In June 2006, SEBI conducted an investigation on the overall management, monitoring of the working of the subsidiary by SKSE and the financials of SKSE. After the investigation, it was found there was prolonged vacuum at the top management, failure of the exchange to appoint a suitable candidate for the post of Executive Director for the exchange and CEO for the subsidiary, broker’s interference in the day-to-day functioning of the exchange and the ill-functioning of the council. It was also noted that the members of the exchange were not interested in reviving trading on the exchange and liked to concentrate only on trading in the subsidiary of SKSE. “SKSE is virtually defunct for several years and did not serve any economic purpose. Further it provides neither a trading platform nor serve any public interest,” states the order. —

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