Circular No. FITTC/CUST/3/1998
November 20, 1998
All Foreign Institutional Investors through
Custodians of Securities
Sub: Reporting of transactions by registered Foreign Institutional Investors
With a view to monitor the trends of investment by FIIs, SEBI had asked
the FIIs to submit the details of transactions made by them on daily basis.
These reports are being submitted by the respective custodians on behalf
of their FII clients on daily and monthly basis. SEBI has developed a new
software for maintenance of FII investment data. The issue has been discussed
at the meeting with custodians held on August 12, 1998. It has been decided
to implement the new reporting format w.e.f. November 16, 1998. The details
thereof are mentioned below :
Custodians would henceforth submit a Daily Transaction Report (DTR) along
with the Daily Transaction Summary (DTS) in new formats. The formats of
DTR, DTS, explanation of codes, field widths etc. are enclosed as Annexure
A, B and E respectively. Custodians would, however, continue to report
the daily transactions in the existing format (i.e. DBF format) also till
The new DTR and DTS would be implemented with effect from November 30,
1998 and would be submitted by 11.00 a.m. of the following working day.
All statements should be signed by the Head of Custodial Operations
of the custodian.
Initially the DTR and DTS would be submitted in both hard and soft forms.
At a later date, the hard copy of DTR would be discontinued.
The data as per revised DTR would be submitted in " TEXT " format with
fields separated by "l" (i.e. Pipe).
It has also been decided that henceforth all transactions will have a unique
transaction identification number which would be given by the custodians
at their end. Further, to avoid any confusion regarding the scrip name,
ISIN numbers should be used. The appropriate ISINs for scrips as applicable
for the physical and demat form, etc. are to be used. The list of ISIN
numbers is available on SEBI web site : www.sebi.gov.in. In case ISIN number
is not available for a particular scrip, the custodian may contact the
Division Chief, IES Department, in SEBI for the same.
It is also proposed to give a code number to the various sub accounts.
The code numbers for existing accounts would be generated by SEBI and communicated
at the time of grant of registration.
In case of any amendment of the transactions, the amended transaction may
be reported again with same Transaction Identity No. and Reporting Type
as : Amendment (the appropriate codes as given in the annexure are to be
used in the soft copy of the report).
In case of deletion of a transaction, the transaction be reported with
same Trade ID and Reporting Type as : Deletion. A statement may be submitted
in case of amendment / cancellation of transactions mentioning the reasons
All amendments / deletions should be reported on the day when information
about the same is received by the custodian. Delay in reporting would be
At present debt fund and equity fund transactions are being reported as
separate files. Henceforth, they will be reported in the same file and
the segregation would be done through the field ‘nature of fund’ which
will be kept in FII Master.
The custodians are required to submit a Monthly Portfolio Report
(MPR). MPR would detail the portfolio holdings of the FII and would be
submitted in soft and hard form (format enclosed as Annexure C). It may
be submitted by 10th of the following month after incorporating
all the amendments and cancellations till that date.
C. RECONCILIATION OF TRANSACTION DATA
The daily (and monthly report) would be reconciled daily (monthly).
The custodians are therefore advised to ensure proper supervision at their
end before sending the reports. As and when the DTS does not match (either
because of physical damage, error records* or wrong data) with
the data submitted, the floppy would be returned to the custodian and the
same would have to be rectified and resubmitted on the same day. In case
the rectified file is resubmitted on the next day, it should be clubbed
with the next day’s reporting with report date and file name both bearing
the current date as reporting date.
*Error records would be generated
if the mandatory fields in the DTR are not filled.
When the MPR is not matching with SEBI’s data, SEBI
would be sending the transaction records, which are not matching, to the
custodians for reconciliation. The custodian would thereafter send the
records, which are amended, deleted or not reported earlier, in a separate
file along with a hard copy of the same by the fifteenth of the current
RECONCILIATION OF EXISTING HOLDINGS OF THE FIIs.
Certain operational notes on reporting are also enclosed
in the annexure.
It is also proposed to reconcile the holdings of the
FIIs with our records. However, some of the custodians have expressed their
inability to provide old data for various reasons such as change in software,
non-availability of old records etc. After discussions, it has been decided
that all FIIs would provide the details of their portfolio holdings (sub
account wise) in the format enclosed at Annexure D, as on March 31, 1998
along with cost hereof. This data is to be submitted by November 30, 1998.
All FIIs are requested to advise their custodians to submit the above data
by the stipulated date.
The custodians are also required to submit the monthly
investment figures for the FIIs handled by them, as per annexure F. These
figures are to be provided for the period January 1993 till March 1998.
The figures may be provided in either rupee terms or US dollar terms.
Besides the above, all amendments/cancellations of transactions
made after March 31, 1998 may also be submitted in hard form by November
D. GENERAL ASPECTS :
The date format to be used all the reports submitted
to SEBI would be DD-MON-YYYY.
Custodians must ensure that the data submitted is accurate
and complete and does not contain any blank or incomplete records.
It has been observed that on many occasions, reports
are received late or are incomplete or are submitted with different parameters
than prescribed. This results in problems and delay in compilation of data.
It is therefore suggested that all reports should be duly verified before
submission and be signed by the Head of Custodial Operations. SEBI shall
be monitoring the quality of reports being submitted and action may be
taken against erring custodians.
The files names to be used for submitting the report
in soft copies are as follows :
Requests for clarifications, if any, may be addressed
to Shri Manoj K Jain, Officer, on phone : 91-22-285 0451 / 288 0962 Extn.
144 or facsimile no. 91-22-284 5776 or e-mail – firstname.lastname@example.org.
E. APPOINTMENT OF COMPLIANCE OFFICER
All custodians are requested to appoint a Compliance
Officer for ensuring correctness of reporting and compliance with the Regulations.
The name, designation, office address, email address (if any), telephone
and fax number may be communicated to SEBI within 10 days.
The custodians of securities are requested to bring
the contents of this circular to the notice of their constituents.
SENIOR EXECUTIVE DIRECTOR
Encl : Annexures
LIST OF ANNEXURES
||TYPE OF FILE
||Daily Transaction Report
||Daily Transaction Summary
||Monthly Portfolio Report
||Description of Codes and
||Monthly Investment Figures