Circulars 2002

Depositories and Custodians
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DEPOSITORIES AND CUSTODIANS CIRCULARS 2002

Circular No. FITTC/FII/02/2002
May 15, 2002

All Foreign Institutional Investors and
Custodians of Securities

Dear Sir / Madam,

Sub: Reporting of write off of securities held by Foreign Institutional Investors and Sub-Accounts.

It has been brought to our notice that some of the Foreign Institutional Investors (FIIs) have been writing off securities held by them or their Sub-Accounts (SAs) due to various reasons. It has been decided that the following procedure for writing off securities and reporting to SEBI may be adopted:

Securities may be written off with prior approval of FII.
Write off: Securities written off should be reported to SEBI as sale with nil value/ compensation received from broker / stock exchange / bank / company etc.
Write back: If securities previously reported as written off are subsequently received by the custodian the same should be reported to SEBI as purchase. Prior permission of RBI is to be obtained before reporting the purchase.
Disinvestment: In case a custodian is unable to deliver the securities or ascertain the claimant for the securities that are received subsequent to write off due to any unforeseen circumstances viz. FII/SA no longer existing/operating or expiry of SEBI registration/FEMA approval, etc., the following steps may be taken :

sell these securities through stock exchange and proceeds thereof net of expenses shall be credited to the Investors Protection Fund of the regional stock exchange of the company not later than 7 days from the date of receipt thereof.
the aforesaid sale transaction should be reported to SEBI as a normal sale.
Confirmation in this regard shall be submitted to SEBI on a monthly basis by means of a letter to be submitted by 7^th of the following month.

Custodians should note that they are acting as trustees and shall not derive any extra benefit from the disinvestment of securities other than their charges/fees. 5. Corporate benefits: In case of receipt of corporate benefits in the form of securities arising out of shares written off, the same shall be reported to SEBI in the normal manner. Similarly, corporate benefits received in the form of cash viz. dividend shall be credited to the Investors Protection Fund of the regional stock exchange not later than 7 days from the date of receipt of the same.

Custodians shall ensure that their agreements with clients contain necessary provisions for write-off as well as disinvestment and appropriation of proceeds thereof as cited above.

7. Reporting Procedure:

Write off: The write off of securities as stated at para 2 above shall be reported to SEBI as sale with nil value / compensation received from broker/exchange/bank/company under transaction code 17.
Write back: The write back shall be reported to SEBI as purchase in the account of the respective FII/SA under transaction code 18.
Disinvestment: Disinvestment as stated in para 4 above shall be reported as normal sale under transaction code 4.

Further, securities already written off by the FIIs/SAs should be reported vide a single report both in hard and soft copy by June 01, 2002.

These instructions are issued under regulation 20 of SEBI (Foreign Institutional Investors) Regulations, 1995 and shall come in force with effect from June 01, 2002.

The custodians are requested to bring the contents of this circular to the notice of their FII clients.

Yours faithfully,

P. Gupta
General Manager
FII DIVISION
FITTC DEPARTMENT
EMAIL: pgupta@sebi.gov.in
WEB-SITE:www.sebi.gov.in
FAX NO: 91 22 2845776

DEPUTY GENERAL MANAGER
DEPOSITORIES & CUSTODIAL DIVISION

D&CC/FITTC/CIR – 07/2002
April 08, 2002

To,
All Stock Exchanges and Depositories

Dear Sir,

DEPOSITORIES & CUSTODIAL DIVISION – CIRCULAR NO.7

In order to ensure smooth functioning of T+3 rolling settlement, it has been decided that the Depository Participants (DPs) shall execute Beneficiary Owner’s instructions received within 24 hours before pay-in time of the respective Stock Exchange. Any instructions received after such time may also be executed at the risk of Beneficiary Owner. The Depositories shall communicate the same to DPs and report compliance to SEBI.

The instructions will come into force with immediate effect.

Yours faithfully,

G.S. REDDY

FEBRUARY 2002

February 04, 2002

DEPUTY GENERAL MANAGER
DEPOSITORIES AND CUSTODIAN DIVISION

D&CC/FITTC/CIR – 06/2002
January 31, 2002

To,

All Stock Exchanges and Depositories

Dear Sir,

Please refer to circular no. D&CC/FITTC/CIR-05/2001 dated December 26, 2001 regarding the list of scrips, which shall trade under the normal rolling settlement mode of the stock exchanges.

The Depositories have informed us that some of the companies given in annexure ‘A’ (serial no. 01 to 08) had established connectivity with them before October 31, 2001, the correct status of which was not furnished to SEBI. It was therefore decided that these scrips shall trade in the normal rolling settlement mode of the stock exchanges with immediate effect.

As per the information provided by both the depositories the list of scrips that have established connectivity with them as on December 31, 2001 is given in annexure ‘A’ (serial no. 09 to 91). These scrips would be traded in the normal rolling settlement mode with effect from March 31, 2002.

Yours faithfully,

G S REDDY

Annexure ‘A’

S.No	Company Name
FOR TRADING UNDER NORMAL ROLLING SETTLEMENT FROM JANUARY 31, 2002
	Akar Laminators Limited
	Bajaj Tempo Limited
	Hitkari China Limited
	Monozyme India Limied
	Polar Pharma India Limited (formerly Polar Latex Limited)
	Tata Coffee Limited (formerly Consolidated Coffee Ltd)
	The Rai Saheb Rekhchand Mohata Spinning and Weaving Mills Ltd
	TSL Industries Limited
FOR TRADING UNDER NORMAL ROLLING SETTLEMENT FROM MARCH 31, 2002
	Anglo-French Drugs & Industries Ltd
	Arihant Ltd
	Arunoday Mills Ltd.
	Ask Financial Services Ltd.
	Associated Pigments Ltd
	Associated Transrail Structures Ltd.
	Betala Global Securities Ltd
	Bhaktwatsal Investments Ltd
	Bhandari Hosiery Exports Ltd.
	Bhilwara Holdings Ltd.
	Bigoo Investments Ltd.
	Birla Capital & Financial Services Ltd (formerly, Dolphin International Ltd)
	Birla Kennametal Ltd
	Carbon Specialities Ltd
	Chemcaps Ltd.
	Classique Trade Holdings Ltd
	Coral India Finance and Housing Ltd.
	Coral Laboratories Ltd
	Datt Mediproducts Ltd
	Dazzel Confindive Ltd
	Delta Paper Mills Ltd.
	Denison Hydraulics India Ltd
	Express Leasing Ltd
	Finalysis Credit & Guarantee Co Ltd.
	Focus Industrial Resources Ltd.
	GDL Leasing & Finance Ltd
	Gemini Tradelinks Ltd
	Globe Soya Products Ltd.
	Graceful Properties Ltd
	Gruh Finance Limited
	Hasimara Industries Ltd.
	Hercules Hoists Ltd
	Himatsingka Auto Enterprises Ltd
	Hiran Orgochem Ltd
	Incon Engineers Ltd
	India Motor Parts & Accessories Ltd
	Indian Wood Products Company Ltd
	Inox Leasing and Finance Ltd.
	Integra Hindustan Control Ltd
	Investment & Precision Castings Ltd.
	Jupiter Biotech Ltd (formerly, Gujarat Vita Pharma Ltd)
	Kanpur Plastipack Ltd
	Katwa Udyog Ltd
	Keswani Synthetics Industries Ltd.
	Madhucon Projects Ltd
	Minal Engineering Ltd.
	Monnet Industries Ltd.
	Munoth Investments Ltd
	Nakoda Textile Industries Ltd
	Paco Exports Ltd.
	Permanent Magnets Ltd.
	Poddar Heritage Investments Ltd
	Prajeev Investments Ltd.
	Prashant Investments Ltd.
	Precision Paper Industries Ltd
	Premier Auto Finance Ltd
	Premier Tyres Ltd
	Priya International Ltd.
	PSTS Heavy Lift & Shift Ltd (formerly, PSTS Heavy Equipments Ltd)
	Rajapalayam Mills Ltd.
	Rathi Mercantile Industries Ltd
	Reliance Commercial Company Ltd.
	Riverdale Foods LTD.
	Rochees Breweries Ltd.
	Roopacherra Tea Company Ltd.
	Rose Merc Ltd (formerly Rose Patel Mercantile Company Ltd)
	Ruby Traders & Exporters Ltd
	Salona Cotspin Ltd.
	Seymour Technologies Ltd
	Shalimar Agencies Ltd.
	Shauma Vanijya Pratisthan Ltd.
	Sidh Leasing Ltd.
	Smruthi Organics Ltd.
	Softrak Venture Investment Ltd
	Spencer and Company Ltd.
	Sri Vasavi Industries Ltd
	Sumeet Industries Ltd (formerly, Sumeet Synthetics Ltd)
	Surya India Ltd.
	The Ramaraju Surgical Cotton Mills Ltd.
	Tulsyan NEC Ltd.
	Twenty First Century (India) Ltd
	U P Hotels Ltd
	Vadilal EnterprisesLtd.

Annexure ‘A’

S.No	Company Name
FOR TRADING UNDER NORMAL ROLLING SETTLEMENT FROM JANUARY 31, 2002
	Akar Laminators Limited
	Bajaj Tempo Limited
	Hitkari China Limited
	Monozyme India Limied
	Polar Pharma India Limited (formerly Polar Latex Limited)
	Tata Coffee Limited (formerly Consolidated Coffee Ltd)
	The Rai Saheb Rekhchand Mohata Spinning and Weaving Mills Ltd
	TSL Industries Limited
FOR TRADING UNDER NORMAL ROLLING SETTLEMENT FROM MARCH 31, 2002
	Anglo-French Drugs & Industries Ltd
	Arihant Ltd
	Arunoday Mills Ltd.
	Ask Financial Services Ltd.
	Associated Pigments Ltd
	Associated Transrail Structures Ltd.
	Betala Global Securities Ltd
	Bhaktwatsal Investments Ltd
	Bhandari Hosiery Exports Ltd.
	Bhilwara Holdings Ltd.
	Bigoo Investments Ltd.
	Birla Capital & Financial Services Ltd (formerly, Dolphin International Ltd)
	Birla Kennametal Ltd
	Carbon Specialities Ltd
	Chemcaps Ltd.
	Classique Trade Holdings Ltd
	Coral India Finance and Housing Ltd.
	Coral Laboratories Ltd
	Datt Mediproducts Ltd
	Dazzel Confindive Ltd
	Delta Paper Mills Ltd.
	Denison Hydraulics India Ltd
	Express Leasing Ltd
	Finalysis Credit & Guarantee Co Ltd.
	Focus Industrial Resources Ltd.
	GDL Leasing & Finance Ltd
	Gemini Tradelinks Ltd
	Globe Soya Products Ltd.
	Graceful Properties Ltd
	Gruh Finance Limited
	Hasimara Industries Ltd.
	Hercules Hoists Ltd
	Himatsingka Auto Enterprises Ltd
	Hiran Orgochem Ltd
	Incon Engineers Ltd
	India Motor Parts & Accessories Ltd
	Indian Wood Products Company Ltd
	Inox Leasing and Finance Ltd.
	Integra Hindustan Control Ltd
	Investment & Precision Castings Ltd.
	Jupiter Biotech Ltd (formerly, Gujarat Vita Pharma Ltd)
	Kanpur Plastipack Ltd
	Katwa Udyog Ltd
	Keswani Synthetics Industries Ltd.
	Madhucon Projects Ltd