GENERAL MANAGER

MARKET REGULATION DEPARTMENT

MRD/DoP/SE/Cir- 18/06

November 13, 2006

The Executive Directors/Managing Directors/Administrators of all Stock Exchanges

 Dear Sir/Madam,

Sub: Establishment of Connectivity with both NSDL and CDSL – Shifting from Trade for Trade Segment (TFTS) to Rolling Segment

1. It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories on or before 30.09.2006.

2.The stock exchanges may consider shifting the trading in these securities to rolling settlement subject to the following:

3.At least 50% of non-promoter holdings as per clause 35 of Listing Agreement are in demat mode before shifting the trading in the securities of the company from TFTS to Rolling settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company Secretary/Chartered Accountant and submit the same to the stock exchange/s.

1.There are no other grounds/reasons for continuation of the trading in TFTS.

3.The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly/Quarterly Development Report.

Yours faithfully,

Sd/-

V S SUNDARESAN

Encl: a/a

ANNEXURE A

S.NO NAME OF THE COMPANY ISIN
1. ESSAR TELEHOLDINGS LIMITED INE317C01016
2. FRONTIER LEASING & FINANCE LIMITED INE977E01013
3. G. S. AUTO INTERNATIONAL LIMITED INE736H01016
4. JAIPRAKASH ENTERPRISES LIMITED INE782H01010
5. NAGARJUNA AGRI TECH LIMITED INE793H01017
6. SHAKTI MET-DOR LIMITED INE614D01014
7. SUBWAY FINANCE & INVESTMENT COMPANY LIMITED INE033F01012

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