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NSDL launched STeADY (Securities Trading-information easy Access and DeliverY), the Straight Through Processing (STP) facility, in November 2002. At present, eight Custodians, 17 Mutual Funds and 82 Stock brokers have subscribed and are availing the services of STeADY. Since its launch, STeADY has witnessed a gradual growth and with the introduction of market-wide use of STP, the volumes are expected to grow further.

NSDL has always been following the policy of sharing the benefit of growth in volumes with its customers by reducing the charges. In line with this, NSDL has reduced the usage charge from the current level of Rs. 10/- per contract note/instruction to Rs. 5/- per contract note/instruction i.e. a reduction of 50% w.e.f. July 1, 2004. The other charges remain unchanged.

Securities and Exchange Board of India (SEBI) vide its circular no. SEBI/MRD/DOP/Cir-22/2004 dated July 13, 2004 has intimated to NSDL that w.e.f. October 1, 2004, the Grievances Redressal Mechanism should be printed on the inside back cover of the Delivery Instruction Form (DIF) Book issued by all Depository Participants (DPs). However, in case where DIF Books have already been printed but are yet to be issued to the Clients, the DPs shall at the time of issuance of such books to the Clients, provide a printed copy of the aforesaid information along with the DIF Book.

On an application by the Reserve Bank of India (RBI), the Central Government had passed an order of moratorium in respect of Global Trust Bank Limited (GTB). RBI had further notified that GTB would be merged with Oriental Bank of Commence (OBC). In view of these developments, NSDL advised GTB, a Depository Participant (DP) of NSDL, the following:

• To appoint a concurrent auditor to oversee DP operations of GTB, for a period of six months.
• Not to charge any transaction fees to the clients in case they decide to shift their accounts to another DP subject to the condition that the account with the new DP is opened in the same name or order of names and type. This facility will be available for a period of three months. NSDL would also waive its fees for effecting transfer of securities from such accounts, for three months.

NSDL issued a press release informing the clients about the above.

NSDL, on behalf of Mukesh Babu Securities Limited (MBSL), issued a public notice in newspapers on May 26, 2004 informing public about closure of depository operations of MBSL as a DP of NSDL and advising clients of MBSL to initiate steps to transfer their securities to any other account opened with another DP.

Subsequently, another notice was published on July 28, 2004 in the newspapers advising those clients who continued to hold securities with MBSL to take immediate steps to open new accounts and get their securities transferred to that account held with any other DP latest by August 7, 2004. Accordingly, the depository system of MBSL was disconnected on August 7, 2004.

DPs have been advised to insert a footnote in the transaction statements stating that if there is any discrepancy, clients should bring it to the notice of the DP within one month from the date of the statement.

This was intimated to DPs vide Circular No. NSDL/PI/2004/1104 dated June 21, 2004.