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TMI BlogMaster Circular for DepositoriesX X X X Extracts X X X X X X X X Extracts X X X X ..... ner (BO) Account 1.4 Fees/Charges to be paid by BO 1.5 Transfer of funds and securities from Clearing Member pool account to BO Account 1.6 Printing of Grievances Redressal Mechanism on Delivery Instruction Form Book 1.7 Exemption to Depository Participants (DPs) from providing hard copies of transaction statements to BOs 1.8 Safeguards on transfer of securities in dematerialized mode Section - 2: Issuer related 2.1 Charges to be paid by Issuers 2.2 Activation of International Securities Identification Number (ISIN) in case of IPOs and additional issue of shares/ securities 2.3 Registrar and Share Transfer Agents 2.4 Mandatory admission of debt instruments on both the Depositories 2.5 American Depository Receipts (ADRs)/Global Depository Receipts (GDRs) 2.6 Electronic Clearing System (ECS) facility 2.6.1 Use of ECS for refund in public/ rights issues 2.6.2 Usage of electronic payment modes for making cash payment to the investors. Section - 3: Depositories/ Depository Participant (DP) Related 3.1 Facility for a Basic Services Demat Account (BSDA) 3.2 Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) 3.3 Limitation period for filing an arbitration reference 3.4 De ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Number (PAN) to be the sole identification number for all transactions in the securities market Reference circular MRD/DoP/Cir-5/2007 dated April 27, 2007 With effect from July 02, 2007, PAN is the sole identification number for all transactions in the securities market, irrespective of the amount of transaction. A copy of the PAN card with photograph may be accepted as Proof of Identity. In this regard, intermediaries shall:- a. Put necessary systems in place so that the databases of the clients and their transactions are linked to the PAN details of the client. b. Build necessary infrastructure to enable accessibility and query based on PAN thereby enabling retrieval of all the details of the clients. c. Collect copies of PAN cards issued to the existing as well as new clients by the Income Tax Department and maintain the same in their record after verifying with the original. d. Cross-check the aforesaid details collected from their clients with the details on the website of the Income Tax Department i.e. http://incometaxindiaefiling.gov.in/challan/enterpanforchallan.jsp Income Tax Department since changed the link for verification to:https://incometaxindiaefiling.gov ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition to its presently being recognized as Proof of Identity. Reference Circular MIRSD/09/2012 dated August 13, 2012 DP shall ensure that all documents pertaining to proof of identity and proof of address are collected from all the account holders. Reference Circular MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004 Submission of the aforesaid documents is the minimum requirement for opening a BO Account. DPs must verify the copy of the aforementioned documents with the original before accepting the same as valid. While opening a BO Account, DPs shall exercise due diligence Reference point 5 of part II on 'Customer Due Diligence' of master circular no. ISD/AML/CIR-1/2008 dated December 19, 2008 while establishing the identity of the person to ensure the safety and integrity of the depository system. 1.1.3 Acceptance of third party address as correspondence address Reference Circular CIR/MRD/DP/37/2010 dated December 14, 2010 i. SEBI has no objection to a BO authorizing the capture of an address of a third party as a correspondence address, provided that the Depository Participant (DP) ensures that all prescribed 'Know Your Client' norms are fulfilled for the third party also. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ugust 24, 2004 1.2.4 UN entities and multilateral agencies exempt from paying taxes/ filling tax returns in India Reference Circular MRD/DoP/Dep/Cir-09/06 dated July 20, 2006 UN entities/ multilateral agencies exempt from paying taxes/filing tax returns in India are also exempt from the mandatory requirement of submitting their PAN card details, subject to the DPs collecting documentary evidence in support of such claims. 1.2.5 FIIs/Institutional Clients Reference Circular MRD/DoP/Dep/SE/Cir-13/06 dated September 26, 2006 Custodians shall verify the PAN card details of institutional clients with the original PAN card and provide duly certified copies of such verified PAN details to the brokers. This requirement is applicable in respect of institutional clients, namely, FIIs, MFs, VCFs, FVCIs, Scheduled Commercial Banks, Multilateral and Bilateral Development Financial Institutions, State Industrial Development Corporations, Insurance Companies registered with IRDA and Public Financial Institution as defined under section 4A of the Companies Act, 1956. 1.2.6 HUF, Association of Persons (AoP), Partnership Firm, unregistered Trust, Registered Trust, Corporate Bodies, minors, et ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opening, custody and credit of securities Reference Circular MRD/DoP /SE/Dep/Cir-4/2005 dated January 28, 2005 With effect from February 1, 2005 i. No investor shall pay any charge towards opening of a Beneficial Owner (BO) Account except for statutory charges as applicable; ii. No investor shall pay any charge for credit of securities into his/her BO account; and iii. No custody charge shall be levied on any investor who is opening a BO account. 1.4.2 Account Closure Reference Circular D&CC/FITTC/CIR - 12/2002 dated October 30, 2002 No Account closure charges shall be levied on BO on the closure of any account. 1.4.3 Inter Depository Transfer Reference Circular SMDRP/Policy/Cir-29/99 dated August 23, 1999 Inter-depository transfer of shares does not attract Stamp duty and it does not require compliance with section 108 of the Companies Act 1956. 1.4.4 Transfer of a BO Account Reference Circular MRD/DoP/Dep/Cir-22 /05 dated November 9, 2005 With effect from January 09, 2006 No charges shall be levied by a depository on any DP and by a DP on any BO when the BO transfers all the securities lying in his account to another branch of the same DP or to another DP under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01 & Circular SEBI/MRD/Policy/AT/Cir-19/2004 dated April 21, 2004 i. Clearing members shall transfer the funds and securities from their respective pool account to the respective beneficiary account of their clients within 1 working day after the pay-out day. The securities lying in the pool account beyond the stipulated period shall attract a penalty at the rate of 6 basis point per week on the value of securities. The penalty so collected by the depositories shall be credited to a separate account with the depository and earmarked for defraying the expenses in connection with the investors' education and awareness programs conducted by the depository. ii. The securities lying in the pool account beyond the above period shall not be eligible either for delivery in the subsequent settlement(s) or for pledging or stock lending purpose, until the same are credited to the beneficiary accounts. iii. The securities lying in the Clearing member's pool account beyond the specified time period shall be identified based on the settlement number. The clearing corporation/houses of the stock exchanges shall provide the settlement-wise details of securities to the depositories and the depos ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ress of SEBI Offices * Office of Investor Assistance and Education, SEBI Bhavan, Plot No.C4-A, 'G' Block, Bandra Kurla Complex, Bandra (E), Mumbai 400 051 Tel: 022-26449188 / 26449199 (http://scores.gov.in) * SEBI, Northern Regional Office, 5th Floor, Bank of Baroda Building, 16, Sansad Marg, New Delhi -110001 Tel: 011-23724001-05 ([email protected]) * SEBI, Eastern Regional Office, L&T Chambers, 3rd Floor, 16, Camac Street, Kolkata - 700 016 Tel: 033-23023000. ([email protected]) * SEBI, Southern Regional Office, 7th Floor, Overseas Towers, 756-L, Anna Salai Chennai 600 0102 Tel: 044-24674000/ 24674150 ([email protected]) * SEBI, Ahmedabad Regional Office, Unit No: 002, Ground Floor, SAKAR I, Near Gandhigram Railway Station, Opp. Nehru Bridge Ashram Road, Ahmedabad - 380 009 Tel : 079-26583633-35 ([email protected]) For more information visit our website - http://scores.gov.in 1.7 Exemption to DPs from giving hard copies of transaction statements to BOs Reference Circular MRD/DoP/Dep/Cir-27/2004 dated August 16, 2004 DPs are permitted to provide transaction statements and other documents to the BOs under Digital signature, as governed under the Infor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e ISIN balances in that account (irrespective of the number of ISINs) are transferred at a time. However, in case of active accounts, such verification may be made mandatory only if the BO account has 5 or more ISINs and all such ISIN balances are transferred at a time. The authorized official of the DP verifying such transactions with the BO, shall record the details of the process, date, time, etc., of the verification on the instruction slip under his signature. SECTION 2: Issuer Related 2.1 Charges paid by Issuers Reference Circular MRD/DoP/SE/Dep/Cir-2/2009 dated February 10, 2009 and Circular SEBI/MRD/SE/DEP/Cir-4/2005 dated January 28, 2005, Reference Circular CIR/MRD/ DP/05/2011 dated April 27, 2011 i. With effect from April 27, 2011 depositories may levy and collect the charges towards custody from the issuers, on the basis of average no. of folios (ISIN position) during the previous financial year, as per the details given below: ii. Issuers to pay @ ₹ 8.00 (*) per folio (ISIN position) in the respective depositories, subject to a minimum as mentioned below: Nominal value of admitted securities (Rs.) Annual Custodial Fee payable by a Issuer to each Depository ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... single agency for share registry work Reference Circular D&CC/FITTC/Cir-15/2002 dated December 27, 2002 All work related to share registry pertaining in terms of both physical and electronic shares shall be maintained at a single point i.e. either in-house by the company or by a SEBI registered Registrar and Transfer Agent. 2.3.2 Inter-Depository transfers Reference Circular no. SMDRP/Policy/Cir-28/99 dated August 23, 1999 In case of inter-Depository transfers of securities, the Registrars shall communicate the confirmation of such transfers within two hours, failing which such transfers shall be deemed to have been confirmed. The Registrars shall not reject inter-Depository transfers except where i. A Depository does not have adequate balance of securities in its account or ii. there is mismatch of transfer requests from the Depositories. 2.3.2 Common Registrars and Share Transfer agents Reference Circular SMDRP/Policy/Cir-28/99 dated August 23, 1999 Every company shall appoint the same Registrars and Share Transfer agents for both the depositories. 2.3.3 Dematerialisation requests Reference Circular SMDRP/Policy/Cir-28/99 dated August 23, 1999, 72 Registrars and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gn investors other than the OCBs. 2.6 Electronic Clearing System (ECS) facility 2.6.1 Use of ECS for refund in public/ rights issues. Reference Circular SEBI/MRD/DEP/Cir-3/06 dated February 21, 2006 and circular SEBI/CFD/DIL/DIP/29/2008/01/02 dated February 1, 2008 and Letter no. MRD/DEP/PP/123624/08 dated April 23, 2008&Reference: MRD/DEP/PP/123624 /2008 dated April 23, 2008 For locations where facility of refund through ECS is available details of applicants shall be taken directly from the database of the depositories in respect of issues made completely in dematerialised form. Accordingly, DPs shall maintain and update on real time basis the MICR (Magnetic Ink Character Recognition) code of Bank branch of BOs and other bank details of the applicants in the database of depositories. This is to ensure that the refunds through ECS are made in a smooth manner and that there are no failed/wrong credits. 2.6.2 Usage of electronic payment modes for making cash payments to the investors Reference Circular CIR/MRD/DP/10/2013 dated March 21, 2013 i. For making cash payments to the investors, companies whose securities are listed on the stock exchanges shall use, either directly o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of the single demat account where they are sole or first holder. iii. The individual shall have only one BSDA in his/her name across all depositories. iv. Value of securities held in the demat account shall not exceed Rupees Two Lakhs at any point of time. 3.1.3 Option to open BSDA: The DP shall give option: i. To open BSDA to all eligible individuals who open a demat account after the date of applicability of this circular; ii. To all the existing eligible individuals to convert their demat account into BSDA on the date of the next billing cycle based on value of holding of securities in the account as on the last day of previous billing cycle. 3.1.4 Charges: i. The charge structure may be on a slab basis as indicated below: a. No Annual Maintenance Charges (AMC) shall be levied, if the value of holding is upto ₹ 50,000. b. For the value of holding from ₹ 50,001 to ₹ 200,000, AMC not exceeding ₹ 100 may be charged. ii. The value of holding shall be determined by the DPs on the basis of the daily closing price or NAV of the securities or units of mutual funds, as the case may be. Where such price is not available the last traded ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ction statement as and when there is a transaction in the account. b. Accounts which become zero balance during the year: For such accounts, no transaction statement may be sent for the duration when the balance remains nil. However, an annual statement of holding shall be sent to the BO. c. Accounts with credit balance: For accounts with credit balance but no transactions during the year, one statement of holding for the year shall be sent to the BO. 3.2 Rajiv Gandhi Equity Savings Scheme, 2012 (RGESS) Reference Circular CIR/MRD/DP/32/201 dated December 06, 2012 i. Vide notification 51/2012 dated November 23, 2012, Department of Revenue, Ministry of Finance (MoF) has notified the Rajiv Gandhi Equity Savings Scheme (RGESS), 2012. The notification is available on the website of Income Tax Department under section "Notifications". ii. With regard to implementation of the MoF notification, the following is clarified: a. For RGESS eligible close-ended Mutual Funds schemes, advice given by AMCs to the depository for extinguishment of units of close ended schemes upon maturity of the scheme shall be considered as settled through depository mechanism and therefore RGESS compliant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or example: demerger of companies, etc, the compliance status of RGESS demat account shall not change. (ii) Voluntary corporate actions: In case of corporate actions where investors has the option to exercise his choice and thereby result in debit of securities, for example: buy-back, etc, the same shall be considered as a sale transaction for the purpose of the scheme. Consolidated list of 'corporate actions' Sr. No. Corporate Action Classification (Involuntary or Voluntary) 1 Amalgamation Involuntary 2 Scheme of Arrangement Involuntary 3 Reduction of Capital Involuntary 4 Bonus issue Involuntary 5 Buy Back of Shares Voluntary (Involuntary in case of court intervention) 6 Stock Split Involuntary 7 Consolidation of Shares Involuntary 8 Conversion of Partly Paid up Involuntary 9 Dividend [Final/ Interim/ Special] Involuntary 10 Exchange of Share Certificate [Name change] Involuntary 11 Rights Issue Voluntary 12 Conversion (compulsory)* Involuntary 13 Conversion (optionally)* Involuntary 14 Redemption Involuntary (voluntary, if there is option to continue with revised terms) 15 Dividend on Mutual Fund Involuntary 16 Redem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d Depositories shall do the following: a. indicate a contact person in case of SCORES, who is an employee heading the complaint services division/cell/department. Contact detail (i.e. phone no., email id, postal address) of the said contact person be made widely available for e.g. on the websites of Depositories. b. address/redress the complaints within a period of 15 days upon receipt of complaint on SCORES. In case additional information is required from the complainant, the same shall be sought within 7 days of receipt on SCORES. In such case, the period of 15 days will be counted upon the receipt of additional information. c. maintain a monthly record of the complaints which are not addressed/redressed within 15 days from the date of receipt of the complaint/information, alongwith the reason for such pendency. d. Upload/update the ATR on the SCORES. Failure to do so shall be considered as non-redressal of the complaint and the complaint shall be shown as pending. 3.6 Approval of amendments to Bye Laws / Rules of Stock Exchanges and Depositories Reference Circular LGL/Cir-2/2003 dated February 19, 2003 i. Depositories and exchanges shall submit the following informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s; e. No foreign investor, including persons acting in concert, will hold more than 5% of the equity in these companies. ii. The aforesaid limits for foreign investment in respect of recognised Stock Exchanges shall be subject to 5% shareholding limit as prescribed under the Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006. 3.9 Activity schedule for depositories for T+2 rolling Settlement Reference Circular DCC/FITTC/Cir-19/2003 dated March 4, 2003 and Circular MRD/DoP/SE/Dep/Cir-18/2005 dated September 2, 2005 i. The activity schedule for T+2 Rolling Settlement is as under: Sr. No. Day Time Description of activity 1 T Trade Day 2 T+1 By 1.00 pm Completion of custodial confirmation of trades to CC/CH. (There is no separate extended time limit for late confirmations). By 2.30 pm Completion of process and download obligation files to brokers/ custodians by the CC/CH. 3 T+2 By 11.00 am Pay-in of securities and funds. By 1.30 pm Pay-out of securities and funds. ii. All Depositories shall adhere to the aforementioned activity schedule to implement T+2 rolling settlement. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e the inter-depository transfers within one hour and before pay-in for the subsequent settlement begins. iv. The Stock Exchanges/Depositories shall follow a strict time schedule to ensure that the settlements are completed on the same day. v. The Clearing Corporation/Clearing House of the Stock Exchanges shall execute Auto DO facility for all the settlements together, so as to make the funds and the securities available with the member on the same day for all the settlements, thereby enabling the availability of the funds/securities at the client level by the end of the same day. 3.11 Supervision of branches of DPs Reference Circular MIRSD/DPS-III/Cir-9/07 dated July 3, 2007 i. To ensure compliance with Regulation 46 of the SEBI (Depositories and Participants) Regulations, 1996, and Clause 19 of the Code of Conduct for Participants contained in the Third Schedule to the Regulations the DP shall ensure that it has satisfactory internal control procedure in place, inclusive of their branch offices. DPs are therefore required in terms of these provisions to put in place appropriate mechanisms to ensure that their branches are carrying on the operations in compliance with the appli ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Ps)# during 2009-10: Updated on mmm dd yyyy (to be updated weekly) (In excel sheet) Sl. No. Details of Complaint Status of Complaint Date of Receipt Name of Complainant Type of Complaint* SEBI Ref. No. (if applicable Name of DP Status** Status Date## Date of Filing Arbitration Name of Arbitrator(s) Date of Arbitration Award 1 2 3 N # including against its authorized persons, employees, etc. ## Status date is the date of resolution/reference to arbitration/finding it non-actionable. If under process, it is the date of updation of this sheet. */** As per Table 1 Report 1B: Redressal of Complaints received against Depository Participants (DPs) during 2008-09: Updated on mmm dd yyyy (to be updated every quarter) (In excel sheet) Sl. No. Name of the DP Status of DP (active/ inactive/ in process of termination /withdrawal) No. of BOs accounts at the beginning of the year No. of Complaints received against the DP * Of the Complaints received during 2008-09 No. of Complaints Resolved through the Depository Non actionable** Arbitration Advised Pending for redressal with Depository No. of Arbitration filed by BOs Decided by the Arbitrators Decided by Arbi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total (In case of panel of arbitrators, the cases / awards would appear against every member of the panel) (Arrange the arbitrators in descending number of awards passed by them during the period) Report 3A: Penal Actions against Depository Participants (DPs) during 2008-09: Updated on mmm dd yyyy (to be updated every quarter) (in excel sheet) Sl. No. Name of DP Registration No. No. of Complaints received Action against DP, its authorized person and employees together No. of Penal Orders issued Monetary Penalties levied (Rs. lakh) No. of Arbitration Awards issued against DP For complaints For others For complaints For others 1 2 3 N Report 3B: Penal Actions against Depository Participants (DPs) during 2009-10: Updated on mmm dd yyyy (to be updated every quarter) (in excel sheet) Sl. No. Name of DP Registration No. No. of Complaints received Action against DP, its authorized person and employees together No. of Penal Orders issued Monetary Penalties levied (Rs. lakh) No. of Arbitration Awards issued against DP For complaints For others For complaints For others 1 2 3 N Report 4A: Redressal of Complaints lodged by investors against Listed Compani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n closure of account VII b Closure of a/c without intimation by DP Type VIII Manipulation/ Unauthorised Action VIII a Unauthorised Transaction in account VIII b Manipulation VIII c Unauthorised changes in account (address/ signatories/bank details/PAN etc.) Type IX Company/ RTA related IX a Action - Cash IX b Action - Non-Cash IX c Initial Public Offer/ Follow-on Public Offer Related Type X Others ** Status Type Description I I a I b I c Non actionable Complaint incomplete Outside the scope of Depository Pertains to non-responding company. II Resolved III Under Process IV Referred to Arbitration V Forwarded to Company/RTA for appropriate action. 3.14 Disclosure of regulatory orders and arbitration awards on Depository website Reference Circular SEBI/MRD/ DP/ 19/2010 dated June 10, 2010 Depositories shall post all their regulatory orders and arbitration awards issued since April 1, 2007. Further, all regulatory orders and arbitration awards as and when issued shall be posted on their website immediately. Section 4: Other Communications to Depositories having Policy Implications 4.1. Amendment in DP-BO Agreement R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted to the BOs directly. 4.4. Transmission of shares Reference: MRD/DoP/Dep/VM/182963/2009 dated November 12, 2009 Pursuant to the discussions with the depositories on the recommendations of the Committee on "Transmission of Shares", Depositories were advised to ensure compliance with the following: 4.4.1 In cases of transmission of shares of a deceased security holder, where the shareholding in the BO account of the deceased member, as calculated on the date of application for transmission, is within the threshold limit of Rupees One lakh in value, the DPs shall not insist on additional documents other than any one or more of the documents mentioned below. i. Affidavit - to the effect of the claim of legal ownership of the shares ii. Deed of indemnity - indemnifying the depository and DP iii. NOC from other legal heir(s), wherever applicable, along with the Claim Form/TRF and copy of death certificate duly notarized/ attested by a Gazetted officer or Family Settlement Deed as an alternate to the NOC duly executed by all the legal heirs of the deceased Beneficial Owner, provided that: a. The Family Settlement Deed clearly vests the securities in favour of the person seek ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (DPs) to clients in respect of demat accounts with no transactions and no security balances Reference: MRD/CDSL/VM/155773/2009 dated February 27, 2009, MRD/DoP/NSDL/VM/168994 /2009 dated July 07, 2009 and MRD/CDSL/VM/168989 /2009 dated July 07, 2009 i. SEBI has provided exemption to Depository Participants from sending quarterly transaction statements to the clients in respect of demat accounts with no transactions and no security balances subject to the following conditions: a. Client is informed in advance that it will not be receiving Transaction Statements for such accounts till there are any transactions or security holdings in the demat account. b. KYC and PAN requirement in respect of all such depository accounts are complied. c. No Annual Maintenance Charges are levied for such an account. d. Information which is required to be disseminated by Participants by way of a note in the Transaction Statements will be required to be communicated to such Clients separately. e. The Internal Auditor of the Participant shall comment in its internal audit report on compliance of the aforesaid requirements. ii. Further, depository may like to consider whether, DPs should sen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 008 In all cases of shares issued by companies under Section 86(a) (ii) of Companies Act and Companies (Issue of Share Capital with Differential Voting Rights) Rules, 2001, separate ISIN may be allotted to differentiate such shares from ordinary shares. 4.11. Updation of bank accounts details, MICR code and IFSC of bank branches by Depository Participants (DPs) Reference: MRD/DEP/PP/123624 /2008 dated April 23, 2008 i. Please refer to SEBI Circular No. SEBI/MRD/DEP/Cir- 3/06 dated February 21, 200641 whereby depositories were advised to instruct Depository Participants (DPs) to update the MICR code and bank details of the client in database of depositories. ii. It has been informed by RBI that they have been receiving complaints from managers to the issues that the funds routed through the electronic mode are getting returned by destination banks because of incorrect or old account numbers provided by beneficiary account holders. iii. RBI has stated that Investors will have to ensure through their DPs that bank account particulars are updated in master record periodically, to ensure that their refunds, dividend payments etc. reach the correct account, without loss of time. R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the SBDPs to the fact that they are approaching their respective maximum exposure limits. [Note: For this purpose, the depositories may monitor the value of securities with its SBDPs on an "end of the day" basis.] Reference: MRD/DRK/SU/16034/2003 dated August 22, 2003 4.14. Deadline time for accepting non pay-in related instructions Reference: MRD/VSS/ARR/ 12255/2004 dated June 10, 2004 i. The depositories are advised that any overrun of the time specified for 'spot delivery contract' in the SCRA would result in the contract becoming illegal under section 16 of the SCRA (unless it is put through the stock exchange). The DP-BO agreement cannot add anything to or subtract anything from this position. However, it should be the responsibility of the DP to ensure that the client's contract is not rendered illegal on account of delayed execution of the delivery instruction. ii. Keeping the hardships to change all the existing DP-BO agreements to enforce the above into consideration, it is advised that suitable bye laws can be made under section 26(2)(e) and (d) of Depositories Act, 1996 for imposing such obligation on the DPs. Therefore, it is advised to amen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o, the guardian is entitled to open, operate and even close the account also. The DP account can, therefore, be operated by a natural guardian without any order from the court though the same is neither expressly permitted nor prohibited. SCHEDULE CIRCULARS 1. SMDRP/Policy/Cir-28/99 dated August 23, 1999. 2. SMDRP/Policy/Cir-05/2001 dated February 1, 2001. 3. D&CC/FITTC/Cir-13/2002 dated November 1, 2002. 4. D&CC/FITTC/Cir-09/2002 dated July 4, 2002. 5. D&CC/FITTC/Cir-10/2002 dated September 25, 2002. 6. D&CC/FITTC/Cir-15/2002 dated December 27, 2002. 7. D&CC/FITTC/CIR - 12/2002 dated October 30, 2002. 8. DCC/FITTC/Cir-19/2003 dated March 4, 2003 9. LGL/Cir-2/2003 dated February 19, 2003. 10. MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004. 11. MRD/DoP/Dep/Cir-27/2004 dated August 16, 2004. 12. MRD/DoP/SE/Dep/Cir-36/04 dated October 27, 2004. 13. SEBI/MRD/Policy/AT/Cir-19/2004 dated April 21, 2004. 14. SEBI/MRD/SE/DEP/Cir-4/2005 dated January 28, 2005. 15. SEBI/MRD/DEP/Cir-24/05 dated December 22, 2005. 16. SEBI/MRD/SE/Cir-16/2005 dated August 04, 2005. 17. MRD/DoP/Dep/Cir-22 /05 dated November 09, 2005. 18. MRD/DoP/SE/Dep/Cir-18/2005 dated September 2, 2005. 19. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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