NSDL News
Guidelines for investment and holding of commercial paper.
As per RBI Monetary and Credit Policy 2001-02 Banks , Financial Institutions , Primary Dealers and Satellite Dealers are directed to convert their outstanding investment in Commercial Paper in scrip form, into demat form latest by October , 2001. The above entities have also been directed to make fresh investment in Commercial Paper only in demat form w.e.f. June 30, 2001. To enable smooth functioning of the Commercial Paper market in India in line with the international best practices. FIMMDA (Fixed Income Money Market and Derivatives Association of India) has released Commercial Paper operational guidelines. The same have been approved by RBI vide its letter no. IECD.2 /08.15.01/2001-02 Dt. July 23rd, 2001.
Precautions to be taken in changing Beneficiary Account Details
NSDL has vide its Circular No. NSDL/PI/2001/1442 dated September 21 , 2001 notified the procedure to be followed by the participants while changing address of the clients. Participants should accept an application for change of address from the client provided the client (or its authorised representative) personally visits the branch office of the participant where the client is maintaining and operating its account and furnishes a written application duly signed along-with Proof of Identity, Transaction statement of the account received from the Participant and Proof of new address. The application form should be signed in the presence of the official of the Participant. The authorised official of the Participant will verify under his signature the application and the abovementioned documents with the copies furnished to it at the time of opening of the account and thereafter record the changes in address in the DPM system.
NSDL covers 100% companies of all the major indices.
All the companies forming part of all major stock indices have joined NSDL and are available for dematerialisation. This includes all the companies in Sensex , Nifty, Junior Nifty , BSE Forward , BSE 100 , BSE 200 , CNX 200 , CNX 500 and BSE 500.
SEBI Directive on rescheduling of settlements due to bank holidays
In the meeting of the Stock Exchanges and Depositories with Securities and Exchange Board of India (SEBI) , on Tuesday , August 14 , 2001 , it was decided that in cases wherein there is an intervening holiday which is not a trading holiday but a settlement holiday, then the pay-ins of such settlements of the same market type falling on the same day could be merged into a single pay-in.
NSDL Releases Compliance Manual for Depository Participants.
NSDL has compiled and issued a comprehensive compliance manual for the depository participants and their compliance officers. The manual is based on the requirements of the Depositories Act 1996 , SEBI ( Depositories and Participants) Regulations , 1996 , the Bye Laws of NSDL , Business Rules of NSDL and various circulars and guidelines issued by NSDL till July 15th , 2001.
