(1 Original copy Req.

(ON LETTERHEAD OF CA)

To,

Bombay Stock Exchange Limited

Dear Sir,

I confirm that M/S _______________ having _____ partners namely

______, _______ and _____, and office at ________________. The Firm is
known to me for well over ____ years and has got good financial background and
integrity. It has been doing business frequently and was meeting the market
commitments as and when they arise.

I further confirm that M/S ________________ is a fit and proper person

to be registered as a sub-broker. I hereby recommend his application for granting
registration for carrying on shares and securities business as sub-broker.

Chartered Accountant
M. No.
(1 Original copy Req.)
(ON LETTERHEAD OF CA)

To,

National Stock Exchange of India Limited

Dear Sir,

I confirm that M/S _______________ having _____ partners namely

______, _______ and _____, and office at ________________. The Firm is
known to me for well over ____ years and has got good financial background and
integrity. It has been doing business frequently and was meeting the market
commitments as and when they arise.

I further confirm that M/S ________________ is a fit and proper person

to be registered as a sub-broker. I hereby recommend his application for granting
registration for carrying on shares and securities business as sub-broker.

Chartered Accountant
M. No.