MUMBAI, July 19: The Association of National Stock Exchange Members' of India has decided to ask it members not to furnish the personal indemnity bonds to the National Stock Exchange (NSE) in its present form.

The association in its meeting held on Saturday decided that it would as a last ditch effort seek a meeting with S H Khan, chairman of National Stock Exchange (NSE) to discuss their objections to the personal indemnity bonds."We have already sent five reminders to him but he has not responded.

We have also taken up the matter with NSE authorities but they say that they would have to take our suggestions to the board. We will seek a meeting with the chairman to bring to his notice the clauses in the bond which are not acceptable to us," said Vinod Gupta, chairman of the Mumbai-based association.According to Gupta, the association has decided to ask its members not to furnish the bonds till such time the matter is sorted out by the NSE authorities.NSE has given a July 31 deadline to all its members to furnish these bonds or else only trade in the demat segment.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.