Date:11/11/2006 URL: http://www.thehindubusinessline.com/2006/11/11/stories/2006111102751400.htm

Back BSE appoints new directors to board

Our Bureau

MR ISHAAT HUSSAIN

Mumbai , Nov. 10

Mr Ishaat Hussain and Mr Sudipto Sarkar have been inducted as Public Interest Directors on the board of the Bombay Stock Exchange.

The BSE now has 12 members on its board.

Mr Ishaat Hussain is the finance director of Tata Sons Ltd and also a director of several Tata Group companies, including Tata Industries, Tata Steel and Voltas. He is a member of the SEBI committees on insider trading and primary capital markets.

`No conflict of interest'

However, the inclusion of a director who is on the board of a listed company would not lead to any conflict of interest, say market sources. When contacted, a former board member said, "There is no area for conflict of interest if an independent director of the stock exchange is a director of a company listed on that exchange. Conflict may arise in terms of surveillance, but such issues are not discussed during board meetings." The source added that even earlier, the exchange had bank chairmen on its board and there were no problems.

Mr Sudipto Sarkar is currently practising as a senior Advocate in the Kolkata High Court and has wide experience in commercial law, particularly company law, intellectual property and shipping laws. He is on the boards of JSW Steel Ltd and Vesuvius India Ltd.