Market Intermediaries Regulation & Supervision Division
Division of Policy – II
April 26, 2005
To All Stock Exchanges / NSDL / CDSL and RAIN.
This has reference to the Order of Moratorium issued by the Central Government in respect of Global Trust Bank Ltd (GTB).
In this regard, SEBI had vide letter DPS-II/GTB-ECS/16703/2004 dated July 29, 2004 granted temporary exemption to the Registrars and Share Transfer Agents and the Issuer Companies from making the payment of dividend, interest and other cash benefits through warrants (payment instruments), without printing thereon the name of the bank and account details in respect of the investors having their bank accounts with the erstwhile Global Trust Bank Ltd.
The above letter was issued as a temporary exemption from the applicability of Circular Ref Nos. DCC/FITT/Cir-3/2001 dated October 15, 2001 and D&CC/FITTC/Cir-04/2001 dated November 13, 2001, available only to those investors who had furnished details of their bank accounts with GTB for availing the ECS facility.
In view of the merger of GTB with Oriental Bank of Commerce, the applicability of the provisions of our letter ref. DPS II/GTB-ECS/16703/2004 dated July 29, 2004 stands withdrawn.
The stock exchanges, Depositories and RAIN are advised to take note of the same.
SURESH B. MENON