NSDL News
Procedure for closure of DP service center
NSDL has vide its Circular No.: NSDL/PI/2002/0346 dated February 26, 2002 advised all Depository Participants(DPs) to adhere to the following procedure before terminating the depository services being provided through a franchisee:
- The DP shall terminate the franchisee only after giving notice of atleast 30 days to all its Clients, who are availing of depository services through the franchisee.
- The DP shall inform its Clients who are being provided depository services through the franchisee, about the alternate arrangements made to service the Clients.
- The DP shall inform NSDL about termination of such franchisee services atleast 30 days in advance.
The above procedure has been instituted to avoid any hardship to the investors who are availing services through a franchisee.
Closure of demat accounts with zero balances
NSDL has vide its Circular No.: NSDL/PI/2002/0365 dated March 4, 2002 clarified that depository account of a client may be closed by the Depository Participant(DP) if the client has zero balance in his account and the client has not paid charges to the DP. After complying with the procedure laid down in clause 8 of the agreement between the DP and its Client, the DP may close such accounts without seeking account closure instructions.
Provision of Transaction Statement to Clients through Internet
NSDL has vide its Circular No.: NSDL/PI/2002/0398 dated March 7, 2002 permitted the Depository Participants(DP) to provide Transaction Statement through Internet(web-based/e-mail) to those clients who have agreed to receive the same through Internet. NSDL has prescribed the format of the agreement to be executed with the clients for this purpose. DPs have been advised to ensure implementation of Secure Socket Layer (SSL) security for their Internet facility featuring site authentication and encrypted communication.
Closure of Span Securities Ltd. as a Depository Participant
Span Securities Ltd. (DP ID : IN301389) has ceased to be a Depository Participant of NSDL w.e.f. March 20, 2002.
Auto DO facility for NSE Settlements
National Securities Clearing Corporation Limited (NSCCL) has availed of the Auto Delivery-out (Auto DO) facility for the Clearing Members of NSCCL in respect of normal and auction normal settlements. Auto DO is an optional facility and is made operational only for those Clearing Members who have submitted the authority letters to NSCCL and NSCCL has confirmed the same to them.
Change in NSDL - Chennai office address and contact details
Details of new address and contact details of Chennai branch office of NSDL are as under :
National Securities Depository Limited
6A, 6th Floor, Kences Towers
#1 Ramkrishna Street
North Usman Road
T. Nagar
Chennai - 17
Tel: 044-8143917/18
Emails: kalpeshgarg@yahoo.co.in, bandam_srinivas@rediffmail.com
