SEBI : A/C no. and bank details in Application to issue

Securities and Exchange Board of India (SEBI)

DIVISION CHIEF

To,

The Presidents/Executive Directors of Bombay/
Madras/Delhi/Calcutta/Ahmedabad/
Bangalore/Bhubaneshwar/Cochin/
Coimbatore/Gauhati/Hyderabad/
Jaipur/Ludhiana/Madhya Pradesh/
Magadh/Mangalore/Pune/Saurashtra
Kutch/ Uttar Pradesh/ Vadodara/OTC Exchange of India/NSE.

Dear Sirs,

A/C no. and bank details in Application to issue

Enclosed please find the press release dated 6/5/94 issued by the Securities and Exchange Board of India (SEBI) and the letter from Chairman, SEBI addressed to the Chambers of Commerce namely FICCI, ASSOCHAM, CII, INDIAN MERCHANT’S CHAMBER, BOMBAY CHAMBER OF COMMERCE AND INDUSTRY.

Yours faithfully,
sd/-

(R.V. NABAR)

encl : a/a

SECURITIES AND EXCHANGE BOARD OF INDIA

PRESS RELEASE

 Issued by : SECONDARY MARKET DEPARETMENT

TEXT

It may be recalled that the Securities & Exchange Board of India (SEBI) instituted an additional feature last year for enabling investors in the primary market to indicate details of their bank account and bank branch. This was intended to reduce the malpractice of theft of refund orders. It has been found that the response from the investors has been very good.

Considering the recurring thefts of dividend warrants/refund orders/ interest warrants, the Securities & Exchange Board of India has requested the companies to institute a procedure of requesting the shareholder to indicate his account number and bank branch so that the cheques /drafts/warrants sent to the shareholder include the details of his account number and the designated bank branch.

A letter in this regard has been issued by Chairman, SEBI to the various Association such as FICCI, ASSOCHAM, CII requesting them to urge their members to institute such procedure in the interest of the investors.