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SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021
SMDRP/Policy/Cir-29/99
August 23, 1999
August 23, 1999
To,
| Shir P. V. Maiyya Managing Director Central Depository Services (I) Ltd P. J. Towers, 28th Floor, Dalal Street, Mumbai – 400 023 |
Shri C. B. Bhave Managing Director National Securities Depository Ltd Trade World, 4th Floor, Kamala Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013 |
Dear Sir,
The following clarification has been received by the Ministry of Finance.
Inter-depository trasfer of shares do not attract stamp duty. Inter-depository transfer of securities also do not require compliance with the formalities prescribed under section 108 of the Companies Act 1956.
You are advised to inform all companies whose shares have been admitted for dematerialisation and their registrars and share transfer agents accordingly for full compliance with the above.
Yours faithfully,
P. K. KURIACHEN
DIVISION CHIEF
SECONDARY MARKET, DEPOSITORY,
RESEARCH & PUBLICATIONS DEPARTMENT
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