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It was also decided that delivery of dematerialised securities shall be treated as good delivery for negotiated deals also. Besides, the institutional investors should compulsorily deliver securities in demat form for trades executed as negotiated deal in respect of securities which are announced by SEBI from time to time for compulsory dematerialised trading by institutional investors.
With reference to the above it is advised that the Exchanges are to make suitable changes in the system software so as to abide by the rules/guidelines as mentioned in our aforesaid circular. The guidelines listed in the circular should be implemented not later than August 17, 1998.
As already decided by SEBI and communicated to the stock exchanges, all negotiated deals must result in delivery. Cancellation of deals can take place only in special cases with the prior approval of the stock exchanges. The transactions may be settled either through the clearing house of the stock exchange/ clearing corporations or bilaterally as prescribed by the concerned exchange. I
In view of this, you are advised that quarterly disclosure standards and the report of the committee apply only to body corporates and companies and as a Mutual Fund is a trust and not a company, the referred circular providing for quarterly results will not be applicable to a Mutual Fund.
In terms of the powers conferred on it under Section 11 of SEBI Act , 1992 as also in implementation of the Securities and Exchange Board of India ( Debenture Trustees ) Rules and Regulations, 1993, all the “Debenture Trustees” holding certificate of registration .
The SEBI (Foreign Institutional Investors) Regulations, 1995 have been amended from time to time so as to increase the scope of investments by FIIs and to simplify the registration procedure. The latest copy of the Regulations is available at SEBI website: www.sebi.gov.in . This procedure is also available on our web-site as a press release.
It has now come to SEBI’s notice that some of the registrars are not aware of the said amendment though it was notified in the Government gazette.
Subsequently, in the meeting of the heads of Stock Exchanges held in December 17, 1997, it was clarified that the 25% is only a threshold limit and it should not be treated as an exemption limit. This was conveyed vide SMD/POLICY/Cir-2/98 dated January 14, 1998. In this connection, the Stock Exchanges have submitted to SEBI to reconsider the above decision on treatment of 25% threshold limit.
Please refer to the circular no. SMD/POLICY/CIR-8/97 dated April 28, 1997 on the revised format for the Monthly Development Report (MDR). Enclosed please find the modified format for reporting details of completed settlements during the month, forming point no.1 of Section-I of the MDR.
The Exchanges, who are yet to incorporate the above provision in their bye-laws are therefore advised to take up the matter in their Governing Board meeting for consideration and make suitable amendment in the bye-laws without any further delay under advice to us.
