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Securities and Exchange Board of India (SEBI) has vide its orders dated 25.9.2003 under Sec.11 read with Sec.11B of SEBI Act directed the following companies / their directors to disassociate themselves in every respect from the capital market related activities and not to access the capital market for a period of five years, i.e. more specifically, they shall not be allowed to raise funds from the capital market, deal in securities and shall also not be or be associated with any of the intermediaries in the capital market for a period of 5 years. Further, the public companies in which the said directors hold controlling or substantial interest shall not be allowed to raise funds from the capital market for a period of five years.

This has been communicated by SEBI vide its circular PR No. 235/2003 dated September 29, 2003.

The Government of India vide circular No.F.No.1/9/SE/2003 dated April 23, 2003 has, withdrawn the requirement relating to compulsory listing by companies on regional stock exchange. Keeping in view the letter and spirit of the said circular, SEBI has issued a directive vide its Circular No: MRD/Policy/Cir-35/2003/29/09, dated 29/9/2003, that if a company is listed on any stock exchange which is having nationwide trading terminals, it would be a sufficient compliance of the aforesaid SEBI circular, if it obtains 'in-principle' approval from such stock exchange(s) for further issue of shares or securities. Where the company is not so listed on any stock exchange having nationwide trading terminals, it shall continue to obtain 'in-principle' approval from all the exchanges where it is listed as was provided in the aforesaid Circular dated March 8, 2001. This directive shall come into force with immediate effect. The stock exchanges have been directed to amend the listing agreement, bring the provisions of this circular to the notice of the member brokers/clearing members/listed companies of the Exchange and also to disseminate the same on the website for easy access to the investors.

NSDL has launched an Ad campaign under the title "Are you taking enough care while operating your Demat Account?" in the interest of investors. The Ad is being published between 29th September to 7th October 2003 in all major regional languages. The campaign is targeted to reach 1,85,00,000 readers. This campaign is a sequel of the campaign conducted last year. The advertisement is printed in this issue of "Nest Update".