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NSDL vide its Circular No. NSDL/PI/2000/982 dated June 23, 2000 issued clarification on the validity of Power of Attorney given by beneficial owners for the operation of depository accounts.

NSDL vide its Circular No. NSDL/PI/2003/0572 dated April 7, 2003 has further clarified that the depository accounts can be operated both by the account holder(s) as well as by the Power of Attorney (POA) holder i.e. donee. For this purpose, Depository Participants (DPs) have been advised to ensure that the signatures of the account holder(s) and the POA holder are captured in the DPM system. DPs have been further advised to modify the signature details for all such existing accounts in their DPM systems, latest by June 30, 2003.

NSDL has amended its Bye Laws 6.4.4 and Clause (6) of Annexure B (agreement between the DP and its Client) and Rule 14.3.1 of the Business Rules of NSDL. These Bye Laws and Business Rules relate to frequency of the providing transaction statement.

According to the amended Clause (6) of the Agreement between the DP and client, the DP undertakes to provide a transaction statement including statement of accounts, if any, to the Client at monthly intervals unless the DP and the Client have agreed for provision of such statements at shorter intervals. However, if there is no transaction in the account, then the DP shall provide such statement to the Client atleast once a quarter.

The aforesaid amendments come into effect immediately and DPs have been advised to incorporate it in the agreements to be executed with new Clients. However, in case of existing Clients, DPs have been advised to intimate them about the aforesaid amendments and implement the same w.e.f. June 1, 2003.

The depository operations of S. S. Kantilal Ishwarlal Securities Limited (DP) have been taken over by SSKI Investor Services Private Limited. Hence, the DP Id IN300513 has been alloted to SSKI Investor Services Private Limited.

Pursuant to the closure of DP operations by Gayathri Securities Limited, its Participantship has been terminated and its DP Id IN300417 has been deleted from the Depository System.

Kotak Mahindra Finance Limited has been made operational as a DP on April 8, 2003. It will conduct its depository operations from Mumbai. The DP Id allotted is IN302814.