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issued to the Banks registered with the Board as Bankers to an Issue in the matter of maintaining principal account with other Bank for their own issues and also for payment of Refund Warrants, Dividend Warrants etc.
The above-referred circulars provided for the conditions to be fulfilled for the acceptance of bank guarantees towards the base minimum and the incremental capital requirements of the brokers. In this respect, it was inter-alia mentioned that the bank guarantees should be from a specified
Please refer to our BTI Circular No.1 (98-99) dated June 17, 1998 issued to the Banks registered with the Board as Bankers to an Issue in the matter of maintaining principal account with other Bank for their own issues and also for payment of Refund Warrants,
Board has received several representations over a period of time from various Banks and also from Indian Banks’ Association and Private Sector Banks’ Association.
circulars provided for the conditions to be fulfilled for the acceptance of bank guarantees towards the base minimum and the incremental capital requirements of the brokers. In this respect, it was inter-alia mentioned that the bank guarantees should be from a specified scheduled commercial banks.
Board has received several representations over a period of time from various Banks and also from Indian Banks’ Association and Private Sector Banks’ Association. The matter was referred to Reserve Bank of India and they also recommended that Banks may be exempted from the requirements prescribed under the aforesaid Circular.
The companies desirous to avail of this facility would be required to adhere to disclosure and accounting norms as may be specified from time to time.
The consequential changes in SEBI (Disclosure and Investor Protection) Guidelines for the new public and rights issues are being issued separately.
As per our Circular PMD/Cir. 11006/92, dated November 02, 1992, regarding handling of applications accompanied by stock-invests, point no. 8 states that “Registrars shall deposit the stock invest, duly filled in and sorted out “issuer bank branch wise.
“The successful/partially successful applicants’ stock invests would, after encashing, be deposited in the separate bank account, where the cash and other monies received from other investors are deposited.
