Ref. SE/965 February 3, 1992 Dear Shri Affixation of stamp on reverse of transfer deed It is observed that wile delivering the shares on sale in the market, the delivering broker is required to affix on the reverse of transfer deed a rubber stamp indicating his name, clearing number allotted to him by the Exchange of which he is a member and the date of such delivery. Some of these shares with transfer deeds are likely to be despatched from one Stock Exchange to another in the country during the validity of the transfer deed until the same are lodged by the last purchaser with the company or its shares transfer agent for transfer in his name. In case of bad delivery or some other problem with the shares and consequent refusal by the company or its share transfer agent to transfer the shares, the last purchaser or his broker is required to approach the first introducing broker for rectification of the defect(s). In the absence of the name of the Stock Exchange to which the introducing broker belongs, this task is rendered difficult. With a view to overcome the problem, it is suggested that the Stock Exchanges should instruct their member-brokers to affix with their names and clearing number, the abbreviation of the Stock Exchange of which they are members, viz, BOM (for Bombay Stock Exchange), and similarly CAL, MAD, ND, etc. This will facilitate forwarding of the documents for rectifications of the defect(s) to the introducing broker. We shall appreciate it if you would please arrange to ensure the implementation of the above suggestion under advice to us. In the meanwhile, please acknowledge receipt of the letter. With best regards, Yours sincerely, sd/- (U. C. Dikshit)
Dear Shri
Affixation of stamp on reverse of transfer deed
It is observed that wile delivering the shares on sale in the market, the delivering broker is required to affix on the reverse of transfer deed a rubber stamp indicating his name, clearing number allotted to him by the Exchange of which he is a member and the date of such delivery. Some of these shares with transfer deeds are likely to be despatched from one Stock Exchange to another in the country during the validity of the transfer deed until the same are lodged by the last purchaser with the company or its shares transfer agent for transfer in his name. In case of bad delivery or some other problem with the shares and consequent refusal by the company or its share transfer agent to transfer the shares, the last purchaser or his broker is required to approach the first introducing broker for rectification of the defect(s). In the absence of the name of the Stock Exchange to which the introducing broker belongs, this task is rendered difficult. With a view to overcome the problem, it is suggested that the Stock Exchanges should instruct their member-brokers to affix with their names and clearing number, the abbreviation of the Stock Exchange of which they are members, viz, BOM (for Bombay Stock Exchange), and similarly CAL, MAD, ND, etc. This will facilitate forwarding of the documents for rectifications of the defect(s) to the introducing broker. We shall appreciate it if you would please arrange to ensure the implementation of the above suggestion under advice to us.
In the meanwhile, please acknowledge receipt of the letter.
With best regards,
Yours sincerely, sd/-
(U. C. Dikshit)