UP stock brokers move court for election

The UP Stock Exchange Brokers Association has filed a writ petition in the Allahabad High Court, requesting the court to direct Sebi to order elections to the governing board of the exchange.

The association has said the process of demutualisation has been completed but the election process is being postponed. The association has written to Sebi thrice in the last five months of the previous year for a personal hearing by Sebi Chairman M Damodaran. But no interview materialised.

This association has approached the local MP, who is also a Union minister, Shriprakash Jaiswal. It has also approached the Union finance minister and the Prime Minister.

The association has also raised issues on corruption, which administrator M N Sabherwal, a retired IPS officer, has denied. He's been in charge since the superseding of the governing board of the exchange.

The Allahabad High court has ordered a stay on inquiry against a suspended executive director of the exchange, K C Pandey, paying subsistence allowance to him, and the production of all papers in court .The next hearing is on April 7.