SECURITIES AND EXCHANGE BOARD OF INDIA PRIMARY MARKET 14TH FLOOR, EARNEST HOUSE NARIMAN POINT, MUMBAI-400 021 Tel: 2850441-2850450 Fax:2870746
SECURITIES AND EXCHANGE BOARD OF INDIA
PRIMARY MARKET
14TH FLOOR, EARNEST HOUSE
NARIMAN POINT, MUMBAI-400 021
Tel: 2850441-2850450
Fax:2870746
RRTI CIRCULAR NO.2 (97-98) June 4, 1997
TO ALL REGISTERED REGISTRAR TO AN ISSUE AND/OR SHARE TRANSFER AGENTS
Dear Sirs.
Sub: Payment of dividend/Interest rounded off to the nearest rupee
Instances have come to SEBI's notice that payment of dividend to the shareholders and interest to the debentureholders by companies involving fraction of rupee is not rounded off to the nearest rupee.
This is a contravention of a directive of the Central Government issued in a Press Note 5/94, dated 27/7/94 by the Department of Company Affairs which stipulates that payment of dividend to the shareholders and interest to the debentureholders involving fraction of fifty paisa and above be rounded off to the rupee and the fraction of less than fifty paisa may he ignored.
The said directive of the Central Government must be complied.
Yours faithfully,
A. SATYANARAYANA
DIVISION CHIEF