DEPUTY GENERAL MANAGER

Market Regulation Department

E-mail: sundaresanvs@sebi.gov.in

SEBI/MRD/SE/Cir- 12/2004

February 26, 2004

The Executive Directors / Managing Director/Administrators

of All Stock Exchanges

Dear Sir / Madam,

Sub: Implementation of uniform security specific actions

BSE/NSE have been jointly deciding on the security specific surveillance measures including transferring of scrips from rolling settlement to trade for trade segment and vice-versa, imposition of margins, suspension of trading, etc. It is observed that such security specific actions are not implemented uniformly across the stock exchanges in cases where such securities are also listed and traded on those stock exchanges which are essential for the safety and integrity of the market.

It has, therefore, been decided that all stock exchanges shall implement the security specific decisions taken by BSE/NSE such as transferring of scrips from rolling settlement to trade for trade segment and vice-versa, imposition of margins, suspension of trading, etc in cases where such securities are also listed and traded on those stock exchanges. For this purpose, all the stock exchanges shall obtain the necessary information regularly from the website/s of BSE/NSE and concurrently implement the security specific decisions taken by BSE/NSE.

In the event of any stock exchange not able to implement the decisions taken by BSE/NSE with regard to particular scrip, such stock exchange/s shall not make available trading in such scrip in the normal rolling settlement.

The Stock Exchanges (other than BSE and NSE) are advised to communicate to SEBI, the status of the implementation of the provisions of this circular in Section II, item no. 13 of the Monthly Development Report for the month of March 2004.

This circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, to protect the interests 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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