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Press Release - Global Trust Bank

As Public are aware, on an application by the Reserve Bank of India (RBI), the Central Government has passed an order of moratorium in respect of Global Trust Bank (GTB). RBI has further notified that GTB would be merged with Oriental Bank of Commence (OBC). In view of these developments, NSDL has advised GTB, a Depository Participant (DP) of NSDL, as follows:

• 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.

Mumbai
July 26, 2004