WARNING ISSUED TO M/S. NAM SECURITIES LTD., MEMBER OF NATIONAL STOCK EXCHANGE.

The Securities and Exchange Board of India (SEBI) has passed an order dated October 30, 2003 warning M/s. NAM Securities Ltd. (SEBI Reg. No. INB230771039) member of the National Stock Exchange for irregularities in issuance of Contract Notes, Delay in payment of monies to clients and inter client adjustment of balances etc.