New office-bearers for HMA
Hyderabad: The Hyderabad Management Association (HMA) has elected its office bearers for 2006-2007. S. Subba Rao has been elected president while the other members are Amar Chegu, Ramesh Vemuganti, B. Rajya Lakhshmi and Ravi Kumar.
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UP Stock Exchange chief quits
New Delhi: The administrator of the UP Stock Exchange, M N Sabherwal, has resigned and has been replaced by K D Gupta, former chief commissioner of income tax.

Though Sabherwal has reportedly given personal reasons for quitting the job, according to stock exchange officers, he informed Sebi on June 2 that he would constitute the board by August 25. But now since that seems unlikely to happen, he has decided to leave his current assignment, the sources said.

A few days ago, Sabherwal said would constitute the board once "we have a new executive director in the exchange, as the current one, K C Pandey, is under suspension."

Sabherwal has just terminated the trading rights of the president of the Stock Exchange Brokers Association, Susheel Kanodia.

Sabherwal's exit marks a new chapter in the functioning of the stock exchange. Sebi and the brokers' association have been at daggers drawn for many years now.
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