SECURITIES AND EXCHANGE BOARD OF INDIA
SECONDARY MARKET DEPARTMENT
Mittal Court, A Wing, Gr. Floor,
224, Nariman Point, Mumbai 400 021
Presidents/Executive Directors/Managing Directors Of Stock Exchanges.
SUB : Y2K Preparedness of Stock Exchanges and Stock Brokers.
This has reference to our circular dated August 19, 1999, wherein, the Exchanges were advised to switch-off the trading terminals of the stock brokers who are not Y2K compliant by November 30, 1999.
In this context, we have received request from some of the Exchanges that as the implementation of Y2K compliant software at the Exchanges shall be completed by December 15, 1999, the brokers maybe allowed time up to December 15, 1999 to become Y2K compliant.
In view of the above, the cut-off date for the stock brokers to become Y2K compliant has been extended up to December 15, 1999. You are advised to invariably deactivate the trading terminals of those stock brokers, who are not Y2K compliant, with effect from the trading cycle commencing on/after December 15, 1999 and submit the action taken report to SEBI, immediately, thereafter.
You are also advised to submit the report on mock trading and settlement session, which has to be conducted on January 01, 2000 for two hours, latest by January 03, 2000.
M D PATEL
SECONDARY MARKET DEPARTMENT –II