KOLKATA: The Calcutta Stock Exchange finally succeeded in coming out of Securities and Exchange Board of India's (SEBI) supercession, which was revoked December 24 after four years following approval of a new 12-member board.At the AGM here, chaired by Sunil Mitra, the members cleared the names of a 12-member board including three public interest directors recommended by SEBI and three from the broking fraternity.

The rest of the directors will be from among other shareholders.The members also cleared the adjourned meetings of the current and earlier years including annual accounts pending since 2002-03 at the AGM.The members on the board comprised former Exide chairman S B Ganguly, Udyan Bose, chairman Thomas Cooke Shymal Datta as SEBI representatives and Ajit Khandelwal, Binay Agarwal and J M Choudhry from the broking fraternity.

Other shareholder representatives were Sunil Mitra, Ravi Poddar, Sanjay Budhia and Dipankar Chatterji and two executives from BSE -- Rajnikant Patel and T V Rangaswamy. Rangaswamy, GM of BSE, will be CEO of the local bourse.Mitra handed over the administration to the new board.

The new board would meet to elect the new chairman.SEBI had superceded CSE in December 2003 dissolving the then board accused of alleged involvement in a Rs 120 crore securities scam. The local bourse had completed demutualization process in August by divesting 51 per cent in the ailing exchange.BSE, Birlas and a few city-based industry houses took part in the divestment process.Since Diwali, CSE has begun BSE trading platform for its members in a bid to revive the ailing bourse.