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SEBI sacks ASE governing board
MUMBAI
MARCH 27.
In a clean-up operation, market regulator Securities and Exchange Board of India today sacked the governing board of the Ahmedabad Stock Exchange accusing it of failure to curb `unofficial' trading by brokers there and appointed an Administrator in its place for a year.
Superceding the ASE governing board for one year and appointing P. K. Ghosh as Administrator, SEBI chairman, G. N. Bajpai, in his Tuesday's order, came down heavily on the bourse saying the ASE board had failed to ensure proper governance and implementation of SEBI directives and provisions of Securities Contract Regulation Act.
PTI
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