D&CC/FITTC/CIR-15/2002 December 27, 2002
To, All Stock Exchanges, Depositories and custodians
Depository and Custodial Division - Circular No. 15 Appointment of common agency for share registry work
In many cases the issuer companies are having an internal department or a division (by whatever name called) for handling of physical share work and an out side agency for handling the work of electronic connectivity. This kind of arrangement is leading to delay in dematerialisation, non-reconciliation of share holding due to lack of proper co-ordination among the concerned agencies or departments, which is adversely affecting the interest of the investors.
It has therefore been decided that all the work related to share registry in terms of both physical and electronic should be maintained at a single point i.e. either in-house by the company or by a SEBI registered R & T Agent.
The above instructions should be implemented as early as possible, but in any case not later than February 01, 2003.
R. M. Joshi