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In order to widen the class of investors, attract more foreign funds, reduce market volatility and to deepen the Indian capital market, SEBI (Circular No. CIR/ IMD/FII & C/3/2012 dated January 13, 2012) has in consultation with Government and RBI informed that QFIs can directly invest in Indian equity market. Further, SEBI vide its Circular No.CIR/IMD/FII & C/4/2012 dated January 25, 2012 has also revised the eligibility criteria to act as qualified Depository Participants.

(Ref: Circular Nos. NSDL/POLICY/2012/0008 dated January 14, 2012 and NSDL/POLICY/2012/0012 dated January 25, 2012)

SEBI has vide its Circular No. MIRSD/Cir-26/2011 dated December 23, 2011 issued guidelines for In-Person Verification (IPV) notifying that the entities (such as SEBI registered intermediaries, sub-broker, Authorised persons, etc.) who can do in-person verification. Further, SEBI has mandated that every intermediary at the time of IPV shall ensure that the details like name of the person doing IPV, his designation, organisation with his signatures and date are recorded on the KYC form.

(Ref: Circular No. NSDL/POLICY/2011/0113 dated December 29, 2011)

In pursuance of the Green Initiative in the Corporate Governance of the Ministry of Corporate Affairs, NSDL has been authorised as an agency for providing electronic platform for electronic voting under the Companies Act, 1956. Accordingly, NSDL has developed an e-Voting system to enable shareholders to cast their votes electronically for resolutions placed by Issuers through NSDL system.

(Ref: Circular No. NSDL/POLICY/2012/0015 dated January 27, 2012)

In the context of uniform KYC requirements, SEBI has clarified that the KYC related circulars are applicable for all the Clients of stock brokers/depository participants, without any exemption to any category of clients like institutions or FIIs.

(Ref: Circular Nos. NSDL/POLICY/2012/0006 dated January 12, 2012)

With effect from January 1, 2012, SEBI has advised Association of Mutual Funds in India (AMFI) to implement the demat option for Systematic Investment Plan (SIP).

R & T Agents of mutual funds have confirmed that they will be facilitating

• Conversions of mutual fund units into demat form in respect of existing SIPs.
• New subscriptions of SIPs for mutual funds units in demat form.

(Ref: Circular No. NSDL/POLICY/2012/0021 dated February 14, 2012)

NSDL has made arrangements with NISM to facilitate staff of Participants to get certified for NISM-Series VI Depository Operations Certification Examination (DOCE) as per SEBI requirements. A training programme is conducted by NSDL for Participant's staff followed by NISM-Series VI-DOCE online test conducted by NISM. In January 2012, NSDL conducted two such training programmes at Vashi, Navi Mumbai which were attended by 45 persons nominated by various Participants.

In addition, in January 2012, NSDL conducted one NCDO (NSDL's Certification in Depository Operations) programme at Mumbai which was attended by 87 persons.

NSDL has informed all its Participants that Destimoney Securities Private Limited (DP ID IN303288), a Participant of NSDL has informed NSDL about its decision to discontinue depository operations.

(Ref: Circular No. NSDL/PI/2012/0220 dated January 30, 2012)