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 April 2008, such programme was conducted in Chennai which was attended by 34 persons.
RBI Intimation - Updation of new bank account numbers
Reserve Bank of India (RBI) vide its letter no. DPSS (CO) No. 1432 / 04.03.02/2007-08 dated March 12, 2008 has informed NSDL about allotment of new bank account numbers by banks who have implemented Core Banking Solution (CBS) and the need to update the same in demat accounts by DPs. The relevant extract from the letter of RBI is reproduced herewith:
"Retail electronic payment system such as Electronic Clearing Services (ECS) and National Electronic Funds Transfer (NEFT) are being used extensively for payments of IPO refunds by IPO managers, since these electronic payment products facilitate direct, speedy and secured credit of funds to the investors' accounts.
However, of late, we have been receiving complaints from the managers to the issues that funds routed through the electronic modes are getting returned by the destination banks. We further observe that such returns are mostly due to providing incorrect or old account numbers of the beneficiary customers.
As you may be aware, most of the banks have operationalised their Core Banking Solution (CBS) and new account numbers have been allotted to customers under CBS. Majority of banks are posting their inward electronic transactions in Straight Through Processing (STP) manner. Due to this seamless processing, truncated or old account numbers, if any, are being rejected by the system leading to manual intervention at bank's end. In order to avoid manual intervention, all customers are required to update their account numbers with their respective depositories."
In view of the aforesaid, NSDL has advised all its DPs to inform their Clients to provide the new bank account details in case of change in the existing bank account details. Updation of correct bank particulars of the Clients would facilitate receipt of IPO refunds, dividend, redemption payments etc., into correct bank account of the Clients.
This has been informed to DPs vide Circular No. NSDL/POLICY/2008/0022 dated April 7, 2008.