TMI BlogSchemeX X X X Extracts X X X X X X X X Extracts X X X X ..... purpose of borrowing of securities and as such there shall be no direct agreement between the lender and the borrower for the lending or borrowing of securities. (2) The agreement between the lender and the approved intermediary shall provide that when the lender has deposited the securities with the approved intermediary under the scheme, the beneficial interest shall continue to remain with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and class to the lender along with the corporate benefits accrued on them during the tenure of the borrowing. Even in case of failure of the borrower to return the securities or corporate benefits the approved intermediary shall be liable for making good the loss caused to the lender. (7) The approved intermediary may retain the securities deposited by the lender in its custody as a trustee on b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reon during the period of borrowing. (11) The agreement between the lender and the approved intermediary and the borrower and the approved intermediary shall also provide for the following terms and conditions :— (a) the period of depositing/lending of securities, (b) charges or fees for depositing/lending and borrowing, (c) collateral securities for borrowing, (d) provisions for the ret ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nder, the approved intermediary shall issue a receipt to the lender. (16) The approved intermediary shall maintain a complete record of the securities deposited by the lender, securities lent to the borrower, the securities received from the borrower and the securities returned to the lender by the approved intermediary. (17) In the event of the failure of the borrower to return the securities ..... X X X X Extracts X X X X X X X X Extracts X X X X
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