PROSOFT SYSTEMS LTD.

SEBI had conducted investigations into the alleged irregularities in the public issue and buying, selling and dealing in the scrip of M/S Prosoft Systems Ltd. Pursuant to investigations a show cause notice under Sec. 11 B of SEBI Act, 1992, was issued against

• Prosoft Systems Limited
• Shri. Mohan Kumar K N, Managing Director of Prosoft Systems Limited
• Shri. Pravin Panwar

asking them as to why suitable Directions may not be issued against them.

All the entities named above were given an opportunity for personal hearing before Chairman, SEBI. However, the above entities neither replied to the show-cause notice nor availed the opportunity for personal hearing. SEBI after considering the facts found them guilty of violating the provisions of SEBI regulations and have directed that Prosoft Systems Limited be prohibited from accessing the capital markets for a period of two years. SEBI has also directed that

Shri. Mohan Kumar K N, Managing Director of Prosoft Systems Limited

Shri. Pravin Panwar be debarred from dealing in securities for a period of two years.

These orders shall come into effect from December 12, 2002.