NSDL News
DPs to pay penalty if adequate NCFM qualified persons are not appointed.
NSDL had made it mandatory to appoint atleast one qualified person at each of its service centre by June 30, 2001. For those DPs who do not comply, a penalty of Rs. 100 per day per service centre was leviable for continued default beyond June 30, 2001. NSDL has relaxed the penalty for DPs who have shown progress. The revised penalty is given below:
| Participant having qualified persons employed in one or more service centres but not less than 60% of the total service centres. |
Effective from July 1, 2001, Rs. 100 per day per Participant till the number of qualified persons appointed by the Participant equals the total number of service centres, subject to a maximum of Rs. 3000 per Participant. |
| Number of qualified persons appointed is less than 60% of the total number of service centres. |
Effective from July 1, 2001, Rs. 100 per day per Participant till the appointment of qualified persons that equals the total number of service centres. |
| Total number of qualified persons not equal to the total number of service centres. |
Effective from October 1, 2001, Rs. 50 per day per service centre till the appointment of qualified persons. |
Time limit of 2 years removed for transmission-cum-demat procedure
The requirement of accepting transmission-cum-demat requests only till two years after the death of the deceased has been removed and now such requests can be accepted even after two years from the date of the death of the deceased..
In case of death of one or more of the joint holders, the surviving joint holder(s) can get the name(s) of the deceased deleted from the security certificate(s) and get them dematerialised by submitting the security certificates alongwith the Transmission Form and the Dematerialisation Request Form to the Participant .
CSE,BgSE & DSE announces Auto DOs for rolling settlements.
CSE, BgSE & DSE have announced the commencement of automatic generation of delivery-out instructions for rolling settlements. With this, presently 4 stock exchanges (including BSE) are providing the facility of Auto DOs for rolling settlements.
NSE introduces new market types
NSE introduces new market types for settlements at NSE commencing from July 2, 2001. The new market types are "Normal", "Auction Normal", "Account Period" & "Auction A/C Period". The market type "Normal" relates to the compulsory rolling settlements at NSE and the market type "Account Period" relates to weekly settlements (Monday to Friday) at NSE. Those clients who sell shares in the rolling settlement in NSE must mention the market type as "Normal" in the delivery instruction forms to be submitted to their DPs. Similarly, those brokers who execute trades in the rolling settlement in NSE must also mention the market type as "Normal" in the delivery instruction forms. In case the trades are done in the weekly settlement, then the market type "Account Period" must be mentioned in the delivery instruction forms
Uniform settlement cycle at all stock exchanges.
SEBI has announced (Ref.No.PR 83/2001 dated May 14, 2001) that stocks which are not under compulsorily rolling settlement would be traded on uniform settlement cycle (Monday to Friday) with effect from July 2, 2001 on all exchanges.
