SMD Circular No 14 dated June 25, 2002

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... SUB : Trading in Government SecuritiesWe have received a letter dated May 20, 2002 from Reserve Bank of India (RBI) with the details of steps taken by them to eliminate the scope for trading in government securities in physical form. RBI has made a request to SEBI to disseminate the same to all Stock Exchanges. In view of the above, the letter dated May 20, 2002 of RBI is enclosed .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... wed to open Constituent Subsidiary General Ledger (CSGL) accounts on behalf of their clients. Although being non-banks, depositories (NSDL/CDSL) and organisations such as SHCIL have been provided an additional SGL account to open CSGL accounts on behalf of their clients. The cost of postage incurred by the depositories on remitting interest and redemption proceeds is being reimbu .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... the new issuances in 2001-02 of government securities, 99.9% was in SGL form. 3. In the light of recent fraudulent transactions in the guise of Government securities transactions in physical format by a few co-operative banks with the help of some broker entities, it is now proposed to accelerate the measures under contemplation for further reducing the scope for trading in physical form .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... bank. In case a CSGL account is opened with any of the non-banking institutions indicated above , the particulars of the designated funds account (with a bank) should be intimated to that institution. The entities maintaining the CSGL/designated funds accounts will be required to ensure availability of clear funds in the designated funds accounts for purchases and of sufficient .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... k@ pdaindia.org)} or the Fixed Income and Money Market Derivatives Association of India (FIMMDA) {telephone nos.(022)- 202-5729. (email: [email protected])} 6. Detailed instructions are being issued in regard to the above by the concerned regulatory departments. Yours faithfully, ( Mohd. Tahir) Executive Director - Circular - Trade Notice - Public .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X