NOTICE is hereby given that the 77th Annual General Meeting of the members of the The Calcutta Stock Exchange Association Limited will be held at the  Registered  office of the Association at No.7, Lyons Range, Calcutta-700 001, on Tuesday, 26th September, 2000 at 4 P.M. to transact the following business :-



   i)     To consider and adopt the accounts of the Association for the financial year ended 31st March, 2000, the Balance Sheet as at that date and Reports of the Members of the Committee & Auditors thereon;

  ii)     To appoint Auditors for the year ended 31st march, 2001 and to fix their remuneration;

iii)     To elect members of the Committee in places of those who retire by rotation;



To consider and, if thought fit, to pass with or without modifications, the following resolutions as special resolutions :

A.     "RESOLVED THAT pursuant to Section 31 and other applicable provisions of the Companies Act, 1956, if any, the Articles of Association of the The Calcutta Stock Exchange Association Limited be amended in the following manner :

         a)  A new Article 5(8) be added after the existing Article 5(7) :

              5(8)(i)   When a Company constituted by more than one member of the Exchange is admitted as a corporate member of the Exchange in place of such member or a corporate member of the Exchange acquires more than one share in accordance with and subject to fulfillment of all other applicable Bye-laws and Regulations of the Exchange including provisions relating to admission of new members, such a corporate 'member will be known as a Composite Corporate Member and the membership right(s) held by the Composite Corporate Member will be known as Component Membership/s.

              (ii)      A Composite Corporate Member shall fulfill all eligibility criteria for admission to membership and for contribution of membership as is applicable to corporate members of the Exchange and also such other criteria as the Exchange or Securities and Exchange Board of India may prescribe from time to time.

             (iii)      A Composite Corporate Member shall not hold more than such number of shares as may be decided by the Committee of the Exchange from time to time.

             (iv)      The Composite Members shall pay the entrance fee, admission fee, annual subscription and fees payable to SEBI and furnish membership security in respect of each component membership.

              (v)      The Composite Corporate member shall maintain the base minimum capital in respect of each Component Membership, in accordance with and subject to the other provisions of the Bye-laws and Regulations and such conditions as the Committee of the Exchange may from time to time stipulate.

             (vi)      The networth of the Composite Corporate member shall be computed in the manner prescribed by the Securities and Exchange Board of India and the Committee of the Exchange and no value shall be assigned to the Component Membership for computing the networth of the Composite Corporate Member.

            (vii)      The Composite Corporate Member shallhave only one trading right and only one representative member on the Committee or anyStanding Sub-Committee of the Exchange for all the Component Membership/s of the CompositeCorporate Member in accordance with the Bye-Laws and Regulations of the Exchange.

            (viii)      A Composite Corporate Member shall be entitled to have as many voting rights as the number of Component Memberships of the Composite Corporate Member at the meeting of the members of the Exchange.

             (ix)      A Composite Corporate Member may resign from the membership right associated with any of its Component Membership only after a period of two years from the date of the acquisition of that Component Membership by the Composite Corporate Member. All the liabilities, if any, relating to the Component Membership in respect of which the Composite Corporate Member has resigned will continue to be borne by Composite Corporate Member.

              (x)      If a Composite Corporate Member desires to resign from its Component Membership/s, the Composite Corporate Member may, in accordance with and subject to the other provisions of Bye-laws and Regulations and such conditions as the Committee of the Exchange may from time to time stipulate and the Composite Corporate Member may continue in respect of the remaining Component Membership/s, if any.

             (xi)      The Composite Corporate Member shall maintain only one set of books of account for all the Component Memberships.

            (xii)      Any action by the Securities and Exchange Board of India, the Exchange or any Committee of the Exchange or official of the Exchange against the Composite Corporate Member whether by way of censure, warning, fine, suspension, expulsion, default or withdrawal, suspension or limitation of membership rights or otherwise shall operate against all the Component Memberships of the Composite Corporate Member.


                        Clarification : Without prejudice to the generality of clause (xii) it is clarified that on declaration of default or expulsion of a Composite Corporate Member for any reason whatsoever, the Composite Corporate Member shall cease to be a member of the Exchange in respect of all its Component Memberships.


            (xiii)      If a Composite Corporate Member is disentitled to or disqualified from continuing as a member of the Exchange for any reason, the Composite Corporate Member shall cease to be a member of the Exchange in respect of all the Component Memberships.

           (xiv)      A Composite Corporate Member shall also be entitled to all other rights or privileges and shall be liable to pay any amount to the Exchange or discharge liability or obligation to the Exchange as now applicable/available to an ordinary member notwithstanding non- stipulation of the same in the Bye-laws and Regulations of the Exchange, subject however that such rights, privileges, obligations and liabilities to a Composite Corporate Member shall be in proportion to its Component Memberships.

              (b)      The existing Articles 25A(e) and 25A(ee) be deleted and the existing Article 25A(f), 25A(g) and 25A(h) be        renumbered as 25A(e), 25A(f) and 25A(g) respectively.

    (c)   The first four lines at the beginning of the Article 29 be deleted and in place the following be substituted :           


The Committee shall have absolute power to expel or suspend any member or any authorised assistant or impose fine as may be deemed fit upon any member or any authorised assistant in any of the event following:


              (d)      The existing Article 45 be deleted and in place the following be substituted as Article 45:

                        45.    "The Committee shall not register any transfer of shares to any person other than a member or a candidate for membership who has been duly elected as eligible for membership under the provision of Article 5 hereof and has paid the full amount of any entrance fee/charges and/or such other sum as may be prescribed by the Committee from to time and the Committee may refuse to register any transfer of shares to an existing member or may impose such conditions in respect of any such transfer as they may see fit."

              (e)      In the first para of Article 100(13) the following sentence "and/or in first debentures or cumulative redeemable preference shares of Joint Stock Companies" be substituted with the following sentence.

"And/or in any other form or mode of investment or deposit as may be prescribed under the Income Tax Act, 1961, and/or Indian Trust Amendment Act, 1908 and 1916 and/or in gilt edged funds and/or..."

               (f)      The existing Article 101(1)(a)(ii) and 101(1)(a)(iii) be deleted and in place the following be substituted as Article 101 (1)(a)(ii) :

            101(1)(a)(ii) The Arbitration Sub-Committee shall consist of such members not having less than three and not having more than five as the Committee may from time to time determine, in addition to the President or in his absence the Vice-President and the Executive Director who are ex-officio members thereof by virtue of the provisions of the Articles. The Arbitration Sub-Committee may in its sole discretion appoint a Sole Arbitrator or three or more Arbitrators constituting the Arbitral Tribunal provided however that the number of Arbitrators constituting the Arbitral Tribunal shall always not be an even number.

            "FURTHER RESOLVED THAT the Committee of the Exchange be authorised to amend the aforesaid Articles as per approval received from SEBI."


B. Special Resolution under Section 81(1A) of The Companies Act, 1956

"RESOLVED THAT pursuant to Section 81(1A) and all other applicable provisions of the Companies Act, 1956 and subject to such compliance of eligibility criteria for membership of the Association as per Articles, Bye-laws and Regulations of the Exchange and relevant SEBI guidelines and such other conditions as may be laid down under any other law, rules, regulations and guidelines in this behalf, consent of the Association be and is hereby accorded to the Committee to offer, issue and allot all or any of the balance 12 unissued shares of Rs. 250/- each in the Share Capital of the Association at a time or from time to time to such person or financial institutions and other bodies corporate including subsidiaries of Regional Stock Exchanges and on such terms and conditions including issuing such shares at such amount per share as the Committee of the Exchange, may think fit and proper from time to time notwithstanding that such person or persons are on the date of offer, issue or allotment members of the Stock Exchange or not."


Calcutta , Dated 2nd September, 2000                                                                            P.K.Ray, Secretary

   The  Calcutta Stock Exchange Association Ltd

   7, Lyons Range , Calcutta - 700 001


1.      The relative explanatory statement is pursuant to Section 173 of the Companies Act, 1956 requiring special business are annexed hereto.

2.      The Register of members and share transfer books of the Association will remain closed from 25th September, 2000 to 26th September, 2000 (both days inclusive).

3.      Annexures to Notice

The Explanatory Statement required section 173 of the Companies Act, 1956 for Special Business:

Item No. A

The Exchange has been examining to amend its Articles of Association for facilitating bringing the same in tune with the existing guidelines and statutory modifications as on date. Accordingly, various amendments to the Articles of Association have been proposed in the Resolution which are considered necessary and expedient for inter alia the following reasons:

Amendment No. (a)

            The facility of Composite Corporate Membership was not provided for in the existing Articles of Association of the Exchange. It is, therefore, considered necessary, fit and expedient that comprehensive amendments to the Articles be made so that such facility is included and represented in the Articles of Association of the Exchange.

 Amendment No. (b)

Existing Articles 25A(e) and 25A(ee) in the Articles of Association of the Exchange have become redundant in view of omission of Rule 8(4A) of the SCR Rules by Notification No. 2/3/SE-93 dated 13th October, 1994. Accordingly the said Articles are proposed to be deleted from the Articles of Association of the Exchange and the Other Articles renumbered as a consequence thereto.

Amendment No.(c)

The Securities and Exchange Board of India vide its letter No.SMD/COMP/CSE/10380/2000 dated June 28, 2000 suggested for amending the Articles of Association of the Exchange to remove the cap of Rs. 25,000/- on penalty. Hence the said amendment to the Article is proposed.

Amendment No. (d)

The said amendment is proposed to bring the said Article in tune with the applicable provisions and other Articles of the Exchange for correct and harmonious interpretation of the existing Articles without any ambiguity.

Amendment No. (e)

The said amendment is proposed to bring the said Article in tune with the provisions of Section 11 of Income Tax Act, 1961 and also to widen the scope of investment of the funds of the Association not immediately required.

Amendment No. (f)

The proposed amendment is necessitated in view of the new Act i.e., Arbitration & Conciliation Act, 1996 and to facilitate the existing Arbitration Rules applicable to the Exchange.

None of the elected Members of the Committee, SEBI Nominees and Public Representative Members in the Committee are interested in the resolution except to the extent they are Committee Members of the Exchange.

Item No. B

At present the authorised share capital of the Stock Exchange is 1200 ordinary shares of Rs. 250/- each out of which 1188 ordinary shares are issued and paid up. In the recent past membership has been given to a few Regional Stock Exchanges and, several other Regional Stock Exchanges have evinced their interest in taking up membership of this Exchange. In the aforesaid view of the matter the Committee proposes to issue 12 unissued shares of Rs. 250/- each at such amount as the Committee may think fit and proper from time to time. In terms of section 81 (IA) of the Companies Act, 1956 a Special Resolution is required to be passed by the members of the Stock Exchange for issuing the shares to any person or bodies corporate including the subsidiaries of Regional Stock Exchanges and also including the existing members of the Stock Exchange who fulfill the eligibility criteria for membership of the Stock Exchange as per its Articles, Bye-laws and Regulations and relevant SEBI guidelines.

None of the elected Members of the Committee, SEBI Nominees and Public Representative Members in the Committee are interested in the resolution except to the extent they are Committee Members of the Exchange.


By order of the Committee


Calcutta            P.K.Ray

Dated 2nd September, 2000                                                                                 Secretary

                                                            The Calcutta Stock Exchange Association Ltd.

                                                                                               7, Lyons Range, Calcutta-700 001

Auditors’ Report

We have audited the annexed Balance Sheet as at 31st March, 2000 and also the annexed Income and Expenditure account for the year ended on that date of THE CALCUTTA STOCK EXCHANGE ASSOCIATION  LIMITED and we report that :

1.         We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit.

2.         In our opinion proper books of account as required by law have been kept by the Association so far as appears from our examination of the books of account.

3.         The Balance Sheet and the Income and Expenditure Account referred to above are in agreement with the books of account and comply with Accounting Standards referred in sub-section (3C) of Section 211 of the Companies Act.

4.         In our opinion and to the best of our information and according to the explanations given to us, the accounts read with Significant Accounting Policies and Notes in Schedule 'G' are in particular.

Give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view.

a)  In the case of the Balance Sheet of the state of the affairs of the Association as on 31st March, 2000 and

b)  In the case of the Income and Expenditure Account of the excess of the Income over Expenditure for the Year ended on that date.

As required by the Manufacturing and other Companies (Auditor's Report) Order, 1988 issued by the Government of India and on the basis of such checks as were considered appropriate. We further report that :

1.  Fixed Assets Register has been maintained to keep details of Fixed Assets. Management has physically verified the assets and no major discrepancy was reported to us.

2.  The Fixed Assets have not been revalued during the year.

3.  The only parties to whom loans and advances in the nature of loans have been given by the Association are the employees and they are repaying the principal amount as stipulated.

4.  The Association has adequate internal control procedure commensurate with the size and the nature of its activities for the purchase of material, equipments and other assets and sale of materials.

5.  The Association has appointed firms of Chartered Accountants to do the internal audit periodically. The internal audit system is commensurate with the size and nature of the business of the Association.

6.  The Association is regular in depositing Provident Fund dues with the appropriate authority.

     7.    As explained to us, there are no amounts outstanding as on 31st March, 2000 in respect of undisputed Income Tax etc. for a     period of more     than six months from the date they become payable.

     8.    According to the information and explanations given to us, no personal expenses of employees or directors have been charged to revenue              account, other than those payable under contractual obligations or in accordance with generally accepted business practice.

            Other clauses of the aforesaid Order are not applicable to the Association.

Dated the 2nd September, 2000                                                                                                   For S. S. Kothari & Association      

India Steamship House                                                                                                                       Chartered Accountants

21 Old Court House Street, Calcutta – 700 001                                                                                         P. K. Bhattacharya





Balance Sheet

             Figures for the                                                                                         Figures for the

              previous year                                                                                            current year

                    as on                                                                                                       as on

               31.03.1999                                     L I A B I L I T I E S                      31.03.2000

                        Rs                                                                                                         Rs.

                                                                   Share Capital :

                       297,000                             (As per Schedule "A")                                297,000

                                                                   Reserves & Surplus :

                823,287,808                                (As per Schedule "B")                   1,442,289,348

                                                                 Current Liabilities & Provisions :

             2,555,624,417                                (As per Schedule "C")                   5,825,190,915

            _____________                                                                                  ____________

             3,379,209,225                                                                                    7,267,777,262

as on 31st March, 2000

        Figures for the                                                                                                                     Figures for the

         previous year                                                                                                                         current year

            as on                                                                                                                                   as on

        31.03.1999                                                    A S S E T S                                                    31.03.2000

              Rs.                                                                                                                                        Rs.

                                                                  Fixed Assets :

                                   1,02,209,194     (As per Schedule "D")                                99,059,189                       

                                    11,028,851     Capital Work-in-Progress (Derivative)     656,774


   113,238,045                                                                                                                        99,715,963

                                                            Investments :

          2,418,522                                   ( As per Schedule "E")                                         ...              2,436,424

                                                            Current Assets, Loans & Advances :

   3,263,552,658                                   ( As per Schedule "F")                                                   7,165,624,875

  ____________                                                                                                                      ____________

   3,379,209,225                                                                                                                        7,267,777,262

Income & Expenditure Account

      Figures for the                                                                                                                      Figures for the

previous year ended                                                                                                        current year ended

        31.03.1999                                              E X P E N D I T U R E                                      31.03.2000

              Rs.                                                                                                                                       Rs.

      18,223,346         To     Establishment                                                                                   17,912,722

        3,077,204         "        Staff  Welfare                                                                                    2,401,540

        1,219,012         "        Contribution to Provident & Other Funds                                           1,292,345

        1,822,231         "        Gratuity                                                                                             1,630,743

        2,667,516         "        Provision for Leave Encashment ...                         302,307

        5,150,929         "        Rent and Other Expenses                                        ...                            8,209,191

        5,017,155         "        Electric Charges                                                     ...                            5,597,932

           285,823         "        Taxes & Licenses                                                   ...                               205,920

           269,586         "        Insurance                                                                ...                               269,536

           737,235         "        Stamp, Stationary & Printing                                                                 838,982

        1,123,030         "        Telephone Charges                                                 ...                            1,260,794

        2,862,071         "        Travelling & Conveyance                                        ...                            1,751,303

             77,120         "        Motor Car Expenses                                                                              63,274

            2,431,022        &nb

Report of the Committee to the members

for the year ended 31st March, 2000

The Committee has pleasure in placing before you the 77th  Annual Report  together with the Audited Statement of Accounts for the year ended the 31st March, 2000.

1.       Financial Results

                                                                                                                                          Rupees In  Lacs

                                                                                                                                         2000                            1999

        (a)         Surplus before Depreciation                                       ...         ...         1,433.30                   628.44

        (b)         Depreciation                                                              ...         ...            438.11                   580.45

                                                                                                                                    _______                       ______

        (c)         Surplus of Income over Expenditure before tax           ...         ...            995.19                     47.99

                     Add :

        (d)         Surplus brought forward from previous year               ...         ...              84.45                   687.12

        (e)         Transfer from General Reserve                                   ...         ...            300.00                       _

         (f)         Application of Funds for Investors' Services               ...         ...              69.24                     73.34

                                                                                                                                  _______                         ______

                                                                                                                                                            1,448.88                       808.45

        (g)         Reserve for Establishment of Centre for Training,                   

                     Statistical Information and Setting up a Library           ...         ...         1,325.00                   650.00

        (h)         Investors' Service Fund                                              ...         ...            106.10                     73.99

         (i)         Retained Surplus carried forward to the

                     following year                                                            ...         ...              17.78                     84.46

                                                                                                                                  _______                         ______

                                                                                                                              1,448.88                   808.45


         During the year under review, the net Surplus of Income over Expenditure, after providing for Depreciation, has increased to Rs. 995.19 lacs, as against the preceding year's corresponding Surplus of only Rs. 47.99 lacs. The increase is mainly due to (i) income from CSTAR, amounting to Rs. 872.02 lacs, (ii) interest on investment, amounting to Rs. 379.98 lacs, and (iii) miscellaneous receipts, amounting to Rs.263.45 lacs.

2.      Technology & Infrastructure :

         C-STAR (CSE Screen Based Trading & Reporting System) is presently working with connectivity through LAN, as well as WAN, through VSAT's and Routers & Modems. During the year under review, the LAN connectivity was expanded to cover further 14 buildings in the vicinity of the existing LAN at an approximate cost of RS. 140 lacs. The Exchange spent an amount of Rs. 70 lacs for the development of CSTAR settlement and data backup system.

3.      Settlement System :

   a)      Clearing House :

            The Clearing House of the Exchange is working satisfactorily. Both "A" Group and "B" Group shares, which are not in compulsory demat, are delivered in physical form through the Clearing House, in the Trading Hall of the Exchange.

   b)      Demat :

            The volume of deliveries in the Demat Segment has increased during the year under review due to inclusion of a larger number of companies in compulsory Demat segment. All demat deliveries are currently being settled through the clearing house interface of the Exchange with National Securities Depository Ltd. (NSDL). The connectivity between the Exchange and Central Depository Services Ltd. (CDSL) commenced during the year under review.

   4.      Customer Protection Fund & Investors' Service Cell :

            During this year, The Exchange has contributed a sum of Rs. 2,08,66,936/- to the Customer Protection Fund, being Rs. 5,30,541/- towards 1% of the Listing Fee collected during the year by the Exchange, and Rs. 13,82,874/- being 50% of Interest earned on Investment of Deposit made by the Companies under Clause-42 of Listing Agreement, and Rs. 1,89,53,521/- being the Surplus arising on auctioning in respect of securities short delivered by the members.

            In order to render services to investors, e.g. publication of Official Report & Quotation, conducting training classes, attending investor complaints etc. the Exchange has spent an amount of Rs. 69,24,517/- during the year under review.

   5.      Construction of a proposed Stock Exchange complex on the Eastern Metropolitan Bypass :

            As already reported last year the Exchange had paid an advance of Rs. 8.80 Crores in the year  1995-96  towards lease premium for approximately 10 acres of land near Science City on E. M. Bypass, as per letter of allotment received from the Calcutta Municipal Corporation.  The initial lease would be for 33 years and would be renewable for 2 further periods of 33 years each. The Exchange has received Draft Lease Agreement from the Calcutta Municipal Corporation and the said Draft Agreement  will  be  executed  after  receiving  necessary  approval from concerned authorities. The Exchange had obtained possession of land and erected temporary boundary wall in the previous year. However, the conveyance of the land is yet to be executed. It is expected on the basis of recent discussions that the conveyance will be executed shortly.

   6.      Active Users :

            During the year the number of active users of the C-STAR trading system increased to 861 from about 500 at the beginning of the year. Currently the number of users stand at more than 1000.

   7.      Committee :

            Under the Articles of Association, the following members of the committee will retire by rotation :-

            Sri S. K. Jalan                          Sri S. C. Jhunjhunwala                          Sri  M. Agarwal

            Among the aforesaid retiring members, Sri S. C. Jhunjhunwala and Sri M. Agarwal are eligible to offer themselves for re-election. Sri S. K. Jalan, being in office for two consecutive terms is not eligible for re-election, in terms of Article 83 (C) of the Articles of Association of this Exchange.

            During the year under review, Dr. B. Banerjee, Sri D. Chatterji, Sri B. K. Basu, Sri K. K. Dhar, Sri R. Maheshwari and Sri B. G. Daga were nominated by SEBI on the committee of this Exchange as public representatives for the year 1999-2000 under Article 81(d), read with Article 82(c) of the Articles of Association. They will continue as public representatives till new nominations are  received from SEBI for appointment / re-appointment  in their places.

   8.      Appointment of Auditors :

            Under Article 113 of the Articles of Association, the Auditors M/s. S. S. Kothari & Associates retire but being eligible offer themselves for re-appointment.

   9.      Personnel :

            The Committee wishes to place on record its appreciation of the services rendered by the Officers and Staff of the Exchange.

10.      Particulars of Employees under  Sec.  217(2A) of the Companies Act  1956 :

            None of the employees' are in receipt of remuneration requiring disclosure pursuant to the provision of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, hence, no such particulars are annexed.

By order of the Committee

                     P.K.Ray                                                                                                           Sri J. M. Choudhary

                          Secretary                                                                                                                   Sri S. K. Jalan

Dated 2nd September, 2000                                                                                    Members of the Committee

Schedule “A”

( Annexed to and forming part of the Balance Sheet as on 31st March, 2000 )

                                                                                                                                      As on                    As on

                                            P a r t i c u l a r s                                                           31.03.2000           31.03.1999

                                                                                                                                        Rs.                        Rs.

SHARE CAPITAL :                                                                                                                   

Authorised :

         1,200 Ordinary Shares of Rs. 250/- each.                                                           300,000              300,000

Issued  :

         1,188  Ordinary Shares (Previous Year 1,188  Nos.) of Rs. 250/- each              297,000              297,000

Subscribed & Paid up :

         1.     Originally issued as fully paid for other than cash :

                 852 Shares of Rs. 250/- each ; of the above 852 Shares,

                 298 Shares (previous year 297 shares) were forfeited and

                 292 Shares (previous year 287 shares) were re-issued.

                 Hence 846 Shares (previous year 842 shares) of Rs. 250/- each.                211,500              210,500

         2.     Issued as fully paid up for cash :

                 336 Shares of Rs. 250/- each ; of the above 336 Shares, 29 Shares

                 were forfeited and 26 Shares (previous year 25 shares) were re-issued.

                 Hence 333 Shares (previous year 332 shares) of Rs. 250/- each.                  83,250                83,000

Forfeited Shares :

         9 shares (previous year 14 shares) of Rs. 250/- each.                                              2,250                  3,500

                                                                                                                                                                     ________           _______                                                                                                                                                                                                                                                     297,000 297,000

Dated the 2nd September, 2000                                                                           For S. S. Kothari & Associates             

India Steamship House                                                                                                   Chartered Accountants

21, Old Court House Street, Calcutta 700 001                                                                       P. K. Bhattacharya


Schedule B”

RESERVES & SURPLUS            (Annexed to and forming part of the Balance Sheet as on 31st March, 2000)

                                                               Balance          Amt. transferred       Addition        Deductions       Balance

                                                                 as on             from Income &         during             during              as on

P a r t i c u l a r s                                31.03.1999       Expenditure A/c.      the Year          the year        31.03.2000

                                                                                       during the year

                                                                 (Rs.)                    (Rs.)                  (Rs.)                    (Rs.)           (Rs.)

Capital Reserve                                         618,860                                                                      618,860

Share Premium                                       3,014,597                                                                   3,014,597

Reserve for Establishment of Centre

for Training & Statistical Information

and Setting up a Library                      230,715,358    132,500,000                                           363,215,358


Contingency Reserve                            20,000,000                                                                 20,000,000

 Development Fees Fund                    103,575,000                            2,750,000                       106,325,000

General Reserve                                 230,000,000                                              30,000,000   200,000,000

Income & Expenditure Account

(As per annexed Account)                      8,445,240                        136,443,664    143,110,826       1,778,078

Investor’ Service Fund                            2,974,302      10,610,826                            6,924,517       6,660,611

Fund for New Stock Exchange Office Space

& Work Station including Establishment

of centre for Training and Statistical

Information and Setting up a Library      47,475,000                                                                 47,475,000

Settlement Guarantee Fund

(as per Contra in Schedule “F”)          176,469,451                        516,732,393                       693,201,844

Total                                                  823,287,808    143,110,826    655,926,057    180,035,343 1,442,289,348

Figures for  the Previous Year          642,019,554      72,399,254    188,601,923      79,732,923   823,287,808

By order of the Committee


Dated the 2nd September, 2000                                                                             For S. S. Kothari & Associates

India Steamship House                                                                                                    Chartered Accountants

21, Old Court House Street, Calcutta 700 001                                                                         P. K. Bhattacharya



Schedule “D”


                                                                 Cost                     Additions           Deductions/                 Cost

P a r t i c u l a r s                                    as on                   during  the         Adjust. during               as on

                                                           31.03.1999                   year                   the year             31.03.2000


                                                     Rs.                           Rs.                        Rs.                          Rs.


Land - Freehold                                    415,300                                                                     415,300

Building                                              2,531,350                                                                 2,531,350

Tubewell                                                246,618                                                                     246,618

Electric Installation                          18,818,911                723,394                                     19,542,305

Pump                                                       93,372                  19,518                                           112,890

Furniture & Fixtures                          8,823,425            6,769,999                                     15,593,424

Office Equipments                            4,988,665                354,987                    1,966             5,341,686

Air  Conditioner                                 8,648,057                695,083                                       9,343,140

Water Cooler                                           42,450                                                                       42,450

Lift                                                           709,767                                                                     709,767

Motor Car                                              527,816                744,392                272,454                 999,754

Electronic Display Board                     424,102                                                                     424,102

Computer  &  Software                204,424,474          31,419,537                                  235,844,011

                                                        250,694,307          40,726,909                274,420           291,146,796

Capital Work-in-Progress              11,028,851                656,774          11,028,851                 656,774

(Including advance)                              

Total                                              261,723,158          41,383,683          11,303,271           291,803,570

Figures for the previous year 248,530,594   23,646,340      10,453,776      261,723,158

By order of the Committee

P. K. Ray                                                                                                                            J. M. Choudhary

Secretary                                                                                                                                      S. K. Jalan

                                                                                                                          Members of the Committee


(Annexed to and forming part of the Balance Sheet as on 31st March, 2000)


D  E  P   R  E  C  I  A  T  I  O  N                                        Net Value of       Net Value of

              Upto                      For                                                    Upto                 Assets as on          Assets as on

         31.03.1999              the year                Adjustment           31.03.2000            31.03.2000           31.03.1999


                      Rs.                         Rs.                      Rs.                         Rs.                         Rs.                      Rs.

                                                                                                                   415,300              415,300

              834,467                   84,843                                        919,310              1,612,040           1,696,883

                73,183                     8,671                                          81,854                 164,764              173,435

           5,342,608              1,921,074                                     7,263,682            12,278,623         13,476,303

                50,542                     6,611                                          57,153                   55,737                42,830

           3,553,899              2,047,780                                     5,601,679              9,991,745           5,269,526

           1,751,065                 499,444                  1,830              2,248,679              3,093,007           3,237,600

           3,323,987                 868,686                                     4,192,673              5,150,467           5,324,069

                31,607                     1,509                                          33,116                     9,334                10,843

              612,109                   13,505                                        625,614                   84,153                97,658

              251,509                 143,797              207,250                 188,056                 811,698              276,307

              423,341                        304                                        423,645                        457                     761

    132,236,795         38,215,351                                    170,452,146         65,391,865         72,187,679

       148,485,112            43,811,575              209,080          192,087,607            99,059,189       102,209,194

                                                                                                                   656,774         11,028,851


       148,485,112            43,811,575              209,080          192,087,607            99,715,963       113,238,045


         90,564,091            58,916,848              995,827          148,485,112          113,238,045       157,966,508

By order of the Committee

Dated the 2nd September, 2000                                                               For S. S. Kothair & Associates

India Steamship House                                                                                           Chartered Accountant

Schedule “F”


P a r t i c u l a r s                                     As on 31.03.2000                                    As on 31.03.1999

                                                           Rs.              Rs.            Rs.                        Rs.                Rs.             Rs.

A.  Current Assets :

      Interest accrued but not due on

      Investments / Deposits                                                  23,767,789                                                 8,115,549

Sundry Debtors :

      a)   Debts outstanding for a

            period exceeding six months

            From Members (Secured,  7,337,678                                                  7,187,164                                     

            considered good)

            From Others (Unsecured, 43,417,655                                                44,803,070                                     

            considered good)                                50,755,333                                               51,990,234


      b)   Other Debts :

            From Members                    958,449                                                     896,849

            (Secured, considered good)

            From Others                       ______      958,449                                  265,000  1,161,849

            (Unsecured, considered good)             51,713,782                                               53,152,083


Cash & Bank Balances :

Cash-in hand (as Certified)                                                        62,778                                                      18,742

Balance with scheduled Banks :

      In Current Account :                                175,023,944                                              168,875,163

      In Savings Account :                                      1,801,597                                                  1,808,748

      In Fixed Deposits :                                   1,844,817,436                       395,578,398

                                                                                         2,021,642,978                                          566,262,310

Deposit with Industrial Credit &                             

Investment Corpn. of India Ltd                                                                                                    55,000,000

B.  Loans & Advances :

      (Unsecured, Considered good) :

      Tax deducted at source :                           31,353,340                                               13,406,512

      Advance to Staff :                                       7,624,418                                                 6,376,950

      Advance to others :                                   50,720,692                                               40,258,491

      Prepaid Expenses :                     430,104                                                     457,233

                                                                                          90,128,554                                               60,499,186

By order of the Committee

P. K. Ray                                                                                                                            J. M. Choudhary

Secretary                                                                                                                                      S. K. Jalan

                                                                                                                          Members of the Committee

(Annexed to and forming part of the Balance Sheet as on March, 2000)

                                                                    As on 31.03.2000                                 As on  31.03.1999 

                                                                  Rs.                    Rs.                                Rs.                         Rs.

Members’ Deposit for Security &

Base Capital Requirement & Margin:

(As per Contra In Schedule "C")

    In Fixed Deposit                                1,400,012,774                                         324,199,676


    In Shares & Debentures etc.             2,768,568,275     1,905,929,686

                                                                                 4,168,581,049                                            2,230,129,362

    Advance to Calcutta Municipal


    (Ref. No.:15 of Schedule "G")              88,000,000                                          88,000,000

    Deposit with Turner Morrison Ltd.

    (Ref. No. : 11 of Schedule "G")                                    20,000,000                                                20,000,000

    Security Deposit with Others                 1,804,880                                            1,793,880

    Settlement Guarantee Fund :—

    (as per Contra in Schedule ‘B’)

    Investment of Fund of Settlement

    Guarantee Fund                                   206,923,967                                         159,142,463

    Members Security Deposits in Shares

    & Debentures under S.G.F.                  381,750,000                                                         

    Bank Balance –

    A/c. Settlement Guarantee Fund in UBI      912,909                                                33,977

    Accrued Interest on Investments

    of Settlement Guarantee Fund                25,478,052                                            2,318,079

    TDS on Interest on FD (S.G.F.)               1,166,326                                                     

    Accured Contribution for the

    current year                                          76,970,590                                          14,974,932                             

        693,201,844                                                           176,469,451

    Investment of Deposit Money

    on A/c. Custodian

    (as per contra in Schedule "C")              6,721,222                                            4,112,094

                                                       ____________       ___________                                

      Total                                      7,165,624,875 3,263,552,657

 By order of the Committee

Dated the 2nd September, 2000           

Annexure "B"


Information pursuant to part IV of schedule VI to the companies Act. 1956

Balance Sheet abstract and Company’s general business profile.


a)  REGISTRATION DETAILS                    

     Registration number                                                              4707/25 for 1923-24

     State Code                                                                           21

     Balance sheet date                                                               31-03-2000


b)  CAPITAL RAISED DURING THE YEAR                      (Rs. in thousand)

     Public issue                                                                          NIL

     Rights issue                                                                          NIL

     Bonus issue                                                                          NIL

     Private placement                                                                 NIL



     Total liabilities and share-holders funds                                   Rs. 7,267,777

     Total assets                                                                          Rs. 7,267,777


     SOURCES OF FUNDS (Excluding Current Liabilities)

     Paid up capital                                                                      Rs. 297

     Reserves and surplus                                                            Rs. 14,422,893

     Secured Loans                                                                     NIL

     Unsecured loans                                                                   NIL



     Net fixed assets                                                                    Rs. 99,716

     Investments                                                                          Rs. 2,436

     Net Current assets                                                                Rs. 958,684

     Miscellaneous expenditure                                                     NIL

     Accumulated losses                                                              NIL



     Income                                                                                Rs. 376,939

     Total Expenditure                                                                 Rs. 277,420

     Surplus / (Shortage) before tax                                              Rs. 99,519

     Earnings per share in Rs.                                                      Rs. 84

     Dividend rate %                                                                   NIL




     Item Code No. (ITC Code)                                                   N.A.

     Product Description                                                              N.A.

     Item Code No (ITC Code)                                                    N.A.

     Product Description                                                              N.A.

     Item Code No. (ITC Code)                                                   N.A.

     Product Description                                                                        N.A.