Summary: SEBI, through Circular No. D&CC/FITTC/CIR-18/2003 dated February 12, 2003, extended the deadline for issuer companies to comply with the requirement of appointing a common agency for share registry work. Earlier, Circular No. D&CC/FITTC/CIR-15/2002 dated December 27, 2002 had directed issuer companies to appoint a common agency by February 1, 2003. Following representations from Chambers of Commerce, professional bodies, issuer companies and other market participants seeking additional time for compliance and transfer of records, SEBI extended the deadline to March 31, 2003. Companies were also required to furnish a copy of the compliance certificate by April 7, 2003 to the stock exchanges where their securities were listed and to the depositories where their securities had been admitted. SEBI clarified that the extension was granted only as a one-time relief measure. Issuer companies failing to comply with the circular within the extended period could face appropriate penal action under the applicable Acts and Regulations.
Securities and Exchange Board of India
DEPUTY GENERAL MANAGER
DEPOSITORIES & CUSTODIANS DIVISION
D&CC/FITTC/CIR-18/2003
February 12, 2003
All Stock Exchanges, Depositories, Custodians, RAIN and AMFI.
Dear Sir,
Depositories and Custodians Division – Circular No.18
Sub: Extension of time for appointment of common agency for share registry work
This has reference to our circular No. D&CC/FITTC/CIR-15/2002 dated December 27, 2002 directing issuer companies to appoint a common agency for share registry work by February 01, 2003. We have since then received a large number of representations from Chambers of Commerce, professional bodies, issuer companies and other market participants requesting an extension of time to comply with the above requirement and also to complete the process of transfer of records. SEBI has considered these requests and has decided to extend the time upto March 31, 2003 for compliance with the circular No.D&CC/FITTC/CIR-15/2002 dated December 27, 2002.
The companies are advised to furnish a copy of compliance certificate latest by April 07, 2003 to the stock exchanges wherever their securities are listed as well as to the depositories wherever the securities have been admitted.
The issuer companies may please note that this extension of time is being granted as a one-time relief measure and any non-compliance of the circular would invite appropriate penal action under the provisions of the relevant Acts and Regulations.
Yours faithfully,
G.S. REDDY
