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NSDL launches its second internet based initiative viz; SPEED-e. The first internet based initiative named SPEED is targeted at the clearing members to enable them to view and download the details of their clearing member pool accounts directly on the Internet. SPEED-e will enable investors (including clearing members) to give delivery instructions to their DPs for debiting their accounts using the internet. Investors and Clearing Members can avail of this facility only if their DPs have subscribed to SPEED-e. Investors have a choice of using either a smart card based authentication using digital signature or password based authentication to access SPEED-e. If password based authentication is used, they can move securities to only three pre-notified clearing member accounts. For more information, SPEED-e can be accessed at http://SPEED-e.nsdl.com.
Reserve Bank of India has permitted (Ref : UBD/BR/6/16.26.00/2000-2001 dated August 9, 2001) urban co-operative banks (UCBs) to hold government securities using the constituent SGL account facility of NSDL. Consequently, DPs can service UCBs for holding their government securities. UCBs may either use their existing demat accounts for holding government securities or open a new demat account with any DP of NSDL.
NSDL has published a compliance manual for DPs. This manual is a compilation of relevant sections of the Depositories Act, 1996, SEBI (Depositories and Participants) Regulations, 1996, Bye Laws, Business Rules and circulars issued by NSDL arranged topic wise. Two complimentary copies of the manual have been sent to each DP. Additional copies may be obtained from NSDL at Rs. 200/- per copy.
To enable Issuers or its Registrar & Transfer Agents to distribute non-cash corporate benefits in an efficient and timely manner, NSDL has issued a detailed circular (Ref : NSDL/SG/034/2001 dated August 3, 2001) giving step by step procedure for distribution of securities. This circular also gives a specimen of the option letter to be given by the Issuer/R&T Agent to the shareholders.
The 5th Asia Pacific Central Securities Depository Group (ACG) meet is scheduled on September 24-25, 2001 at Kuala Lumpur, Malaysia. The idea of forming a group of depositories in the Asia - Pacific region was mooted at the World Depositories Meet in Copenhagen in May 1997 and the Asia Pacific Central Securities Depository Group (ACG) was formed. NSDL is one of the founder members of the ACG. The second meeting was hosted by NSDL on November 9-10, 1998 and it served as a Secretariat of the Group for the year 1999.
NSDL will levy a fee of Rs. 5000/- with effect from December 1, 2001 on the Issuer, whenever it decides to change its 'electronic connectivity' from the one share registrar to another registrar. This fee should be paid at the time of executing the new tri-partite agreement.