GENERAL MANAGER

Market Regulation Department

SEBI/MRD/DEP/Cir- 24 /05

December 22, 2005

The Managing Director, NSDL and

The Managing Director, CDSL

Dear Sir,

Sub: Corrigendum to Circular No. SEBI/MRD/SE/Cir- 16 /2005 dated August 04, 2005

Please refer to our above said circular regarding maintenance of books of accounts and other documents by the Depositories and Depository Participants when enforcement agencies like CBI, Police, Crime Branch etc. collect the copies of the records/documents during the course of their investigation.

In partial modification, the earlier point 3 which stated as :-

In view of the above, not withstanding anything contained in D&P Regulations, 1996, you are advised to preserve the originals of the documents, both in electronic and physical form, copies of which have been taken by CBI, Police or any other enforcement agency during the course of any investigation till the trial is completed.”

may please be replaced by :-

In view of the above, you are advised to preserve the originals of the documents, both in electronic and physical form, copies of which have been taken by CBI, Police or any other enforcement agency during the course of any investigation till the trial is completed.”

It may be noted that the other provisions of the said circular remain unchanged.

The Depositories are advised to:-

a) make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately, as may be applicable/necessary ;

b) bring the provisions of this circular to the notice of the DPs of the Depositories and also to disseminate the same on the website; and

c) communicate to SEBI the status of the implementation of the provisions of this circular in Sec. III Item No. E of the Monthly Development Report for the month of January 2006.

This circular is being issued in exercise of the powers conferred by Section 11(1) of Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.

Yours faithfully,

V S SUNDARESAN

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