Submission of Information by Custodians of Securities

To

All Custodians of Securities

Dear Sir/Madam,

Sub.: Submission of Information by Custodians of Securities

1. 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.
 

2. Expediting reporting of FII Investment data

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 :- 

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.

The above instructions shall be implemented with effect from October 04, 1999.

Yours faithfully,
 

P.GUPTA
DIVISION CHIEF (FITTC)