Companies (Issue of Share Certificates) Amendment Rules, 1995 - Insertion of sub-rule (4) of rule 4 of the Companies (Issue of Share Certificates) Rules, 1960 - GSR NO. 423(E), - Companies Law

NOTIFICATION NO. GSR NO. 423(E), DATED 26-5-1995, ISSUED BY THE DEPARTMENT OF COMPANY AFFAIRS, MINISTRY OF LAW, JUSTICE AND COMPANY AFFAIRS Subject:- Companies (Issue of Share Certificates) Amendment Rules, 1995 - Insertion of sub-rule (4) of rule 4 of the Companies (Issue of Share Certificates) Rules, 1960 G.S.R. NO. 423(E).- In exercise of the powers conferred by clause (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Issue of Share Certificates) Rules, 1960, namely : 1. (i) These rules may be called the Companies (Issue of Share Certificates) Amendment Rules, 1995. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Issue of Share Certificates) Rules, 1960, after sub-rule (3) of rule 4, the following sub-rule shall be inserted namely : "(4) The companies listed with OTC Exchange of India, a company registered under section 25 of the Companies Act, 1956, may issue a jumbo share certificate in favour of Custodian and issue counter receipts to every allottee with respect to their holding. Explanation : for purposes of sub-rule (4), "Custodian" means an entity carrying on post trade activities such as, settlement of purchases and sales, information reporting, safe keeping of securities and/or participating in any clearing system for and on behalf of the client to effect deliveries of the securities."