BSE Governing Board Expresses Complete Confidence in Integrity of Shri Anand Rathi

In order to maintain the dignity of office and highest standards of public morality Mr. Rathi insisted on acceptance of his resignation Governing Board accepts Mr. Rathi's resignation, with regret.

Shri Anand Rathi informed the board about certain allegations against him & other office bearers and in view of these allegations, he has requested Chairman SEBI to institute an inquiry. He also strongly denied all the allegations and reiterated to the Board that no benefit has ever been availed by him and he has not obtained and used any privileged information for his own benefit or benefit of any other party. However in order to maintain the highest dignity and high standards of public morality, he offered to step down from the position of President of the exchange.

The Governing Board discussed Mr. Rathi's offer to resign. Members of the Board expressed their complete confidence in the integrity of Shri Rathi and appreciated the excellent work done by him as the president of the Stock Exchange.

Shri. Anand Rathi has himself requested the SEBI to institute an inquiry into allegations appearing against him in a section of the press and while denying the allegations, he insisted on stepping down from the job of President, the Board decided, with regret, to accept his request

The Board urges SEBI to expedite the inquiry and offers its full co-operation in conducting the investigations.

A. N. Joshi
Executive Director

March 8, 2001