Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 4) Regulations 2005

These Regulations may be cited as the Securities and Futures (Market Conduct) (Exemption for Stabilising Action in respect of Dealings in Bonds) (No. 4) Regulations 2005 and shall come into operation on 23rd February 2005.

In these Regulations, unless the context otherwise requires —“Bonds” means the 5-year convertible bonds due February 2010 issued by Monnet Ispat Limited for a principal amount of up to US$60 million, which are convertible into fully paid ordinary shares of Monnet Ispat Limited with a par value of 10 Indian Rupees each (or global depositary shares of Monnet Ispat Limited, if such global depositary shares have been issued by Monnet Ispat Limited at the time of conversion);“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch International, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

“Bonds” means the 5-year convertible bonds due February 2010 issued by Monnet Ispat Limited for a principal amount of up to US$60 million, which are convertible into fully paid ordinary shares of Monnet Ispat Limited with a par value of 10 Indian Rupees each (or global depositary shares of Monnet Ispat Limited, if such global depositary shares have been issued by Monnet Ispat Limited at the time of conversion);

“stabilising action” means an action taken in Singapore or elsewhere by Merrill Lynch International, or any of its related corporations, to buy, or to offer or agree to buy, any of the Bonds in order to stabilise or maintain the market price of the Bonds in Singapore or elsewhere.

Sections 197 and 198 of the Act shall not apply to any stabilising action taken in respect of any of the Bonds, within 30 days from the date of issue of the Bonds, with —

a person referred to in section 274 of the Act; or

a sophisticated investor as defined in section 275(2) of the Act.