Securities and Exchange Board of India (Depositories & Participants (Amendment) Regulations, 1999. - S.O. No.357(E) - SEBI/LE/15/1133/99 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 20th May, 1999 S.O. 357 (E) .- In exercise of the powers conferred by sub -section (1) of section 30 of Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations further to amend Securities and Exchange Board of India (Depositories and Participants)Regulations,1996, namely: l.(i) These regulations may be called Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 1999. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 (hereinafter referred to as the regulations ), - (a) in regulations 19, in clause (a), the following sub clause (x) and the proviso shall be added namely: (x) a registrar to an issue or share transfer agent who has a minimum net worth of ₹ 50 lakhs and who has been granted a certificate of registration by the Board under sub- section (1) of Section 12 of the Act. Provided that a registrar to an issue or share transfer agent shall not act as a depository participant on behalf of investors, for securities of those companies on whose behalf it is acting as a registrar to an issue or share transfer agent . (b) in regulation 19 in clause (a), for the first proviso the following proviso shall be substituted namely:- Provided that the stock broker shall have a minimum net worth of rupees 50 lakhs and the aggregate value of portfolio of securities of the beneficial owners held in dematerialised form in a depository through him, shall not exceed the following Limits: Net worth (in lakhs) Aggregate Value of Portfolio of Securities 50 upto (including) 750 35 times of the networth above 750 and upto 5000 50 times of the networth. [F. No. SEBI/LE/15/1133/99] D.R. MEHTA, CHAIRMAN FOOTNOTE: 1. SEBI (Depositories and Participants) Regulations, 1996, the principal regulation was published in the Gazette of India on May 16,1996, vide S.O. No 345(E). 2. SEBI (depositories and participants)Regulations, 1996 was subsequently amended a) on February 7, 1997 by SEBI (Depositories and Participants) (Amendment) Regulations, 1997 vide S.O. No 91(E). b) on September 5, 1997 by SEBI (Depositories and Participants) (Second Amendment) Regulations, 1997 vide S.O. No 640 (E). c) on January 5, 1998 by SEBI (Depositories and participants) (Amendment) Regulations, 1998 vide S.O. No 18(E). d) on January 21,1998 by SEBI (Depositories and participants) (Second Amendment)Regulations, 1998 vide S.O. No 76(E).