SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021

SMDRP/Policy/Cir-28/99
August 23, 1999
The Managing Director
National Securities Depository Ltd
Trade World, 4th Floor,
Kamala Mills Compound,
Senapati Bapat Marg, Lower Parel,
Mumbai – 400 013
The Managing Director
Central Depository Services (I) Limited
P. J. Towers, 28th Floor,
Dalal Street,
Mumbai – 400 023

Dear Sir,

SEBI had taken a meeting of Depositories, Depository Participants, Registrars and Share Transfer Agents and Registrar Association of India (RAIN) on August 16, 1999. As discussed in the meeting, it has been decided that:

1.In the case of inter-depository transfers of securities, the registrars would communicate their confirmation of transfer from one depository to the other depository within two hours, failing which it shall be deemed to have been confirmed. The registrars should not reject any inter depository transfer except on the ground that a depository did not have adequate balance of securities in its account or if there was mismatch of transfer requests from the depositories.

2.Every company shall appoint the same registrars and share transfer agents for both the depositories

3.The registrars and share transfer agents shall accept partial dematerialisation requests and will not reject or send back the complete lot of dematerialisation request to the DPs in cases where only a part of the request was to be rejected.

.4 You are advised to inform all the companies admitted for dematerialisation and their Registrar & Share Transfer Agent accordingly for due compliance.

Yours faithfully,
P. K. KURIACHEN
DIVISION CHIEF
SECONDARY MARKET, DEPOSITORY,
RESEARCH & PUBLICATIONS DEPARTMENT

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