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UP bourse chief quits

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Vijay Chawla New Delhi/ Kanpur
Last Updated : Feb 06 2013 | 5:34 AM IST
In a dramatic development, the administrator of the UP Stock Exchange, M N Sabherwal, has quit and has been replaced by K D Gupta, former chief commissioner of income tax.
 
Sabherwal has reportedly given personal reasons for quitting the job. According to stock exchange officers, he informed Sebi on June 2 that he would constitute the board by August 25. But since that was unlikely to happen, he decided to leave his current assignment, the sources said.
 
Just a few days ago, he told Business Standard he would constitute the board once "we have a new executive director in the exchange, as the current one, K C Pandey, is under suspension".
 
He had just terminated the trading rights of the president of the Stock Exchange Brokers Association, Susheel Kanodia, as reported in this paper.
 
Sabherwal's exit marks a new chapter in the functioning of the stock exchange. Sebi and the brokers' association have been at daggers drawn for many years now.
 
Sebi had regularly audited the accounts of many brokers and taken disciplinary action against a large number of them but has not been able to prove that the badla is taking place at the exchange. The brokers association on its part has filed many cases against Sebi.

 
 

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First Published: Jul 03 2006 | 12:00 AM IST

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