MUMBAI, Feb 2: The brokers of the Bombay Stock Exchange on Monday proposed M G DAMANI was unanimously re-elected president of the Bombay Stock Exchange (BSE) for a third term at the extraordinary general meeting here today.The re-election of Damani for a third term would require an approval from SEBI and also an amendment in the bye-laws of the exchange, with the decision of the market regulator becoming imperative. SEBI in 1992 had issued a directive that a president should not hold for more than two terms.
In fact, the members went to the extent of suggesting a special office for him if the plea for extension was shot down by Sebi. A number of top brokers of the exchange made it a point to attend the extraordinary general meeting (EGM) of the exchange on Monday and requested Damani to stay on for the third straight year as president.
In the process, the exchange also paved the way for future presidents of the exchange to stay in power for three years instead of the current stipulated period of twoyears.
Damani's second year as president expires in March this year. The issue will now be taken up by the governing board of the exchange on February 10.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
