July 5, 2005

N O T I C E

Re: The Calcutta Stock Exchange Association Limited (Demutualisation) Scheme, 2005

Members are hereby informed that the Demutualisation Scheme of The Calcutta Stock Exchange Association Limited as approved in the Extra-Ordinary General Meeting of Members of the Exchange held on 21^st July,2004 was duly submitted to SEBI. Thereafter, the said Scheme was discussed with the SEBI officials on a number of occasions. Eventually, SEBI vide its letter No.MRD/C&D/41253/05 dated 25^th May,2005 directed this Exchange to revise and resubmit the said Demutualisation Scheme in line with the BSE (Corporatisation and Demutualisation) Scheme,2005 as approved and notified by SEBI in the Official Gazette on 20^th May,2005 and published in ‘The Economic Times on 24th May,2005 and ‘The Indian Express’ on 23^rd May,2005. The matter was further discussed with the SEBI officials in a meeting held on 1^st July,2005.

As directed by SEBI, the Demutualisation Scheme of this Exchange has been suitably revised and finally submitted to SEBI on 4^th July,2005, which is now awaiting their approval and notification. A copy of the revised Demutualisation Scheme has been displayed on the Notice Board of the Exchange and is also available on the CSE Website for information of the Members.

(P.K.Ray)

Secretary

The Calcutta Stock Exchange Association Limited