March 31, 1999
To
All Custodians of Securities
Dear Sir/Madam,
Sub: Y2K Preparedness Project.
The Year 2000 Problem (Y2K) poses a significant challenge for the securities market. SEBI has initiated steps to co-ordinate and synchronise the efforts being made by the various agencies operating in the capital market. Custodians are advised to :
1. Take adequate steps to ensure that they reach a stage of Y2K readiness by June 30, 1999.
2. The Y2K issue should be discussed at all Board meetings and the monitoring of status/implementation should be done at the Board level on a regular basis.
3. The custodians shall be required to keep hard copies of all the current records of their own and their clients operations as on December 30, 1999 so as to ensure continuity of the operations in the event of the systems failure/breakdown.
All custodians are advised to submit the present status of the Y2K Preparedness within a week of receipt of this circular.
Yours faithfully,
O.P.GAHROTRA
SENIOR EXECUTIVE DIRECTOR
