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Circular No.: NSDL/PI/2002/2175
Date: December 18, 2002

Participants have been seeking clarification from NSDL whether an account held by a beneficiary can be closed on the basis of a request received from the Client on a plain paper instead of receiving the application for Closing an Account in Annexure Q as per the Business Rules of NSDL.

In this regard, Participants are advised that requests received on a plain paper for closing a beneficiary account can be treated as a valid application provided Participants ensure the following:

(1) The request letter must contain all details that are specified in the Application for Closing an Account (Annexure Q).

(2) The Client must submit duly signed delivery instruction form(s) (Annexure L) for transferring the securities, if any.

(3) All the account holder(s) must sign the request.

For and on behalf of
National Securities Depository Limited

sd/-

S. Gopalan
Vice President