The President/Executive Director/
Managing Director,
All Stock Exchanges

Dear Sir,

Please refer to our circular no. SMDRP/POLICY/CIR-16/99 dated June 14, 1999 in this regard wherein it was mentioned that only companies whose shares are dematerialised shall be eligible to alter the ‘standard denomination’ of their equity shares.

In this connection, it is clarified that the companies which are already listed on one or more Stock Exchanges would be allowed to change the standard denomination of their equity shares only if they are in the compulsory demat list for all the investors announced by SEBI from time to time.

Yours faithfully,

P. K. BINDLISH
Division Chief
Secondary Markets, Depositories
Research & Publications Department
E-mail : pkb@sebi.gov.in