PDO/SGL/CIRR/ 4899/2002-03 March 7, 2003 All SGL Account Holders,Mumbai Dear Sir, Negotiated Dealing System(NDS)-Clearing Corporation of India Ltd (CCIL)-Membership. As you are aware, the Bank has extended to all the SGL account holders the facility of settlement in government securities over NDS-CCIL system. However in view of the inability expressed by some of the SGL account holders of their readiness for participating in the system, we had permitted transactions in physicals through PDO-SGL settlement system. It has been decided that with effect from 1st April 2003 RBI will not entertain any transactions for settlement outside the NDS-CCIL system. Further the option of settling the deals above Rs 20 crore outside the CCIL settlement system also stands withdrawn effective that date i.e.1st April 2003. You are, therefore, advised to become NDS member latest by 31st March 2003. In the event you are unable to become a member of NDS-CCIL system, you may route your transactions through gilt account/demat account with NDS member after closing your SGL account with us. Kindly note that the Bank will not entertain any request for further extension of time in this regard. Yours faithfully, -sd- (R.Muralidharan)
General Manager. |