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Securities and Board of India

DIVISION CHIEF

PRIMARY MARKET INTERMEDIARIES DIVISION

PMID/DSV/CIR/5500/99

January 18, 1999

RRTI CIRCULAR NO. 3 (98-99)

To all Registered Registrars to an issue/Share Transfer Agents

Dear Sirs

In exercise of the powers conferred upon SEBI, under section 11 of the SEBI Act, 1992, as also in implementation of the provisions of the SEBI (Registrars to an Issue and Share Transfer Agents), Regulations, 1993, the present circular is hereby issued to all Registrars to an Issue/Share Transfer Agents (RTIs/STAs) holding a certificate of registration, granted to them in accordance with the SEBI (Registrars to an Issue and Share Transfer Agents), Rules and Regulations, 1993.

 SUBMISSION OF THE NETWORTH CERTIFICATE

In terms of sub Clause (iii) of Clauses (a) & (b) of Regulations 14 (1) of the SEBI (Registrars to an Issue and Share Transfer Agents) Regulation, 1993, every RTI/STA whether a body corporate or not, is required to keep and maintain, in respect of the three preceeding financial years, statement of capital adequacy requirement for each quarter. Further under Regulation 7, every RTI/STA is required to fulfil the networth criteria, prescribed therein. Hence in order to monitor on regular basis and to ensure compliance of the capital adequacy and the networth norms by the RTI/STA, as specified under Regulation 7(1) of the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 which is required to be fulfilled and maintained, both at the time of the grant of renewal of the certificate of registration and at all times during the period of registration, all RTIs/STAs are hereby directed to submit, as soon as possible, but not later than two months from the close of each financial year, a certified true copy of their networth statement.

All RTIs/STA/s are advised to ensure compliance of the instructions contained herein and the non compliance of this would amount to a violation of the Code of Conduct as specified in Schedule III of the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993.

 Please acknowledge receipt.

Yours faithfully,

D. RAVIKUMAR

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