PRESS RELEASE

The Securities and Exchange Board of India (SEBI) has suspended the certificate of registration of M/s. Pradeep Kayan & Co. , member of Calcutta Stock Exchange (SEBI Reg. No.INB 030556517) for a period of six months. The penalty is imposed for not obtaining prior consent from the clients in respect of principal to principal transactions, not maintaining order book and Margin Deposit book, not reporting off-the-floor transactions to Stock Exchange and indulging in unauthorized Carry Forward transactions.
 
M/s. Pradeep Kayan & Co., member of Calcutta Stock Exchange will not be entitled to carry on the business as a Stock Broker with effect from March 11, 2003 till September 10, 2003.