Circular No. FITTC/CUST/7/1999
October 01 , 1999
All Custodians of Securities
Sub.: Submission of Information by Custodians
Submission of Quarterly Reports
The SEBI (Custodian of Securities)
Regulations, 1996 which were notified on May 16, 1996 empower SEBI to grant
registration to and to monitor the activities of Custodian of Securities.
Regulation 20 of the Custodian Regulations stipulates that SEBI may call
for any information related to the activities of the custodian. In pursuance
of the above regulations, all custodians are hereby advised to submit periodic
information relating to their operations. The format of the quarterly reports
to be submitted by custodians is enclosed as Annexure
A. The first report, which is for the quarter ended September 1999,
should be submitted by October 15, 1999.
Expediting reporting of FII Investment
SEBI had convened a meeting of major
Custodians and Institutional Brokers on September 23, 1999 wherein the
above issue was discussed. It has been decided that henceforth the following
steps would be taken up for expediting submission of FII data :-
The above instructions shall be implemented
with effect from October 04, 1999.
a) All custodians having institutional
accounts would take steps for receiving contract notes at their offices
upto 7 p.m. everyday. They should also take steps to accept the contract
notes through fax.
b) The daily investment reports may
henceforth be submitted to SEBI by 3 p.m. every day (both dBase and Text
form). In case of problems such as floppy not being readable or file not
opening, the custodians should take immediate steps to ensure that other
copy of the same reaches SEBI by 4.15 p.m. on the same day.
c) SEBI shall be monitoring the quality
and promptness of submission of data. Custodians are advised to strictly
adhere to the above deadline of 3.00 p.m. as SEBI shall be imposing penalty
on defaulting custodians.
DIVISION CHIEF (FITTC)