Supersession of exchange governing board appoints independent administrator to address illegal off floor and carry forward trading practices. Widespread unreported off the floor and carry forward transactions at the Pune Stock Exchange, including participation by elected directors and evasion of margin requirements, demonstrated systemic governance and compliance failures. The regulator found the Governing Board's oversight ineffective and, invoking statutory powers, ordered the supersession of the Governing Board for a fixed period and appointed an interim administrator to assume the Board's powers, suspend the Executive Director's governing role while retaining him to assist, and adjourn director elections pending further orders.
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Supersession of exchange governing board appoints independent administrator to address illegal off floor and carry forward trading practices.
Widespread unreported off the floor and carry forward transactions at the Pune Stock Exchange, including participation by elected directors and evasion of margin requirements, demonstrated systemic governance and compliance failures. The regulator found the Governing Board's oversight ineffective and, invoking statutory powers, ordered the supersession of the Governing Board for a fixed period and appointed an interim administrator to assume the Board's powers, suspend the Executive Director's governing role while retaining him to assist, and adjourn director elections pending further orders.
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