CIRCULAR

Ref.: 1601/2004/CP/MDD/0841

 27^th May 2004

 Dear Members/Dealers,

  Subject: Submission of Audited Annual Report

 This is with reference to the above captioned subject. All Members/Dealers who have not submitted their Annual Report (Auditor’s Report & Balance Sheet) for the year ending 31^st March 2003 are reminded to submit the same immediately.

 Please note non-adherence to the same would be constituted as non-compliance and viewed seriously by SEBI.

 Please treat this as a final reminder.

 Assuring you of our best services at all times.

 Thanking you.

 Yours faithfully,

Ajay C Singhvi

Asst. Vice President