CORPORATE ACTIONS UNDER DEPOSITORY SYSTEM
|
|
- Bridget Tyler
- 5 years ago
- Views:
Transcription
1 CHAPTER VI CORPORATE ACTIONS UNDER DEPOSITORY SYSTEM The Depository System can only be a medium for distribution of benefits in securities form whereas, computation of entitlements will rest with the company. A depository can be helpful in delivering the benefits in securities form viz. bonus, rights, shares consequent to conversion etc. The depository can disburse the securities to the beneficial accountholders, if the company gives information on entitlements in electronic form. -Pavan Kumar Vijay, Past President, ICSI
2 CORPORATE ACTIONS UNDER DEPOSITORY SYSTEM In pre demat era, investors were usually used to face problems like Non-receipt and delayed receipt of the physical securities after bonus issues, conversion, consolidation, splitting, mergers and de-mergers declared by the companies Delayed or denied receipt of cash corporate benefits like receiving interest, dividend and redemption proceeds in case of debentures etc Loss of certificates in transit Follow up the Issuer companies for problems related with corporate actions Long No delivery period as Issuers used to take much time to update their shareholders registers so that they could fix the entitlements of owner of securities Late commencement of trading of securities as the receipt of the securities in the hands of the shareholders was late and used to take uncertain time All the above problems got their solution with the involvement of depositories as distributors of non-cash corporate benefits and as information providers in case of cash corporate benefits. Depositories provide the service of distributing securities arising out of the corporate actions. This chapter deals with the securities entitlement or benefits accruing to investors in the nature of monetary and non- monetary aspects, which are generally referred to as corporate actions in the context of depository operations. As per Rule of NSDL Bye-laws, Corporate benefits mean and include any action taken by the Issuer relating to prescribing dates for book closures, record dates, dates for redemption or maturity of security, dates of conversion of debentures, warrants and such other action from time to time. Here the prescribed date is very important because investors entitlements are fixed on the basis of this date only. In practice, on the basis of distribution viewpoint, corporate benefits are of two types: 132 (i) Monetary benefits- These benefits are in the cash form.the most common examples of such events are payment of interest, dividend, redemption of debentures and preference shares etc for monetary actions. (ii) Non-monetary benefits-these benefits are in securities form. Bonus shares, rights or preferential issue of shares, mergers and de-merger, redemption, sub-division, stock option plan, commodities, mutual fund units, postal saving certificates and Govt.
3 133 securities etc are example of non-monetary actions. The Depository distributes securities entitlements or benefits into the accounts of the respective DPs who in turn distribute these benefits to the respective investors account. The investors are intimated to the non- cash benefits by the DPs. The chapter explains the role of depositories for effecting corporate actions for investors. It also provides in tabular form the different aspect of monetary and non-monetary corporate actions. Operational processes for cash and non-cash corporate actions have been explained. General precautions that should be taken care by the demat accountholders while receiving corporate actions has been mentioned. Survey results have been complied with a view to analyze whether the demat accountholders are satisfied regarding direct receipt of non monetary benefits into their accounts through demat system. Acceptance of demat system as distributor of non-cash benefits has been presented with the help of secondary data available. Role of Depositories regarding Corporate Actions The depositories play the following roles regarding corporate actions: (1) To provide list of persons entitled for cash and non-cash corporate actions Depositories provide information to the issuers/rtas about the persons entitled to receive corporate benefits. The beneficial owners are legally entitled to all rights and benefits and are subject to all the liabilities in respect of the securities held by them in a depository. Since such corporate actions affect the beneficial owners of the securities, it is important to determine the actual beneficial owner of the securities on the cut-off date announced by the issuer for a specific corporate action. (2) To take responsibility regarding distribution of non-cash benefits Depositories themselves take the responsibility of distribution of non-cash corporate benefits. If credit of securities is based on a pre-determined ratio ( as is always in case of bonus shares, split of shares, consolidation of shares, securities issued as a part of mergers/demergers/ amalgamation scheme etc.), Issuer/RTA sets up the ratio of entitlement in the system and on the date specified by the Issuer/RTA,the corporate actions are triggered in the demat accounts of the beneficial owners by the depositories through their network of DPs. (3) To provide details regarding Bank account numbers of the beneficial owners to the
4 134 Issuers/RTAs of securities for distribution of cash corporate benefits To avoid wrong encashment of dividends, SEBI has issued a direction to the companies and stock exchanges to require companies to use the bank account details furnished by the Depositories for the distribution of dividend and other cash corporate actions. Using the bank account details inclunding MICR number of BOs, Issuers/RTAs disburse the cash benefits directly into bank accounts of shareholders by using the ECS (Electronic Clearing System). In this manner the role of depositories is very important regarding all types of corporate actions. Operations performed regarding Corporate Actions Whenever any corporate action is announced, the Issuer or its RTA informs respective depositories about the proposed corporate action by the next day of communication to the relevant stock exchange. After getting this formation, depositories inform all DPs by as well as by circulars about the corporate action, the No delivery period, the cut-off date etc to fix up the entitlement of actual beneficiaries of the corporate action. DPs are asked to take the following steps: The changes in tax status, bank details, change of address etc. in the beneficial owner accounts are up-dated well in advance of the book closure / record date. All balances in the pool accounts are transferred to the relevant beneficiary account well in advance of the book closure / record date. Depositories provide list of the beneficial investors and their electronic holdings as on the record/ book closure date for recording the actual entitlements of the corporate benefit. The details provided by the Depository also include the particulars like name, address, and bank details of the beneficial owners. The issuer / RTA calculates the entitlement of the corporate benefit due to all shareholders. Process of Non- monetary Corporate Actions Credit of non- cash entitlement is made to the BOs demat accounts through the depositories with the help of respective DPs network. Following is the diagrammatic presentation of procedure of a Non- Cash corporate action:
5 Process of Non -monetary Corporate Actions 1 The Issuer informs depository about the corporate action. 2 On the record date, the BOs file is downloaded to the RTA by the Depository. 3 RTA uploads the allotment file to the depository on determining the benefits to BO accounts at concerned depository. 4 Depository credits the securities directly into the BO accounts as per the RTA file. In this manner, investors get credit of non-cash benefits into their demat accounts. Process of Monetary Corporate Actions Regarding these benefits, the role of the depositories is indirect and limited to as information providers regarding BOs bank accounts details on the record date. Following is the diagrammatic presentation of procedure of monetary a corporate action: 6.2- Process of Monetary Corporate Actions 1 The Issuer/ RTA informs Depository of the corporate action and intimates the record date. 2 The RTA/ Issuer accesses and downloads the BOs data as on the record date. 3 RTA/ Issuer distributes the cash benefits to the BOs directly through ECs on the basis of bank account details.
6 136 Tabular Presentation of Corporate Actions - Depository Prospective Following table has been designed to give a view of both type of corporate actions: s. No. Table 6.1 Presentation of Corporate Actions - Depository Prospective Particulars Non- Monetary Corporate Actions 1. Meaning Functionally, it is related with benefits in securities form. 2. Contents It deals with capital increases via bonus, right issues, calls and capital reorganisations through splits, mergers, acquisitions, amalgamation and conversions. 3. Role of Depository system regarding corporate actions 3. (A) 3. (B) 3. (C) As information provider to Issuer/ RTAs As distributor of benefits Details of bank accounts of investors It provides details of beneficial owners on the Record Date to the Issuer / RTAs to enable company to calcule the benefits accruing to actual owners of holdings. Regarding these benefits, Depository itself takes the responsibility of distribution of securities entitlements through its DPs in individual BO s account. No such detail is required here because securities have to be distributed. Flowever DPs have complete record of detail of bank account of individual investors having demat accounts. Monetary Corporate Actions It relates with benefits in cash form. It deals with entitlements like payment of dividend, interest on debenture, refund of application money, redemption of preferential shares and debentures etc. It provides details of beneficial owners on the record date to the Issuer / RTAs to enable company to calcule the benefits accruing to actual beneficial holdings. Depository does not take responsibility of distribution of these benefits. The Issuer/RTA carries out necessary processing and distribution of such benefits itself outside the system. Depository provides the list of bank accounts of beneficial owners so as to help company/issuer/rta for the distribution of cash entitlements directly in bank accounts of investors through ECS. As per SEBI guidelines, only bank A/c numbers available with DPs can be considered for distribution of cash entitlements.
7 3. (D) 3. (E) To update the beneficial owners account Special role in case of Govt. Securities 4. In case of any mismatch of records of Issuer and depositories regarding demat accountholders 5. Verification by an investor for the benefit received with the actual entitlements DPs update the beneficial owners accounts by entering changes in their addresses, tax status and bank details etc on record date so that eligible investors are able to get credit of entitlements of securities in their demat accounts. Depository distributes all the non- cash as well as cash benefits in case of Govt, securities. DPM of the depositories rejects that particular record. Depository then requires the Issuer/RTA to rectify the records within seven days from the execution of non-cash benefit. If RTA fails to rectify records within stipulated period, then the entitlements are made in physical securities outside the demat system by the RTA. DPs as well as company intimate investors regarding non-monetary benefits. An investor can verify / reconcile the information received through DP and company with help of credit entry in demats account. Date of transaction and quantity of credit as per the ratio intimated by the company should be verified by BO. An investor should first contact the Issuer/RTA. If he does not find a solution of his problem, he can contact SEBI. 6. In case of any grievance to BO regarding any corporate action Entitlement of Corporate Benefits in some Special Cases 137 DPs update the beneficial owners accounts by entering changes in their addresses, tax status and bank details etc. so that respective securities entitlements could can be transferred in their accounts. Only in case of Govt, securities, Depository takes responsibility to distribute cash entitlements. Regarding demat accountholders, bank account details provided by the depositories are used by the issuer/rtas. If any investor faces any discrepancy, he has to contact to Issuer regarding solution of this matter. Cash benefits are informed directly by Issuer/ RTA to investors. Investors can verify on the basis of credit in their bank accounts and information received from the respective issuer regarding their entitlements. An investor should first contact the Issuer/RTA. If he does not find a solution of his problem, he can contact SEBI. Beneficial owners at Record Date or Book Closure date are eligible to get the entitlements or benefits arising out of corporate actions. How the beneficial owners at record date are decided decided in following special cases?
8 If the securities are lying as balances in the CMs Pool account 2. Lending of securities 3. Pledging of securities 4. Closed or suspended demat account of investors 1. Securities are lying as balances in the CM s Pool account on the Record Date It is necessary that as on the record date, there should be nil balance of that particular securities in the CM account. In case any balance of that securities is lying in pool account, the rightful BO of the securities is decided in the following manner: (i) CM writes to Depository giving details including CM-BP-Id, record date/ book closure, ISIN, quantity and a copy of his transaction statement reflecting the above transaction. (ii) Depository then tracks the movement of securities and accordingly determine the beneficial owner of such securities. (iii) The beneficial ownership information is given by Depository to the concerned Issuers/ RTA and then BO (either buyer or selling) gets the benefit of corporate actions. In nut-shell a BO who has made any sale or purchase transaction on the record date of securities, whether he will get the corporate benefit or not, that is decided by the depository on the basis of the above process. 2 Corporate benefits to Lender (under Stock Lending Scheme) of Securities* A lender of securities is entitled to all corporate benefits in respect of the securities lent by him. The procedure for distribution of benefits, depends on the status of securities lent as on the cutoff date, i.e., whether the securities are still lying in the intermediary account, or they have been transferred to borrower s account. (i) For securities lying in the intermediary account, the intermediary would either: Return the securities to the lender on the cut-off date and In this way the lender would automatically get the benefit or Transfer the securities to its own beneficiary account and receive the benefit from issuer / RTA. In this case, the intermediary reimburses the lender for the benefits received by it on behalf of the lender. The intermediary also executes a proxy form in favour of the lender to enable him to exercise his voting rights. *Extracted from Depository Operations Module-3, NSDL
9 139 (ii) In case the securities have been lent and transferred to the borrower s beneficiary account: The benefits in respect of such securities is paid by the issuer/rta to the borrower or to the person who has bought securities from the borrower. In this case, it is duty of the intermediary to collect the value of lender s entitlement to the corporate benefits from the borrower and pay the same to the lender. Here lender is not entitled to the voting rights in respect of the securities lent by him. In every case, lender of securities is entitled to get the benefits arising out of corporate actions. 3 Corporate benefits to pledgor In case of securities pledged or hypothecated through the demat system, the pledgor is entitled to all the benefits accruing in respect of the securities pledged or hypothecated. 4 Closed or Suspended demat accounts of investors (i) Closed demat account- If on the execution date, the status of any demat account is to be closed, the depository rejects the credit of action in demat account and the securities are issued in physical form by the Issuer/RTA to the beneficial owner. (ii) Suspended demat account- A demat account is suspended by the DP in case it receives a directive or order to this effect from depository, Income-Tax or Judicial authorities. In such cases, depository credits the action in the DP Suspense Account. The entries are reversed when the status of the account is changed to active from suspended and investor gets benefit at a later stage. Precautions to be taken by BOs regarding receiving Corporate Benefits Although investors get automatic credit or receipt of these benefits yet they need to take following precautions to avoid any inconvenience or time delay: 1) Investors must ensure that the correct demat account details (DP Id and Client Id) are mentioned in forms for public issue, right issue etc. 2) Investors must intimate to their DPs regarding any change in address, if any and get the same updated in demat system in order to receive dividend / interest warrants, annual reports, notices of companies etc. from the issuer at the correct address. 3) As bank details are printed on the dividend/ interest warrants, beneficial owners should ensure that the bank details, including MICR details provided to the DPs are proper and correct.
10 140 4) Investors should ensure that all the securities purchased are received into beneficiary accounts before the Record date / Book closure. The securities must not be lying in the pool accounts of the CMs. SEBI has made it mandatory for clearing members to move securities to the beneficiary account of the investors within four calendar days or two working days which ever is later. 5) If the securities are lying in the pool accounts of CMs, company gives the corporate benefits to the broker. In that case, BOs should collect benefits from their trading members or sub-trading members. 6) If any investor wants any change in the bank particulars from the one given in the account opening form, it must be changed before the record date. 7) If an investor has physical securities, even then he can receive the corporate benefits in demat form by writing directly to the issuer/ RTA giving its DP Id, Client Id and his name. 8) If BO has lent some securities under stock lending scheme of SEBI, he should be attentive and get the corporate benefit from his intermediary. 9) Pledgor of securities has the right to get the corporate benefits. If the investor has pledged some securities, he should be alert and verify from the Transaction Statement whether non cash corporate benefits have been credited to his demat account. 10) If the investor s demat account was having a status of Suspended demat Account and later on the status is changed then he should verify that all corporate benefits related to him and lying in DP Suspense Account should be reversed and he should get the benefits. Above precautions can help an investor in timely receipt of his corporate benefits. Survey Results regarding Receiving Corporate Benefits in demat environment Before the introduction of demat system, investors were prone to the grievances on account of monetary and non-monetary corporate actions declared by the companies. Problems relating to non-receipt of refund/allotment were an eyesore for 26.05% of the investors while the grievances on account of dividend/interest warrants had been faced by 15.31% of investors. * *Hooda R. R, Indian Securities Market: Investors Viewpoint, published by Excel Books, New Delhi, edition 1998, p.143
11 141 In field investigation, a question was asked from the investors regarding their satisfaction in receiving any type of corporate benefit through their DPs. The purpose of the question was to know whether the depository operations have resulted in increased comfort level and improved services for investors on the point of redressal of grievances regarding corporate actions. The results of the survey were complied as follows: Table 6.2 Response Frequencies of Sample Investors regarding receipt of Corporate Benefits under Demat System Queries Percent of Respondent Investors receiving the Benefit through DPs (a) Have you ever received any non-cash corporate benefit through your DP? (b) If yes, are you fully satisfied regarding receipt of corporate benefit through your DP? Source: Field Investigation As regards investors satisfaction with the matter of receiving corporate benefits under depository system, the sample data presented in above table depicts a very clear and healthy position. Out of the available responses, 78% of investors accepted that they had received corporate benefits through their DPs. As regards the overall experience of receiving benefits under depository system, all the receptionists of corporate benefits are fully satisfied which indicates an excellent level of comfort and improved services available for investors on the point of corporate actions under demat system. On the basis of the above analysis, it can be concluded that demat system facilitates faster and trouble- free disbursement of corporate benefits. On one side it ensures accurate and fast distribution of benefits to beneficial holders simultaneously it eliminates the risk of physical securities getting lost-in-transit. Trading of securities can commence faster, since the receipt of securities in the hands of shareholders is fast and automatic. Undoubtedly, on the parameter of corporate benefits, demat system has resulted in drastic improvement in comfort level and service standard for an investors.
12 142 Acceptance of Depositories as Distributors of Non-cash Corporate Benefits Implementing corporate actions through demat system is beneficial for investors as well as for issuer companies. Issuer companies are benefited in terms of reduction in printing and dispatch costs for securities in addition of proof for the securities actually delivered to beneficial owners through depository system. Following table is the proof of increasing trends regarding distribution of non-cash corporate actions through NSDL. These corporate actions include bonus, rights, employees stock option plan, sub-division, merger, de-merger, bonds, commodities, mutual fund units, postal saving certificates and Govt, securities etc. which have been declared by different companies from time to time. Table 6.3 Trends regarding Acceptance of NSDL as Distributor of different Corporate Actions Financial Year Number of Investors Benefited (In Lakh) Number of Units of Securities disbursed , , , ,13, ,85, ,05, ,17,384 Source: Complied from annual reports of NSDL and Nest Updates of relevant periods The above table (and Chart 6.3) clearly indicate that except for year , there is a sharp increase in the number of investors who have been benefited by receiving their corporate benefits through NSDL. Declaration of corporate actions depends upon the issuers so any increase or decrease in the number of investors and units of securities is independent of the efficiency and effectiveness of depositories in distributing these benefits. Distribution of non-cash corporate action through NSDL started in the year when around six lakh investors received their entitlements from their DPs and around 20,000 lakh units of securities were credited into the demat accounts of BOs. The number of investors benefited reached at a level
13 Chart 6.3 ACCEPTANCE OF NSDL AS DISTRIBUTOR OF CORPORATE ACTIONS Financial Years I Number of Investors benefited Number of Units of Securities in Lakh Number of Investors in Lakh Financial Years I Number of Unit of Securities disbursed Source: Table 6.3
14 144 of 122 lakh and 4,17,384 lakh of units of securities were credited in BOs account spread all over the country in the year Conclusion With the gradual acceptance of investors and companies for the depository system, there is continuous increase in number of investors getting corporate actions through their DPs. Issuers/ RTAs are now free from attending the complaints from BOs regarding loss of certificates in transit. But a large number of investors have not joined the demat system till now as has been explained in the chapter VIII. The data represented in the Table 6.3 is concerned with those investors who have joined the demat system. These figures could be many times more if the number of investors and companies joining the demat system would be many times more. There is a direct positive association between number of investors benefited with number of investors joining the demat system. The complete benefit of demat system regarding corporate actions will be received when investors who are still outside the demat system will join the demat system.
Central Depository Services (India) Ltd. (CDSL), is a depository
Online access to your Demat Account anytime - anywhere WELCOME TO THE WORLD OF CDSL SERVICES! Submit your delivery instructions on the internet Mobile App available for Download from Google Play, Windows,
More informationI DEPOSITORY SYSTEM. Dematerialisation is the process of converting physical certificates into electronic form.
I DEPOSITORY SYSTEM 1. What is a depository? A depository is a provider for holding and transacting securities in electronic form. A depository functions somewhat similar to a commercial bank. 2. Who is
More informationDEMATERIALISATION / REMATERIALISATION OF SHARES
FAQs DEMATERIALISATION / REMATERIALISATION OF SHARES DIVIDEND NOMINATION FACILITY TRANSFER /TRANSMISSION/TRANSPOSITION ETC. OF SHARES. LOSS OF SHARE CERTIFICATES MISCELLANEOUS DEMATERIALISATION / REMATERIALISATION
More informationProcedure For Demat Accounts
Procedure For Demat Accounts A. OPEN A DEPOSITORY ACCOUNT I Rights 1. You can open more than one depository account in the same name with single DP/ multiple DPs. 2. No minimum balance is required to be
More informationCentral Depository Services (India) Limited. RTA Inspection Manual
Central Depository Services (India) Limited RTA Inspection Manual March 2017 Central Depository Services (India) Limited Inspection Manual BROAD INDEX SR. NO. CHAPTER PAGE NO. 1 Introduction 12-13 2 Role
More informationGENERAL & BENEFITS. An Investor s Guide to Depository. Good Morning Sir, it is a privilege to have you with us.
An Investor s Guide to Depository GENERAL & BENEFITS Good Morning Sir, it is a privilege to have you with us. Good Morning. Thank you for the warm welcome. Today I will take you through this Investor Guide
More informationHandbook for NSDL Depository Operations Module Core Services
Handbook for NSDL Depository Operations Module Core Services National Securities Depository Limited CONTENTS Volume 3 Core Services Chapter 1-2 : Volume 1 Chapter 3-7 : Volume 2 Chapter 8 : Account Opening...
More informationII. AUDIT & COMPLIANCE
II. AUDIT & COMPLIANCE 1. What are the documents which a DP should submit to CDSL periodically? Following documents should be submitted by a DP to CDSL within the prescribed time limit: Sr. No. Particulars
More informationCentral Depository Services (India) Limited. Inspection Manual
Central Depository Services (India) Limited Inspection Manual Central Depository Services (India) Limited Inspection Manual BROAD INDEX SR. CHAPTER PAGE NO. NO. 1 Introduction 9 2 Role And Scope Of Inspection
More information¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ Ã
¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ à Securities and Exchange Board of India CIRCULAR CIR/MRD/DP/56/2017 June 14, 2017 To, The Depositories, Dear Sir / Madam, Subject: Recording of Non Disposal
More informationII. AUDIT & COMPLIANCE
II. AUDIT & COMPLIANCE 1. What are the documents which a DP should submit to CDSL periodically? Following documents should be submitted by a DP to CDSL within the prescribed time limit: Sr. No. Particulars
More informationII. AUDIT & COMPLIANCE
II. AUDIT & COMPLIANCE 1. What are the documents which a DP should submit to CDSL periodically? Following documents should be submitted by a DP to CDSL within the prescribed time limit: Sr. No. Particulars
More informationभ रत य प रततभ त और व त मय ब र ड
भ रत य प रततभ त और व त मय ब र ड Securities and Exchange Board of India CIRCULAR SEBI/HO/MIRSD/DOP1/CIR/P/2018/73 April 20, 2018 To, All Listed entities (Through Stock Exchanges) All Registered Bankers
More informationSr. No. Norms Heading Norms for companies which have been moved to the Dissemination Board by exiting / De-recognized Regional Stock Exchange
Norms for Direct Listing of the companies which have been moved to the Dissemination Board of nation-wide Stock Exchange/s and applying for Direct Listing in accordance with SEBI Circular CIR/MRD/DSA/05/2015
More informationCHAPTER INTRODUCTION
CHAPTER I INTRODUCTION In line with developments in the securities industry worldwide and in the wake of the increasing trading volume on the local bourses, there is a need to replace the existing clearing
More informationSalient features of Mutual Fund Redemption are as follows:
Salient features of Mutual Fund Redemption are as follows: A. Introduction : 1) Mutual Fund redemption facility will be available to both types of users viz., password based users and e-token based users
More informationCentral Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO REGISTRAR & TRANSFER AGENTS Authority by way of Corporate Actio
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO REGISTRAR & TRANSFER AGENTS CDSL/OPS/RTA/POLCY/2017/66 October 31, 2017 OPERATIONAL GUIDELINES AND FILE FORMATS FOR
More informationCentral Depository Services (India) Limited
Central Depository Services (dia) Limited CDSL/OPS/DP/ 2055 July 23, 2010 DESTATEMENTIZATION - PROCEDURE FOR THE CONVERSION OF MUTUAL FUND UNITS REPRESENTED BY STATEMENT OF ACCOUNT [SoA] INTO ELECTRONIC
More informationNATIONAL INSTITUTE OF SECURITIES MARKETS Established by the Securities and Exchange Board of India
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents - Corporate Certification Examination Test Objectives Unit 1: Introduction to Securities 1.1 Describe the broad categorization of securities
More informationII. AUDIT & COMPLIANCE
II. AUDIT & COMPLIANCE 1. What are the documents which a DP should submit to CDSL periodically? Following documents should be submitted by a DP to CDSL within the prescribed time limit: Sr. No. Particulars
More informationFurther, the Dividend income is tax free, if the company is liable to dividend distribution tax.
FAQs (Frequently Asked Questions) on RGESS Rajiv Gandhi Equity Savings Scheme (RGESS) 1. What is RGESS? Rajiv Gandhi Equity Savings Scheme (RGESS), is a tax saving scheme announced in the Union Budget
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO DEPOSITORY PARTICIPANTS CDSL/OPS/DP/1574 May 12, 2009 COMPULSORY REGISTRATION FOR THE SMS ALERT FACILITY FOR DEMAT
More informationCIRCULAR. CIR/DDHS/P/ 121/2018 Date: August 16, 2018
CIRCULAR CIR/DDHS/P/ 121/2018 Date: August 16, 2018 To Recognized Stock Exchanges (other than commodity stock exchanges) Self-Certified Syndicate Banks, Depositories Merchant Bankers, Stock Brokers Registrars
More informationA Primer Quick Reference User Manual
A Primer Quick Reference User Manual [December 2010] INDEX Sr. No. Details Page No. 1 About BSE 3 2 3 4 5 6 Genesis of the StAR MF platform 4 Benefits for the stakeholders 4 StAR MF platform 5 Application
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO DEPOSITORY PARTICIPANTS CDSL/OPS/DP/POLCY/3361 December 06, 2012 SEBI CIRCULAR RAJIV GANDHI EQUITY SAVINGS SCHEME,
More informationINTERNAL CONTROL PROCEDURES WITH RESPECT TO VARIOUS AREAS:
INTERNAL CONTROL PROCEDURES WITH RESPECT TO VARIOUS AREAS: 1. Registration of Clients: SEBI circular No. CIR/MIRSD/16/2011 dated August 22, 2011 has significantly changed the requirements of Client registration
More informationSr. No. Norms Heading Norms for Companies which are listed with Recognized Stock Exchanges
Norms for Direct Listing for Companies which are listed with Recognized Stock Exchanges or Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate
More informationTable of Contents CORPORATE ACTIONS ACCOUNT AND TRANSACTION CONTROL MARGIN TRADING SYSTEM
Central Depository Company of Pakistan Limited CENTRAL DEPOSITORY SYSTEM (CDS) STANDARD OPERATING PROCEDURES CDS STANDARD OPERATING PROCEDURES Table of Contents CORPORATE ACTIONS 1. Procedure for Corporate
More informationTransfer of shares shall be in dematerialized form only w.e.f December 5, 2018
Transfer of shares shall be in dematerialized form only w.e.f December 5, 2018 Securities and Exchange Board of India (SEBI) vide Gazette notification dated June 8, 2018 has mandated that transfer of securities
More informationDematerialization of Shares & Retail Investors in India - A Study
Volume-5, Issue-3, June-2015 International Journal of Engineering and Management Research Page Number: 393-400 Dematerialization of Shares & Retail Investors in India - A Study Dr. Surendar G Assistant
More informationSS-3 SECRETARIAL STANDARD ON DIVIDEND
SS-3 SECRETARIAL STANDARD ON DIVIDEND November, 2017 Price : Rs. 50/- (Exluding postage) Issued by : THE INSTITUTE OF COMPANY SECRETARIES OF INDIA ICSI House, 22, Institutional Area, Lodi Road, New Delhi
More informationUpdate 1 to. Work Book for NISM Series VI: Depository Operations Certification Examination
Update 1 to Work Book for NISM Series VI: Depository Operations Certification Examination December 16, 2011 Kindly note the following updates. Candidates attempting the examinations from February 16, 2012
More informationTHE GAZETTE OF INDIA EXTRAORDINARY. PART II - SECTION 3 - SUB-SECTION (ii) PUBLISHED BY AUTHORITY NOTIFICATION. MUMBAI, THE 16th DAY OF MAY, 1996
THE GAZETTE OF INDIA EXTRAORDINARY PART II - SECTION 3 - SUB-SECTION (ii) PUBLISHED BY AUTHORITY NOTIFICATION MUMBAI, THE 16th DAY OF MAY, 1996 SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND
More informationJune Inside: Performance summary
June 2004 Inside: Performance summary Investor Accounts 53,52,917 Demat Custody - Rs. 9,12,812 Cr. Settlement - Rs. 30,458 Cr. Companies Equity - 5,311 Debentures/ Bonds - 7,054 Commercial Paper- 454 DPs
More informationVI. SETTLEMENT OF SECURITIES IN DEMAT MODE
VI. SETTLEMENT OF SECURITIES IN DEMAT MODE 1. What is settlement? Investors buy / sale securities on stock exchange platform by placing buy / sale orders through their stock brokers with whom they are
More informationCOMPANIES ACT, 2013 DIVIDEND BACKGROUNDER
COMPANIES ACT, 2013 DIVIDEND BACKGROUNDER DIVIDEND 1. Meaning of Dividend The term dividend has been defined under Section 2(35) of the Companies Act, 2013. The term Dividend includes any interim dividend.
More informationCircular No.: NSDL/POLICY/2018/0016 dated March 16, 2018 Page 1 of 32
Type of Audit Report Cover page Internal / Concurrent Audit Report for Depository Operations Internal Audit Report (IAR) Concurrent Audit Report (CAR) Combined IAR and CAR Name of the auditee DP ID(s)
More informationCircular No.: NSDL/POLICY/2018/0042 dated August 3, 2018 Page 1 of 32
Type of Audit Report Cover page Internal / Concurrent Audit Report for Depository Operations Internal Audit Report (IAR) Concurrent Audit Report (CAR) Combined IAR and CAR Name of the auditee DP ID(s)
More informationFREQUENTLY ASKED QUESTION (FAQs) ON SPEED-e
FREQUENTLY ASKED QUESTION (FAQs) ON SPEED-e Q. 1 What is SPEED-e? SPEED-e is a common Internet Infrastructure that enables the Depository Participants (Participants) to provide depository services to their
More informationDOs & DON Ts for Investors
& for Investors Please click here for Direct Links: SEBI: http://investor.sebi.gov.in/reference%20material/english-folder.pdf NSE: http://www.nseindia.com/content/assist/english_dd.zip NSDL: https://nsdl.co.in/guidedtour/investor8.php
More informationTINPLATE THE TINPLATE COMPANY OF INDIA LIMITED
TINPLATE THE TINPLATE COMPANY OF INDIA LIMITED July 30, 2018 The Secretary BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400001 Manager Listing Department National Stock Exchange of India
More informationAnnexure- A. Questionnaire for Investors
Annexure- A Questionnaire for Investors Tick [ ] wherever applicable A. PERSONAL DETAILS Name (Optional). Address... City:.Dist.:..State:... Phone: Mobile.Email:. Occupation: [ ] Student [ ] Shopkeeper
More informationRecent SEBI / Exchange / FMC / Depository Circulars applicable to Stock Brokers / Commodity Brokers / Depository Participants
Recent SEBI / Exchange / FMC / Depository s applicable to Stock Brokers / Commodity Brokers / Depository Participants Summary of Recent s of SEBI / NSE / BSE Sr. Reference 1. NSE/CMPT/19587 14/12/2011
More informationFILE FORMAT FOR INFORMATION TO BE PROVIDED BETWEEN DEPOSITORIES AND RTAS
Annexure A FILE FORMAT FOR INFORMATION TO BE PROVIDED BETWEEN DEPOSITORIES AND RTAS File naming convention ( It will be a new report for RTA ) All Field s are "# " delimited Continuous "# # " would mean
More informationHDFC Retirement Savings Fund: FAQs
HDFC Retirement Savings Fund: FAQs 1. What is HDFC Retirement Savings Fund? HDFC Retirement Savings Fund, an open ended notified tax savings cum pension scheme with no assured returns, is a mutual fund
More informationClearing, Depository and Registry Rules
Clearing, Depository and Registry Rules The Board of Directors of Abu Dhabi Securities Exchange (ADX), Having perused the Federal Law No. (4) of 2000 concerning the Emirates Securities and Commodities
More informationTable of Contents CORPORATE ACTIONS ACCOUNT AND TRANSACTION CONTROL MARGIN TRADING SYSTEM
Central Depository Company of Pakistan Limited CENTRAL DEPOSITORY SYSTEM (CDS) STANDARD OPERATING PROCEDURES CDS STANDARD OPERATING PROCEDURES Table of Contents CORPORATE ACTIONS 1. Procedure for Corporate
More informationTable of Contents CORPORATE ACTIONS ACCOUNT AND TRANSACTION CONTROL MARGIN TRADING SYSTEM
Central Depository Company of Pakistan Limited CENTRAL DEPOSITORY SYSTEM (CDS) STANDARD OPERATING PROCEDURES CDS STANDARD OPERATING PROCEDURES Table of Contents CORPORATE ACTIONS 1. Procedure for Corporate
More information¼ããÀ ããè¾ã ¹ãÆãä ã¼ãîãä ã ããõà ãäìããä ã½ã¾ã ºããñ Ã
CIRCULAR CIR/MRD/DMS / 05 /2014 February 07, 2014 To All Depositories. Dear Sir / Madam, Subject: Guidelines for inspection of Depository Participants (DPs) by Depositories 1. Depository System Review
More informationSub: SIMPLIFICATION OF DEMAT ACCOUNT OPENING PROCESS
To, Beneficiary Account Holder Sub: SIMPLIFICATION OF DEMAT ACCOUNT OPENING PROCESS Dear Sir / Madam, This has reference to Communique issued by CDSL vide their Communique No. CDSL/OPS/DP/POLICY/4095 dated
More informationREGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By CA Sandip Agrawal Sandip Satyanarayan & Co Chartered Accountants
REGISTRATION & RETURN PROCESS UNDER GOODS AND SERVICES TAX (GST) By BRIEF INTRODUCTION TO GST GST is a Tax on Goods and services and it is proposed to be a comprehensive indirect tax levy on manufacture,
More informationRALLIS INDIA LIMITED
RALLIS INDIA LIMITED Corporate Identity No. L36992MH1948PLCOl4083 2nd Floor Sharda Terraces Plot No 65 Sector 11 CBD Belapur Navi Mumbai 400 614 Tel 91 226776 1657 Fax 91 226776 1775 email pmeherhomji@raliis.co.in
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO DEPOSITORY PARTICIPANTS CDSL/OPS/DP/POLCY/4232 February 06, 2014 RAJIV GANDHI EQUITY SAVINGS SCHEME (RGESS), 2013
More informationMANPASAND BEVERAGES LIMITED
MANPASAND BEVERAGES LIMITED CODE OF PRACTICES AND PROCEDURES FOR FAIR DISCLOSURE OF UNPUBLISHED PRICE SENSITIVE INFORMATION (Adopted by Board of Company on 04 th July, 2015) This document forms the Code
More informationRISK MANAGEMENT POLICY
RISK MANAGEMENT POLICY BACKGROUND: SEBI has issued comprehensive guidelines and has laid down detailed norms for Stock Exchanges, Stock Brokers and other intermediaries in the secondary market. As a Share
More informationExposure Draft SECRETARIAL STANDARD DIVIDEND
Exposure Draft SECRETARIAL STANDARD ON DIVIDEND The following is the text of the Secretarial Standard-3 (SS-3) on Dividend, issued by the Council of the Institute of Company Secretaries of India. Adherence
More informationNote. Detailed Procedure for Listing of Privately Placed Debentures. Aman Nijhawan Niddhi Parmar
Detailed Procedure for Listing of Privately Placed Debentures Aman Nijhawan aman@vinodkothari.com Niddhi Parmar mt@vinodkothari.com Vinod Kothari & Company Corporate Law Services Group corplaw@vinodkothari.com
More informationD BASF We create chemistry
D BASF We create chemistry BASF India Limited, Mumbai - 400 051, India July 20, 2018 The Market Operations Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai 400 001. Name of the Company
More informationII. DEMAT ACCOUNT OPENING
II. DEMAT ACCOUNT OPENING 1. What are the benefits of opening a demat account for investors? A demat account has become a necessity for all categories of investors for the following: a. SEBI has made it
More informationCorporate Restructuring, Merger, Demerger
Corporate Restructuring, Merger, Demerger Compromise or Arrangement (Including Merger & Demerger) (Sec. 230-232) Company & company; Company & Liquidator. Company & creditor or class of creditor; Consolidation
More informationThis agreement made and entered into this day of, between. situated at
AGREEMENT BETWEEN THE DEPOSITORY PARTICIPANT [entity registered as Depository Participant of Central Depository Services (India) Limited [CDSL] with Securities and Exchange Board of India [SEBI] under
More information1. Issued and Paid up capital Minimum issued, paid up and listed equity capital Rs 10 crores.
Norms for Direct Listing for Companies which are listed with Nationwide Stock Exchanges with Average Daily Turnover Less than Rs.500 Crores in equity segment during immediate previous Financial Year. Applicable
More informationCODE FOR INSIDER TRADING
CODE FOR INSIDER TRADING Effective Date: May 04, 2017 1. Definitions CIN: L22100MH1981PLC024052 1.1 Act means the Securities and Exchange Board of India Act, 1992. 1.2 Board means the Board of Directors
More informationØððÜÃðóÚð Ñð òãðøðõòãð ðøü òãðòððùðúð ðð Àá Securities and Exchange Board of India
To, All Depositories All Stock Exchanges All Credit Rating Agencies All Debenture Trustees All Issuers, through stock exchanges, where they are listed. CIR/IMD/DF/17/2013 October 22, 2013 Dear Sir/ Madam,
More informationWhat is mis-selling and why is it done?
What is mis-selling and why is it done? Making false promises that cant be fulfilled. Hiding certain aspects that may hamper your business. Not disclosing all details to clients. It is done with an intention
More informationOFFER PROCEDURE PART B. General Information Document for Investing in Public Issues
OFFER PROCEDURE PART B General Information Document for Investing in Public Issues This General Information Document highlights the key rules, processes and procedures applicable to public issues in accordance
More informationPOLICY FOR INTERNAL REVIEW OF BUSINESS FOR COMPLIANCE INTERNAL CONTROL, RISK MANAGEMENT AND OTHER POLICIES
POLICY FOR INTERNAL REVIEW OF BUSINESS FOR COMPLIANCE INTERNAL CONTROL, RISK MANAGEMENT AND OTHER POLICIES (This is a policy document for guiding the operations of the organization. This Document is for
More informationRTA-COMMUNIQUE-INDEX
Description 1 RTA01 25-May-1999 DELAY IN PROCESSING DEMATERIALISATION REQUESTS 2 RTA05 19-Jan-2000 CERTIFICATE UNDER REGULATION 54(5) 3 RTA06 02-Mar-2000 SIMULTANEOUS TRANSFER AND DEMATERIALISATION OF
More informationCompliance Handbook. For NSE Trading Members
Compliance Handbook For NSE Trading Members Preamble Compliance requirements pertaining to members of the Exchange are given in byelaws, regulations and circulars of the Exchange and the Clearing Corporation.
More informationTerms and conditions
Terms and conditions The cash segment A] Introduction This document contains important information regarding the terms and conditions, which apply to your E-Trading Account with R. Wadiwala Securities
More informationNISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate Certification Examination. Test Objectives
NISM-Series-II-A: Registrars to an Issue and Share Transfer Agents -Corporate Certification Examination Test Objectives Unit 1: Introduction to Securities 3 % 1.1 Describe the broad categorization of securities
More informationShriram City Union Finance Limited. Issue Related FAQs
Shriram City Union Finance Limited Issue Related FAQs Q1. What is the Nature & Size of the Issue? Ans: Public Issue by Shriram City Union Finance Limited, ( Company or Issuer ) of Secured Non- Convertible
More informationCentral Depository Services (India) Limited Disclosures on Compliance with Principles for Financial Market Infrastructures
Central Depository Services (India) Limited Disclosures on Compliance with Principles for Financial Market Infrastructures Committee on Payments and Market Infrastructures Board of the International Organization
More informationINVESTORS HANDBOOK / FAQs. Investor Service and Grievance Handling Mechanism
INVESTORS HANDBOOK / FAQs Investor Service and Grievance Handling Mechanism Bharti Airtel Limited (Airtel / the Company) has appointed M/s. Karvy Computershare Private Limited as its Registrar and Share
More informationRALLIS INDIA LIMITED
RALLIS INDIA LIMITED Corporate Identity No. L36992MH 1948PLC014083 2nd Floor Sharda Terraces Plot No 65 Sector 11 CBD Belapur Navi Mumbai 400 614 Tel 91 22 6776 1657 Fax 91 226776 1775 email pmeherhomji@rallis.co.in
More informationAnnexure I Operating Guidelines. Transaction Submission and Settlement I. TRANSACTION SUBMISSION : A. SUBSCRIPTION SUBMISSION :
Annexure I Operating Guidelines Transaction Submission and Settlement I. TRANSACTION SUBMISSION : A. SUBSCRIPTION SUBMISSION : 1. For subscribing to the Mutual Fund units, the MFDs shall register their
More informationSUPREME PETROCHEM LTD. Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders
SUPREME PETROCHEM LTD Code of Internal Procedures and Conduct for Regulating, Monitoring and Reporting of Trading by Insiders This code will be known as Supreme Petrochem Ltd Code of Internal Procedure
More informationSEBI (Listing Obligation and Disclosure Requirements) Regulations,2015. (Listing Regulations)
SEBI (Listing Obligation and Disclosure Requirements) Regulations,2015 (Listing Regulations) Chapter No. Content Remarks I Preliminary (Regulation 1to 3) Applicable II III IV V VI Principles Governing
More information(To be filled by Participant)
ANNEXURE J Participant Name, & DP Id (Pre-printed) APPLICATION FOR OPENING AN ACCOUNT (For Individuals Only) Client Id Date : (To be filled by Participant) I/We request you to open a depository account
More informationTel : / Fax : Web :
PURVA SHAREGISTRY (I) PVT.LTD. (SEBI Regn. INR000001112 Category 1 Registrars to IPO & Share Transfer Agents) Service Tax No. AAACP4924D ST001 CIN No. U67120MH1993PTC074079 9 Shiv Shakti Industrial Estate,
More informationSHAREHOLDERS REFERENCER
Reliance Industries Limited 420 Life is Beautiful. Life is Digital. Integrated Annual Report 2016-17 SHAREHOLDERS REFERENCER AN OVERVIEW The Company has currently around 2.50 million shareholders holding
More informationCIRCULAR. SEBI/HO/OIAE/IGRD/CIR/P/2018/58 March 26, 2018
CIRCULAR SEBI/HO/OIAE/IGRD/CIR/P/2018/58 March 26, 2018 To All Investor Associations recognized by SEBI All Companies whose securities are listed on SEBI recognized Stock Exchanges (Through the Stock Exchanges)
More informationProcedures for Induction of Unpaid Rights into Central Depository System
Procedures for Induction of Unpaid Rights into Central Depository System Central Depository Company of Pakistan Limited INDEX Procedures:. 1-5 1. Right issue of Registered Form Securities made by an Issuer...1..1
More informationIssue 6 (dated 12 March 2014). Contact us at
In our last newsletter, we discussed social performance outlining the concept and elaborating the various tools in use for evaluating and benchmarking social performance. This month we present a step-by-step
More informationStandard Chartered Indian Depository Receipts Frequently Asked Questions: Table of Contents
Standard Chartered Indian Depository Receipts Frequently Asked Questions: Table of Contents The IDR Facility... 1 Rights of IDR Holders... 2 Ownership and Trading of IDRs... 3 IDR Fees... 4 Other Questions
More informationTechnocraft Industries (India) Limited
Technocraft Industries (India) Limited Code of Conduct for regulating, monitoring and reporting of trading by insiders (As envisaged under Regulation 9 of SEBI (Prohibition of Insider Trading) Regulations,
More informationCSD. Rethinking the Concept for Diversification Opportunities. Samar Banwat Executive Vice President
CSD Rethinking the Concept for Diversification Opportunities Presentation to AMEDA 23 rd Meeting, Tangier - Morroco Samar Banwat Executive Vice President Thomas Murray analysis Nation-wide infrastructure
More informationMOBILE ALERTS: For all debits in your demat account you can receive SMS alert. SERVICE: You can get your statements through
THE KARUR VYSYA BANK LTD, DEMAT SERVICES, 37 WHITES ROAD, CHENNAI-600 014 Phone: 28518265 /69 email kvbdp@kvbmail.com (For Corporates) ENJOY THE CONVENIENCE WITH KARUR VYSYA BANK LTD MOBILE ALERTS: For
More informationCORPORATE GOVERNANCE REPORT A detailed report on Corporate Governance for the Financial Year is given below:
CORPORATE GOVERNANCE REPORT A detailed report on Corporate Governance for the Financial Year 2015-16 is given below: COMPANY S PHILOSOPHY ON CORPORATE GOVERNANCE Corporate Governance is a set of systems
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure OPERATING INSTRUCTIONS FOR DEPOSITORY PARTICIPANTS JUNE 2010 CDSL : your depository Central Depository Services (India) Limited
More informationLOW INCOME CREDIT UNION SHARE CERTIFICATE DISCLOSURE STATEMENT
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your share certificates. LOW INCOME CREDIT UNION SHARE
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure OPERATING INSTRUCTIONS FOR DEPOSITORY PARTICIPANTS JUNE 2011 CDSL : your depository Central Depository Services (India) Limited
More informationA2X Markets Fee Schedule
1 st Floor 9 Fricker Road, Illovo Boulevard Illovo, Sandton 2196, South Africa PO Box 78608, Sandton 2146 Johannesburg, South Africa A2X Markets Fee Schedule Tel: +27 11 759 5300 Fax: +27 11 759 5500 www.strate.co.za
More informationDISCLOSURE STATEMENT FOR LOW-INCOME CREDIT UNION SHARE CERTIFICATES HELD AT UBS
The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your share certificates. DISCLOSURE STATEMENT FOR LOW-INCOME
More informationCentral Depository Services (India) Limited
Central Depository Services (India) Limited Convenient Dependable Secure COMMUNIQUÉ TO DEPOSITORY PARTICIPANTS CDSL/OPS/DP/POLCY/3352 December 03, 2012 NOTIFICATION ON THE RAJIV GANDHI EQUITY SAVINGS SCHEME,
More informationMAN INFRACONSTRUCTION LIMITED REPORT ON CORPORATE GOVERNANCE
MAN INFRA ACONSTRUCTION LIMITED REPORT ON CORPORATE GOVERNANCE 29 21 Annual Report 29-1 Report on Corporate Governance 1. Company s Philosophy on code of Corporate Governance: Corporate Governance sets
More informationFrequently asked questions on Dematerialisation of shares
Frequently asked questions on Dematerialisation of shares A. What does the SEBI notification say? As per SEBI Notification dated 8th of June, 2018, a proviso was inserted in Regulation 40, that except
More informationFINQUEST SECURITIES (P) LTD.
FINQUEST SECURITIES (P) LTD. Member : BSE, NSE, MCX-SX DP ID : 12048000 Sebi Regd. No. IN-DP-CDSL-380-2006 602 Boston House, Next to Cinemax, Suren Road, Andheri (East) Mumbai 400 093. Phone : +91-22 -
More informationWorkbook for NISM Series VI: Depository Operations Certification Examination
www.nism.ac.in Workbook for NISM Series VI: Depository Operations Certification Examination Workbook for NISM-Series-VI: Depository Operations Certification Examination National Institute of Securities
More informationWEST BENGAL MINERAL DEVELOPMENT AND TRADING CORPORATION LIMITED (WBMDTCL)
WEST BENGAL MINERAL DEVELOPMENT AND TRADING CORPORATION LIMITED (WBMDTCL) (Govt. of West Bengal Undertaking) Revised Scheme of Spot e-auction for sale of coal General Date: 08 / 02/2013 Objective: The
More information