BSE PAYS HOMAGE TO ITS FORMER PRESIDENT SHRI M. G. DAMANI

Shri M. G. Damani, former President of The Stock Exchange, Mumbai (BSE) and former Chairman and Managing Director of Central Depository Services (India) Limited (CDSL), passed away on July 25, 2001.

The BSE expresses its grief over the sad demise of its past President and will always value his contributions.

Shri Damani was the President of BSE for two consecutive years 1996-97 and 1997-98 and the Member of the Governing Board from 1993-94 to 1998-99. He was truly a visionary and pioneer in initiating several strategic changes at BSE in line with the international best practices prevailing in the capital markets at that point of time. He was actively associated with various committees of the Exchange and also represented the Exchange in various forums. He had contributed immensely for the establishment of CDSL. His enthusiastic approach for adopting changes, his mature advice as a Senior Member of the Exchange has benefited the capital market in general and Exchange in particular. With his sharp conceptual skills, business acumen and knowledge of securities market he had put an indelible mark on the minds of the broking fraternity.

Shri Damani shared an excellent rapport with all those who worked with him. He freely shared knowledge with people around him and encouraged a learning environment. He sincerely believed in team effort and was a mentor to many.

A.N. Joshi
Executive Director

July 26, 2001