IN THE MATTER OF M/S. TRUSTED SHARES & INVESTMENTS LTD.,

MEMBER OF THE STOCK EXCHANGE, MUMBAI

The Securities and Exchange Board of India (SEBI) has passed an order dated March 23, 2004 confirming its earlier order dated May 22, 2000 warning M/s Trusted Shares & Investments Ltd., member of Bombay Stock Exchange (SEBI Reg. No. INB010633337) to refrain from involving themselves in any activity which is un-business like and which may lead to interference with the smooth functioning of the market.