Circular No. FITTC/CUST/6/1999
March 31, 1999
All Custodians of Securities
Sub: Y2K Preparedness Project.
The Year 2000 Problem (Y2K) poses a significant challenge
for the securities market. SEBI has initiated steps to co-ordinate and
synchronise the efforts being made by the various agencies operating in
the capital market. Custodians are advised to :
All custodians are advised to submit the present status
of the Y2K Preparedness within a week of receipt of this circular.
Take adequate steps to ensure that they reach a stage
of Y2K readiness by June 30, 1999.
The Y2K issue should be discussed at all Board meetings
and the monitoring of status/implementation should be done at the Board
level on a regular basis.
The custodians shall be required to keep hard copies
of all the current records of their own and their clients operations as
on December 30, 1999 so as to ensure continuity of the operations in the
event of the systems failure/breakdown.
SENIOR EXECUTIVE DIRECTOR