Consequent to the change in name of the following DP, the Securities and Exchange Board of India has granted certificate of registration to the following DP as Participant of NSDL:
NSDL conducted training programmes in Coimbatore and Mumbai on January 18 and 24, 2008 respectively for compliance officers of DPs. Areas covered during the training programmes were compliance requirements, surveillance & inspection and internal audit. These programmes were attended by 26 persons representing eight DPs.
NSDL conducts NCFM (NSE's Certification in Financial Markets - NSDL-Depository Operations Module) oriented training programmes for DPs to facilitate them for the NCFM examination. In January 2008, such programme was conducted in Coimbatore which was attended by 25 persons.
NSDL has been receiving requests from DPs for execution of transactions based on receipt of electronic instructions while providing depository services to their Clients, who are availing Custodial, E-broking, Portfolio Management Services etc. of the DP. DPs have been representing such requests on account of the operational inconvenience resulting from the requirement to maintain Delivery Instruction Slips (DIS) in physical form and signing of such DIS in huge numbers.
DPs are required to obtain prior approval from NSDL for accepting instructions in electronic form. Further, DPs are required to ensure compliance with the following conditions for accepting instructions in electronic form:
The DP has adequate systems and security features in place to authenticate the Client and the Client to authenticate the Participant;
The DP is able to conclusively prove the origin, destination, date and time of receipt or dispatch of such electronic instructions received by it;
The DP retains such electronic instructions in the format in which it was originally received or sent or in a format which can be demonstrated to represent accurately the information which was originally received or sent;
(iv) The instructions received remain accessible and usable for subsequent reference.
This has been informed to DPs vide Circular No. NSDL/POLICY/2008/0002 dated January 11, 2008. This circular contains detailed procedure with explanations and the same is posted on NSDL website www.nsdl.co.in.
Currently, DPs can accept delivery instructions accompanied by computer print-outs submitted by Clearing Members, Clients as well as where Clients have given Power of Attorney (POA) in favour of the DP. DPs had represented to NSDL to allow them to accept a consolidated delivery instruction slip (DIS) accompanied by computer print-outs, submitted by POA holders on behalf of their Clients (Beneficial Owners). In light of the representation, it has been decided that DPs may accept delivery instructions accompanied by computer print-outs from the POA holder, subject to the certain conditions.
Relevant conditions & other compliances in this regard are mentioned in Circular No. NSDL/POLICY/2008/0004 dated January 24, 2008 issued to DPs and the same is posted on NSDL website www.nsdl.co.in.
SEBI, vide its Circular No. SEBI/MRD/SE/Dep/Cir-01/2008 dated January 22, 2008 has intimated to NSDL regarding trading and settlement of trades pertaining to three listed subsidiaries of State Bank of India namely; State Bank of Bikaner and Jaipur, State Bank of Travancore and State Bank of Mysore. Extracts of aforementioned SEBI circular are as under:
"1. Please refer to SEBI Circular No.SMDRP/POLICY/CIR-38/2000 dated August 18, 2000 whereby the following scrips (listed subsidiaries of State Bank of India) were excluded from the list of scrips for compulsory demat trading.
State Bank of Bikaner and Jaipur (SBBJ)
State Bank of Travancore (SBT)
State Bank of Mysore (SBM)
2. Recent amendment to Section 19 of State Bank of India (Subsidiary Banks) Act, 1959, has omitted the restriction on holding more than 200 shares in the above banks by shareholders other than State Bank of India (SBI). In view of the said amendment, in partial modification of SEBI Circular No. SMDRP/POLICY/CIR-38/2000 dated August 18, 2000, it has been decided that the aforementioned three scrips would also be traded and settled in compulsory dematerialized form. Separate intimation regarding the effective date for compulsory trading and settlement by all investors in dematerialised form for these scrips would follow after these banks establish connectivity with the depositories and satisfy other requisite norms. Accordingly, the said 3 banks (i.e. SBBJ, SBT, and SBM) are advised to establish connectivity with both depositories within a period of 3 months from the date of issue of this circular."
Letters have already been sent by NSDL to these three listed companies for establishing connectivity with NSDL.
This has been informed to DPs vide Circular No. NSDL/POLICY/2008/0006 dated January 29, 2008.