General Manager
Secondary Market Department
e-mail :

March 27, 2002

The President/Executive Director/Managing Director Of all the Stock Exchanges

Dear Sir/Madam,

You are advised to refer to our circular SMDRP/POLICY/CIR-22/99 dated July 9, 1999 wherein it was advised that on receipt of Arbitration Awards, Stock Exchanges were to debit the amount under the award to the security deposit or other monies of the member against whom an award has been passed and amount so debited was to be kept in a separate account. It was also advised that payment was to be made to the awardee only after a confirmation was obtained from the member to the effect that no appeal has been filed by him and in case an appeal had been filed and the same was pending, payment was to be made as per orders of the court.

It has now been decided that for better implementation of the directions contained in the captioned circular, amendments should be made to Bye-Laws, Rules and Regulations of all stock exchanges to incorporate above provisions in the bye-laws, rules and regulations.

You are therefore, advised to prepare and forward draft amendments to the respective bye-laws/rules/regulations for our approval.

Yours faithfully,
P K Bindlish

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