SEBI
CIR/MRD/DP/ 11 /2012 dtd. 13-Apr-2012
Master Circular for Stock Exchanges / Cash Market
Securities and Exchange Board of India (SEBI) has been issuing various circulars/directions from time to time. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular for Stock Exchange/ Cash Market has been prepared.
This Master Circular is a compilation of the circulars/communications issued by SEBI up to March 31, 2012 and shall come into force from the date of its issue.
Annexure 1 - Master Circular for Stock Exchange/ Cash Market - Trading Part I
Annexure 2 - Master Circular for Stock Exchange/ Cash Market - Trading Part II
Annexure 3 - Master Circular for Stock Exchange/ Cash Market – Settlement
Annexure 4 - Master Circular for Stock Exchange/ Cash Market –
Comprehensive Risk Management
Annexure 5 - Master Circula... + Read more
Securities and Exchange Board of India (SEBI) has been issuing various circulars/directions from time to time. In order to enable the users to have an access to all the applicable circulars/directions at one place, Master Circular for Stock Exchange/ Cash Market has been prepared.
This Master Circular is a compilation of the circulars/communications issued by SEBI up to March 31, 2012 and shall come into force from the date of its issue.
Annexure 1 - Master Circular for Stock Exchange/ Cash Market - Trading Part I
Annexure 2 - Master Circular for Stock Exchange/ Cash Market - Trading Part II
Annexure 3 - Master Circular for Stock Exchange/ Cash Market – Settlement
Annexure 4 - Master Circular for Stock Exchange/ Cash Market –
Comprehensive Risk Management
Annexure 5 - Master Circular for Stock Exchange - Companies shifted from Trade for trade to
Rolling Settlement
Note by ANC: the Following circulars are regarding establishment which only give list of scrips shifted from T2T to rolling. These are not taken in CRW, hence not linked to previous reference
SEBI/MRD/DEP/Cir-5/2004 dt. 13-Jan-04, SEBI/MRD/DEP/Cir-18 /2004 dt. 15-Apr-04, SEBI/MRD/DEP/Cir-24/2004 16-Jul-04, MRD/DoP/SE/Cir-34/04 11-Oct-04,
MRD/DoP/SE/Cir- 3 /05 18-Jan-05, MRD/DoP/SE/Cir-10 /05 20-Apr-05,
MRD/DoP/SE/Cir- 14 /05 7-Jul-05, MRD/DoP/SE/Cir- 21 /05 19-Sep-05,
MRD/DoP/SE/Cir-1 /06 13-Jan-06, MRD/DoP/SE/Cir- 4/06 20-Apr-06,
MRD/DoP/SE/Cir-5/06 23-May-06, MRD/DoP/SE/Cir-7/06 6-Jul-06,
MRD/DoP/SE/Cir-10/06 22-Aug-06, MRD/DoP/SE/Cir- 11 /06 13-Sep-06,
MRD/DoP/SE/Cir-01/07 18-Jan-07, MRD/DoP/Cir-2/07 13-Feb-07,
MRD/DoP/SE/Cir-4/07 2-Apr-07, MRD/DoP/Cir-06/07 7-May-07,
MRD/DoP/Cir-07/07 4-Jun-07, MRD/DoP/SE/Cir-10/07 25-Jul-07,
MRD/DoP/SE/Cir-13/07 8-Oct-07, MRD/DoP/SE/Cir- 27/2008 27-Aug-08,
MRD/DoP/SE/ Cir-1 /2009 21-Jan-09, MRD/DoP/SE/Cir-04/2009 26-Mar-09,
MRD/DoP/SE/ Cir-06 /2009 29-Jun-09, MRD/DoP/SE/Cir-09/2009 30-Jul-09,
MRD/DoP/SE/Cir-11/2009 7-Sep-09, SEBI/MRD/DoP/SE/Cir-15/2009 27-Oct-09,
SEBI/MRD/DoP/SE/Cir-17/2009 30-Nov-09, SEBI/MRD/DoP/SE/Cir-2/2010 6-Jan-10,
SEBI/MRD/DoP/SE/Cir-6/2010 22-Feb-10, SEBI/MRD/DoP/SE/Cir-7/2010 29-Mar-10,
CIR/MRD/DP/16/2010 3-May-10, CIR/MRD/DP/18/2010 28-May-10,
CIR/MRD/DP/ 23 /2010 5-Aug-10, CIR/MRD/DP/ 31 /2010 15-Sep-10,
CIR/MRD/DP/ 34 /2010 14-Oct-10, CIR/MRD/DP/ 35 /2010 1-Dec-10,
CIR/MRD/DP/ 38 /2010 28-Dec-10, CIR/MRD/DP/01/2011 27-Jan-11,
CIR/MRD/DP/03/2011 22-Mar-11, CIR/MRD/DP/09/2011 1-Jul-11,
CIR/MRD/DP/10/2011 18-Jul-11, CIR/MRD/DP/11/2011 14-Oct-11,
CIR/MRD/DP/14/2011 20-Dec-11, SMD/Policy/IECG/5548/96 9-Dec-96,
Letter no. MRD/DoP/NSE/129791/2008 Dt 24-Jun-08, Letter no MRD/DoP/ST/OW/11982/1 dt. 18-Apr-11
ANNEXURE 1
MASTER CIRCULAR FOR STOCK EXCHANGES ON TRADING PART - I
1. This Master Circular includes circulars issued upto March 31, 2012.
2. Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and shall come into force from the date of its issue.
MASTER CIRCULAR – TRADING – PART I
SECTION – 1: BULK DEALS AND BLOCK DEALS ............................................... 6
1.1 Bulk Deal ............................................................................................................. 6
1.2 Block Deal ........................................................................................................... 6
SECTION – 2: CIRCUIT FILTER / PRICE BANDS ................................................. 8
2.1 Index based Market wide circuit filter ................................................................. 8
2.2 Scrip wise price bands ......................................................................................... 8
2.3 Trade controls in Normal Trading Session for Initial Public Offering
(IPO) and other category of scrips ................................................................................................... 9
SECTION–3:IMPLEMENTATION OF UNIFORM SECURITY SPECIFIC ACTION IN STOCK EXCHANGES
......................................................................... 11
3.1 Uniform security specific measure .................................................................... 11
SECTION – 4 : MARGIN TRADING ........................................................................ 12
4.1 Margin trading ................................................................................................... 12
4.2 Securities eligible for margin trading ................................................................ 12
4.3 Eligibility requirements for brokers to provide margin trading facility to clients 12
4.4 No-objection certificate .................................................................................. 13
4.5 Agreement .......................................................................................................... 13
4.6 Source of Funds for the broker for providing margin trading facility to his
clients and maximum permissible borrowing by any broker ........................................ 13
4.7 Margin requirements .......................................................................................... 14
4.8 Liquidation of securities by the broker in case of default by the client ............. 14
4.9 Maintenance of Records .................................................................................... 15
4.10 Disclosure of exposure to the Margin Trading Facility ..................................... 15
4.11 Arbitration .......................................................................................................... 16
4.12 Usage of Investor Protection Fund and Trade/Settlement Guarantee Fund ...... 16
4.13 General provisions ............................................................................................. 16
SECTION – 5 : MARKET MAKER ............................................................................ 18
5.1 Guidelines for Market Maker ............................................................................. 18
5.1.1 Criterion for selection of scrips for Market Making .......................................... 19
5.1.2 Exclusivity of Market Makers ........................................................................... 19
5.1.3 Number of Market Makers for each share ......................................................... 20
5.1.4 Qualifications for a registered Market Maker .................................................... 20
5.1.5 The obligations and responsibilities of Market Makers ..................................... 20
5.1.6 Rights of the Market Maker ............................................................................... 21
5.1.7 Voluntary De-registration .................................................................................. 21
5.1.8 Compulsory De-registration............................................................................... 21
5.1.9 Dissemination of Information ............................................................................ 21
5.1.10 Number of Shares per Market Maker ................................................................ 21
5.1.11 Risk Containment Measures and monitoring for Market Makers ..................... 21
5.2 Guidelines for Market Maker on Small and Medium Enterprise (SME)
Exchange/ Separate Platform for of existing exchange having nation wide terminal .. 22
SECTION – 6: NEGOTIATED DEALS ...................................................................... 22
6.1 Negotiated Deals ................................................................................................ 23
SECTION – 7 : ODD LOT .......................................................................................... 24
7.1 Trading and Settlement of trades in dematerialised securities ................... 24
SECTION – 8: PERMANENT ACCOUNT NUMBER ........................................... 25
8.1 Mandatory PAN requirement for transaction in Cash Market ........................... 25
8.2 PAN as a sole identification number for all transactions in the securities market 25
8.3 Incase of Central and State Govt., and officials appointed by courts ................ 25
8.4. Exemptions for Investors in Sikkim .................................................................. 26
8.5 Incase of FIIs/Institutional Clients ..................................................................... 26
8.6 Incase of UN entities and multilateral agencies which are exempted from paying taxes/ filling tax returns in India
................................................................................... 26
8.7 Incase of HUF, Association of Persons (AoP), Partnership Firm, unregistered Trust, Registered Trust, Corporate
Bodies, minors, etc ................................................ 27
8.8 Incase of Slight mismatch in PAN card details as well as difference in maiden name and current name
(predominantly in the case of married women) of the investors …….27
8.9 Incase of NRI/PIOs ............................................................................................ 27
8.10 PAN requirement for transfer of shares in physical form .................................. 27
SECTION – 9: PROPRIETARY TRADING .............................................................. 29
9.1 Disclosure of Proprietary Trading by Broker to Client ..................................... 29
9.2 Pro-account Trading Terminal ........................................................................... 29
SECTION – 10 : SHORT SELLING AND SECURITIES LENDING AND BORROWING SCHEME
............................................................................................ 31
10.1 Broad Framework for Short Selling and Securities Lending and Borrowing .... 31
10.2 Annexure 1 – Broad framework for short selling .............................................. 31
10.3 Annexure 2 - Broad framework for securities lending and borrowing .. 32
SECTION – 11: SPOT AND OFF-THE-FLOOR TRANSACTIONS ..................... 37
SECTION – 12: SECURITIES TRANSACTION TAX ............................................. 38
12.1 Implementation of Securities Transaction Tax .................................................. 38
SECTION – 13 : TIME STAMPING OF ORDERS ................................................... 38
13.1 Time Stamping of Orders................................................................................... 38
SECTION – 14 : TRADING IN GOVERNMENT SECURITIES ............................ 39
14.1 Government Securities ....................................................................................... 39
SECTION – 15: UNIQUE CLIENT CODE ............................................................... 40
SECTION - 16: TRANSACTION CHARGES BY THE STOCK EXCHANGES. . 41
SECTION – 17: PRESERVATION OF RECORDS................................................... 42
SECTION – 18: CALL AUCTION ............................................................................. 43
18.1 Call Auction in Pre-Open Session ..................................................................... 43
18.2 Call Auction in Pre-open session for Initial Public Offering (IPO) and other category of scrips
.......................................................................................................... 46
SECTION – 19: RECONCILIATION OF SHARE CAPITAL AUDIT (Earlier
Secretarial Audit) ........................................................................................................ 48
SECTION – 20: CHANGE OF NAME BY LISTED COMPANIES ...................... 50
20.1 Change of Name of Listed Companies .............................................................. 50
SECTION – 21: OFFER OF SALE OF SHARES BY PROMOTERS THROUGH STOCK EXCHANGE MECHANISM
....................................................................... 51
REFERENCE – List of Circulars ................................................................................ 57
SECTION – 1: BULK DEALS AND BLOCK DEALS
1.1 Bulk Deal1
A “bulk” deal constitutes all transactions in a scrip (on an exchange) where the total quantity of shares bought/sold is more than 0.5% of the number of equity shares of the company listed on the exchange. The quantitative limit of 0.5% can be reached through one or more transactions executed during the day in the normal market segment.
Disclosures
i. The disclosure shall be made with respect to all transactions in a scrip where total quantity of shares bought/sold is more than 0.5% of the number of equity shares of the company listed on the stock exchange.
ii. The brokers shall disclose to the stock exchange the name of the scrip, name of the client, quantity of shares bought/sold and the traded price.
iii. The disclosure shall be made by the brokers immediately upon execution of the trade.
iv. The Stock exchanges shall disseminate the aforesaid information on the same day after market hours to the general public.
1.2 Block Deal2
Block deal is execution of large trades through a single transaction without putting either the buyer or seller in a disadvantageous position. For this purpose, stock exchanges are permitted to provide a separate trading window. Block deal will be subject to the following conditions:
i. The said trading window may be kept open for a limited period of 35 minutes from the beginning of trading hours i.e. the trading window shall remain open from 9.55 am to 10.30 am.
ii. The orders may be placed in this window at a price not exceeding +1% from the ruling market price/previous day closing price, as applicable.
1 Circular No. SEBI/MRD/SE/Cir-7 /2004 dated January 14, 2004.
Circular No. MRD/DoP/SE/Cir- 19 /05 dated September 2, 2005.
2 Circular No. MRD/DoP/SE/Cir- 19 /05 dated September 2, 2005
iii. An order may be placed for a minimum quantity of 5,00,000 shares or minimum value of Rs.5 crore.
iv. Every trade executed in this window must result in delivery and shall not be squared off or reversed.
v. The stock exchanges shall disseminate the information on block deals such as the name of the scrip, name of the client, quantity of shares bought/sold, traded price, etc to the general public on the same day, after the market hours.
vi. Disclosure of trade details of ”bulk deals” as specified in para 1.1 shall be continued to be made by the stock exchanges to the general public on the same day after the market hours.
All appropriate trading and settlement practices as well as surveillance and risk containment measures, etc., as applicable to the normal trading segment, shall be applicable and implemented in respect of this special window as well.
SECTION – 2: CIRCUIT FILTER / PRICE BANDS
2.1 Index based Market wide circuit filter3
These circuit breakers are used to stop adverse movements either way. The circuit breakers are applied at three stages of the index movement either way at 10%, 15% and 20%. The market wide circuit breakers would be triggered by movement of either BSE Sensex or the NSE S&P CNX Nifty whichever is breached earlier.
i. In case of a 10% movement of either of these indices, there would be a 1 hour market halt if the movement takes place before 1 pm. In case the movement takes place at or after 1 pm but before 2:30 pm there will be a trading halt for ½ hour. In case the movement takes place at or after 2:30 pm there will be no trading halt at the 10% level and the market will continue trading.
ii. In case of a 15% movement of either index, there will be a 2 hour halt if the movement takes place before 1 pm. If the 15% trigger is reached on or after 1 pm but before 2 pm, there will be a 1 hour halt. If the 15% trigger is reached on or after 2 pm the trading will halt for the remainder of the day.
iii. In case of a 20% movement of the index, the trading will be halted for the remainder of the day.
These percentages are translated into absolute points of index variations on a quarterly basis and at the end of each quarter these absolute points of index variations are revised and applicable for the next quarter.
2.2 Scrip wise price bands
In addition to the market wide index based circuit filters, there are individual scrip wise price bands of 20% either way, for all scrips in the compulsory rolling settlement except for the scrips on which derivatives products are available or scrips included in indices on which derivatives products are available.
3 Circular No. SMDRPD/Policy/Cir-37 /2001 dated June 28, 2001
2.3 Trade controls in Normal Trading Session for Initial Public Offering (IPO) and Re-listed scrips4
1. Trade Timing
The normal trading session for IPO and Re-listed scrips on their first day of trading shall commence only subsequent to conclusion of the Call Auction session for such scrip on BSE and NSE. The duration of the Call Auction session is prescribed vide SEBI circular no CIR/MRD/DP/01/2012 dated January 20, 2012.
Eligible scrip
I. IPO scrips
Price Bands
a. For issue size up to Rs. 250 cr, the applicable price bands for the first day shall bei.
In case equilibrium price is discovered in the Call Auction, the price band in the normal trading session shall be 5% of the equilibrium price.
ii. In case equilibrium price is not discovered in the Call Auction, the price band in the normal trading session shall be
5% of the issue price.
iii. On Stock exchanges, not eligible to offer Call Auction, the reference price for price bands for the first day shall be –
A. in case equilibrium price is discovered in the Call Auction at BSE/NSE, the price band in the normal trading session shall be 5% discovered equilibrium price. In case of multiple equilibrium prices, the discovered equilibrium price closer to the issue price shall be taken as the reference price for price band on the first day.
B. in case equilibrium price is not discovered in the Call Auction, the price in the normal trading session band shall be 5% of the issue price.
Additionally, the trading shall take place in TFT segment for first 10 days from commencement of trading.
b. For issue size greater than Rs. 250 cr, the applicable price bands for the first day shall be –
4 Circular No. CIR/MRD/DP/02/2012 dated January 20, 2012
i. In case equilibrium price is discovered in the Call Auction, the price band in the normal trading session shall be 20% of the equilibrium price.
ii. In case equilibrium price is not discovered in the Call Auction, the price band in the normal trading session shall be 20% of the issue price.
iii. On Stock exchanges, not eligible to offer Call Auction, the reference price for price bands for the first day shall be –
A. in case equilibrium price is discovered in the Call Auction at BSE/NSE, the price band in the normal trading session shall be 20% discovered equilibrium price. In case of multiple equilibrium prices, the discovered equilibrium price closer to the issue price shall be taken as the reference price for price band on the first day
B. in case equilibrium price is not discovered in the Call Auction, the price band in the normal trading session shall be 20% of the issue price.
II. Re-listed scrips
Price Bands
Trading shall take place in the TFT segment for the first 10 days with applicable price bands, wherein for the first day –
i Incase equilibrium price is discovered in the Call Auction, the price band in the normal trading session shall be 5 % of the discovered price.
ii Incase equilibrium price is not discovered in the Call Auction, the scrip shall continue to trade in call auction sessions until price is determined.
SECTION – 3 : IMPLEMENTATION OF UNIFORM SECURITY SPECIFIC
ACTION IN STOCK EXCHANGES
3.1 Uniform security specific measure5
All stock exchanges shall implement the security specific decisions taken by BSE/NSE such as transferring of scrips from rolling settlement to trade for trade segment and vice-versa, imposition of margins, suspension of trading, etc in cases where such securities are also listed and traded on those stock exchanges. For this purpose, all the stock exchanges shall obtain the necessary information regurlarly from the website(s) of BSE/NSE and concurrently implement the security specific decisions taken by BSE/NSE.
In the event of any stock exchange not able to implement the decisions taken by BSE/NSE with regard to particular scrip, such stock exchange(s) shall not make available trading in such scrip in the normal rolling settlement.
5 Circular No. SEBI/MRD/SE/Cir- 12/2004 dated February 26, 2004.
SECTION – 4 : MARGIN TRADING
4.1 Margin trading6
SEBI had, vide Circular No.SMD/Policy/Cir-6 dated 7/5/97, clarified, inter alia, that borrowing and lending of funds by a trading member in connection with or incidental to or consequential upon the securities business would not be disqualified under rule/s 8(1)(f) & 8(3)(f) of Securities Contract (Regulations) Rules, 1957. In continuation of the said circular, member-brokers are allowed to provide margin trading facility to their clients, in the cash segment, subject to the following conditions:
4.2 Securities eligible for margin trading
SEBI vide circular dated March 11, 2003 has categorized the securities under 3 groups, namely, Group 1, Group 2 and Group 3. The securities having mean impact cost of less than or equal to 1 and having traded on atleast 80% (+/-5%) of the days for the previous eighteen months, have been categorized as Group 1. The securities in Group 1 would be eligible for margin trading facility.
In addition to the Group 1 securities, all the securities which are offered in the Initial Public Offerings (IPOs) and which meet the conditions for inclusion in the derivatives segment of the Stock Exchanges would be eligible for Margin Trading Facility.7
4.3 Eligibility requirements for brokers to provide margin trading facility to clients
Only corporate brokers with a “net worth” of at least Rs.3.00 crore would be eligible to offer margin trading facility to their clients. The “net worth” for the purpose of margin trading facility would mean “Capital” (excluding preference share capital) plus free reserves less non allowable assets, i.e fixed assets, pledged securities, member’s card, non-allowable securities, bad deliveries, doubtful debts and advances (including debts and advances overdue for more than 3 months or given to associates), pre paid expenses, intangible assets and 30% of the marketable securities.”
The broker shall submit to the stock exchange a half-yearly certificate, as on 31st March and 30th September of each year, from an auditor confirming the net
6 Circular no. SEBI/MRD/SE/SU/Cir-15/04 dated March 19, 2004
7 Circular No. MRD/DoP/SE/Cir-08/2005 dated March 4, 2005
worth (as specified in clause 4.3 above). Such a certificate shall be submitted not later than 30th April and 31st October of the year.
4.4 No-objection certificate8
Before providing Margin Trading Facility to a client who has already availed of Margin Trading Facility from another broker, the broker is required to obtain a no-objection certificate in writing from the other broker. The other broker shall be required to convey his objection, if any, in writing, within a period of 21 days from the date of receipt of query from the broker, failing which the broker would be free to proceed with providing Margin Trading Facility to the client.
4.5 Agreement
The broker shall enter into an agreement with his client for providing the margin trading facility, on the lines of the model agreement, enclosed as Annexure 1. The broker/exchange may modify the agreement only for stipulating any additional or more stringent conditions, provided that no such modification shall have the effect of diluting any of the conditions laid down in the circular or in the model agreement.
4.6 Source of Funds for the broker for providing margin trading facility to his clients and maximum permissible borrowing by any broker
i. For the purpose of providing the margin trading facility, a broker may use his own funds or borrow from scheduled commercial banks and/or NBFCs regulated by RBI. A broker shall not be permitted to borrow funds from any other source.
ii. The broker shall not use the funds of any client for providing the margin trading facility to another client, even if the same is authorised by the client.
iii. At any point of time, the total indebtedness of a broker for the purpose of margin trading shall not exceed 5 times of his net worth (calculated as stated at 4.3 above).
iv. The “maximum allowable exposure” of the broker towards the margin trading facility shall be within the self imposed prudential limits and shall not, in any case, exceed the borrowed funds and 50% of his “net worth”.9
v. The term “exposure” will mean the aggregate outstanding margin trading amount in the books of the broker for all his clients. While providing the margin trading facility, the broker shall be prudent and also ensure that there is no concentration on any single client. In any case, the exposure to any single client at any point of time shall not exceed 10% of the broker’s
8 Circular No. MRD/DoP/SE/Cir-08/2005 dated March 4, 2005
9 Circular no. SEBI/MRD/SE/SU/Cir-16/04 dated March 31, 2004
lendable resources (i.e. borrowed funds for the purpose o margin trading + 50% of net-worth).10
vi. While providing the margin trading facility, the broker shall be prudent and also ensure that there is no concentration on any single client. In any case, the exposure to any single client at any point of time shall not exceed 10% of the “total exposure” of the broker, (calculated as per para 4.6 (v) above).
4.7 Margin requirements
The initial and maintenance margin for the client shall be a minimum of 50% and 40% respectively, to be paid in cash. For this purpose;
i. “initial margin” would mean the minimum amount, calculated as a percentage of the transaction value, to be placed by the client, with the broker, before the actual purchase. The broker may advance the balance amount to meet full settlement obligations.
ii. “Maintenance margin” would mean the minimum amount, calculated as a percentage of the market value of the securities, calculated with respect to the last trading day’s closing price, to be maintained by the client with the broker.
When the balance deposit in the client’s margin account falls below the required maintenance margin, the broker shall promptly make margin calls. However, no further exposure can be granted to the client on the basis of any increase in the market value of the securities.
The exchange/broker shall have the discretion to increase the margins (as mentioned above) and in such a case, the margin call shall be made, as and when required.
Fixed deposits with banks and Bank Guarantees shall be treated as cash equivalents and shall be considered as acceptable form of intial and maintenance margins for the purpose of availing the Margin Trading Facility.11
4.8 Liquidation of securities by the broker in case of default by the client
The broker may liquidate the securities if the client fails to meet the margin call made by the broker or fails to deposit the cheques on the day following the day on which the margin call has been made or where the cheque deposited by the client has been dishonoured.
10 Circular no. SEBI/MRD/SE/SU/Cir-16/04 dated March 31, 2004
11 Circular No. MRD/DoP/SE/Cir-08/2005 dated March 4, 2005
The broker may also liquidate the securities in case the client’s deposit in the margin account (after adjustment for mark to market losses) falls to 30% or less of the latest market value of the securities, in the interregnum between making of the margin call and receipt of payment from the client.
However, the broker shall not liquidate or use in any manner the securities of the client in any situation other than the ones mentioned above.
4.9 Maintenance of Records
The broker shall maintain separate client wise accounts of the securities purchased on margin trading with depositories and shall enable the client to observe the movement of securities from his account (through internet). The broker shall also maintain a separate record of details (including the sources) of funds used for the purpose of margin trading.
The books of accounts, maintained by the broker, with respect to the margin trading facility offered by it, shall be got audited on a half yearly basis. The broker shall submit an auditor’s certificate to the exchange/s, within one month from the date of the half year ending 31st March and 30th September of a year certifying, inter alia, the extent of compliance with the conditions of margin trading facility.
SEBI and the stock exchange/s shall have the right to inspect the books of accounts and/or any other documents maintained by the broker with respect to the margin trading facility.
4.10 Disclosure of exposure to the Margin Trading Facility
The broker shall disclose to the stock exchange/s details on gross exposure including name of the client, Unique
Identification Number (UIN) under the SEBI (Central Database of Market Participants) Regulations, 2003, name of the scrip and if the broker has borrowed funds for the purpose of providing margin trading facility, name of the lender and amount borrowed, on or before 12 noon on the following day.
The stock exchange/s shall disclose the scrip wise gross outstanding in margin accounts with all brokers to the market. Such disclosure regarding margin trading done on any day shall be made available after the trading hours on the following day, through its website.
The formats for such disclosures by the broker to the exchange and the exchange to the public are enclosed at Annexure 2 and 3 respectively.
The stock exchanges shall also put in place a suitable mechanism to capture and maintain all relevant details including member-wise, client-wise, scrip-wise information and source of funds of the members, pertaining to margin trading on their exchange, both on daily as well as on cumulative basis.
4.11 Arbitration
The arbitration mechanism of the exchange would not be available for settlement of disputes, if any, between the client and broker, arising out of the margin trading facility. However, all transactions done on the exchange, whether normal or through margin trading facility, shall be covered under the arbitration mechanism of the exchange.
4.12 Usage of Investor Protection Fund and Trade/Settlement Guarantee Fund
The amounts lying in the aforesaid funds would not be available for settling any loss suffered in connection with the margin trading facility. However, the aforesaid funds will continue to be available for all transactions done on the exchange, whether normal or through margin trading facility.
4.13 General provisions
The brokers wishing to extend the facility of margin trading to their clients would be required to obtain prior permission from the exchange/s where the margin trading facility is proposed to be provided. The exchange shall have the right to withdraw this permission at a later date, after giving reasons for the same.
A broker should take adequate care and exercise due diligence before providing margin trading facility to any client. Any broker providing margin trading facility to a client shall ensure that the client has obtained a Unique Identification Number (UIN) under the SEBI (Central Database of Market Participants) Regulations, 2003.
A client will be allowed to obtain margin trading facility from one broker per exchange for buying securities in that exchange. To ensure this, it shall be obligatory on the part of every broker to,
a) obtain a declaration from his client whether he has availed of any margin trading facility from any broker in any exchange, or whether his request for margin trading with any broker was rejected and if so, in both the cases, obtain the name of the broker and his registration number; and
b) also verify the details from the concerned broker/s.
Before providing margin trading facility to a client who has already availed of margin trading facility from another broker in the same exchange, the broker shall ensure that the client has liquidated his outstanding in the margin trading account with the other broker, and obtain a certificate to this effect in writing from that broker.
SECTION – 5: MARKET MAKER
5.1 Guidelines for Market Maker12
With the view to infuse liquidity in the market, the concept of market maker was proposed. Since the introduction of electronic trading and “order matching” system in all the stock exchanges there has been a reduction in transaction costs, speedier execution of trades and gains in liquidity. The volumes have risen a hundred fold in respect of many shares. Increase in trading volume on the exchanges, however, has not been reflected always in the liquidity of all the listed shares. There are a large number of shares that are not actively or frequently traded although many of them have some fundamental strength and intrinsic value. The introduction of market making facility for such shares could be a possible means to infuse liquidity in such shares. The guidelines for market maker as provided in the annexure are enumerated below.
Annexure
Over the past several years the securities market has witnessed a sea change. The market has become more modern in terms of infrastructure, adoption of best international practices and introduction of competition. With the maturity of the regulatory framework and increased market surveillance, the market has also become safer and investor is better protected. The extensive reforms introduced by SEBI over the last few years have enhanced the integrity, transparency and efficiency of the operations of the securities market. The introduction of electronic trading and “order matching” system in all the stock exchanges, have led to reduction in transaction costs, speedier execution of trades and gains in liquidity. The, spreads have dropped by a factor of 10 and volumes have risen a hundred fold in respect of many shares. Increase in trading volume on the exchanges, however, has not been reflected always in the liquidity of all the listed shares. There are a large number of shares that are not actively or frequently traded although many of them have some fundamental strength and intrinsic value. The introduction of market making facility for such shares could be a possible means to infuse liquidity in such shares. In the year 1993 guidelines for the Market Makers were issued vide our circular no.SMD/SED/93/11362 dated August 05, 1993. However, the scheme did not elicit adequate response. With a view to study the concept of “Market Making” and to draft operational procedures for market making, eligibility criteria for Market Makers, risk containment measures, etc, SEBI constituted a Committee on
12 Circular No. SMDRP/POLICY/CIR-04/2000 dated January 20, 2000.
March 24, 1998 under the chairmanship of Shri G P Gupta, then Chairman, UTI and current Chairman and Managing Director of IDBI. The Committee submitted its report to SEBI in August 31, 1999.
The Market Maker would operate under the regulatory framework as envisaged and laid out herewith in these guidelines. The Exchange would act as a SRO for the purposes of monitoring and effective operations of the Market Makers. The Exchanges have been accorded flexibility to make modifications to the scheme to make it more attractive to the Market Maker to take up commitments under this scheme, however, the terms of selection of scrips, the capital adequacy norms and the risk containment measures such as the price bands and margins would not be altered from those stipulated in these guidelines.
5.1.1 Criterion for selection of scrips for Market Making
The stock exchanges shall formulate its own benchmarks for selecting the scrips for market making, however, the shares satisfying any of the following criteria would not be eligible for market making :-
Shares included in the BSE Sensex of the Stock Exchange, Mumbai and the S&P CNX Nifty of the NSE;
Share where the average number of trades is more than 50;
Shares where the value of trades on a daily basis is more than Rs.10,00,000/-;
Shares where the company is not in operation and the Networth erosion is beyond 50%
The list of scrips eligible for market making shall be reviewed by the exchanges so as to shift the scrips from one category to the other, after an observation period of two-three months to ensure permanence in the trend.
The market making would be on a voluntary basis for these shares. But, if Market Maker is not available for such shares, the share will continue to be traded under the existing system.
5.1.2 Exclusivity of Market Makers
If a share is eligible for market making and Market Makers are available, then, the share would trade only under a quote driven system and all orders must flow through Market Makers.
5.1.3 Number of Market Makers for each share
There would not be more than five Market Makers in any of the eligible shares on an exchange who will be selected on the basis of objective criteria to be evolved by the Exchange which would include capital adequacy, networth, infrastructure, minimum volume of business etc.
5.1.4 Qualifications for a registered Market Maker
Any member of the Exchange would be eligible to act as Market Maker provided he meets the criteria laid down by the exchange. The member brokers desirous of acting as Market Maker in the eligible scrips shall apply to the concerned stock exchange for registration as Market Makers.
5.1.5 The obligations and responsibilities of Market Makers
The Market Maker shall fulfil the following conditions to provide depth and continuity in trading the shares:
(a) The Market Maker shall be required to provide a 2-way quote on a continuous basis;
(b) The minimum depth of the quote shall be Rs.5,000/- or one market lot whichever is higher;(in case of demat shares, for which there is no market lot, the same market lot as existed in the physical segment would be applicable for this purpose.)
(c) The quote shall be provided in such a way that the quotes are not absent from the screen for more than 30 minutes at a time;
(d) Execution of the order on a continuous basis at the quoted price and quantity must be guaranteed by the Market Maker;
(e) the Market Maker must give commitment to buy and sell shares upto a certain quantity in which they make markets;
(f) The Market Maker will be eligible to change quotes even if no transaction has been executed at the displayed quote. In any case the obligation of the Market Maker will end at 1% less than the circuit filter limits;
(g) The Market Maker may compete with other Market Makers for better quotes to the investors;
(h) Once registered as a Market Maker, he has to start providing quotes within 5 trading days of registration and shall be subject to the guidelines laid down for market making by the exchange.
(i) Once registered as a Market Maker, he has to mandatorily act in that capacity for a minimum period of three months.
5.1.6 Rights of the Market Maker
The Market Maker has the right to information about the share, in which he is making the market including the availability of trading and financial information, performance of the company in the last three years, etc. on a continuous basis.
5.1.7 Voluntary De-registration
The Market Makers may be allowed to de-register voluntarily from a particular share(s) provided it has fulfilled its obligations for a minimum period of three months and a one-month notice is given to the exchange.
5.1.8 Compulsory De-registration
If a Market Maker fails to fulfil his obligations as a Market Maker for more than three consecutive trading days, he will automatically stand de-registered from that share and may not be permitted to act as a Market Maker for any other security for a minimum period of three months.
5.1.9 Dissemination of Information
a) The exchange should disseminate a list of Market Makers in a share to the public
b) Exchange should disseminate the price and volume of turnover in shares eligible for market making.
5.1.10 Number of Shares per Market Maker
The number of companies in whose shares a Market Maker would make market should be linked to his capital adequacy.
5.1.11 Risk Containment Measures and monitoring for Market Makers Margins
All applicable margins should be levied and collected without any waiver/exemption.
Capital Adequacy
The exchanges would prescribe the capital adequacy requirement for its members commensurate with a number of companies in which Market Maker proposes to make market, the type of shares, and keeping in mind that the Market Maker works against the market and thus bear the brunt of the adverse trend. The monitoring of this requirement would be done by the exchange and any violation of this requirement would be liable for punitive action to be taken by the Disciplinary Action Committee (DAC) of the Exchange, which may also include monitory penalty apart from the trade restriction as decided by the DAC. An exchange may lay down additional criteria also for Market Makers as risk containment measures.
Price Band and Spreads
There would be no change to the circuit filters or price bands, which are imposed by SEBI from time to time for the shares in which market making is available.
The spreads between the bid and ask price would be as follows:-
For shares priced
Upto Rs 10 - no limit on spreads
>Rs. 10 and upto Rs 20 - 10% maximum spread
>Rs. 20/- and upto Rs.50/- - 5% maximum spread
>Rs.50/- and upto Rs. 100/- 4% maximum spread
>Rs. 100/- - 3% maximum spread
5.2 Guidelines for Market Maker on Small and Medium Enterprise (SME) Exchange/ Separate Platform for of existing exchange having nation wide terminal
Circular No CIR/MRD/DP/ 14 /2010 dated April 26, 2010 has been included under the heading “Small and Medium Enterprise” in the “Master Circular on Administration of Stock Exchanges, Arbitration in recognised Stock Exchanges and Stock Exchanges / trading platform for Small & Medium Enterprises and guidelines for Market Makers on SMEs” dated December 31, 2010.
SECTION – 6: NEGOTIATED DEALS
6.1 Negotiated Deals13
i. All negotiated deals (including cross deals) shall not be permitted except for those which are executed on the screens of the exchanges in the price and order matching mechanism of the exchanges just like any other normal trade. Provided, however, that Foreign Institutional Investors (FIIs) can avail of the provisions of the special bargains on the exchanges in accordance with their bye-laws or obtain suitable exemptions from exchanges for purchases or sales between FIIs in such companies where the ceiling of FII investment of 24% or 30 % as the case may be, has been reached.
ii. Negotiated deals in listed corporate debt securities shall not be permitted and all such trades will have to be executed on the price and order matching mechanism of the stock exchanges as in the case of equities.
iii. Government debt securities and money market instruments are under the regulatory jurisdiction of RBI and do not fall within the purview of SEBI. Therefore the aforesaid decision will not apply to such securities.
iv. Exemptions would also be granted for dis-investment of Public Sector Enterprises by SEBI on a case to case basis.14
v. No Exchange shall allow the ‘All or None’ or ‘Minimum Fill’ order facility in their trading system.15
13 Circular No. SMDRP/POLICY/CIR-32/99 dated September 14, 1999.
14 Circular No. SMDRP/Policy/Cir-41/2000 dated September 11, 2000
15 Circular No. SMDRP/POLICY CIR-2/99 dated January 14, 1999.
SECTION – 7 : ODD LOT
7.1 Trading and Settlement of trades in dematerialised securities16
The stock exchanges should provide an additional trading window, which would give one time facility for small investors to sell physical shares (which are in compulsory demat list) not exceeding 500 shares in number irrespective of their value.
This facility shall be available only to registered holders of shares. The shares standing in the name of individuals/HUF shall alone constitute a good delivery. The selling/delivering member must necessarily be the introducing member. The buyers of the shares shall not be permitted to reintroduce the shares in the market in the physical form. This facility should be made available on all trading days.
16 Circular No. SMDRP/Policy/Cir.- 21/99 dated July 08, 1999
SECTION – 8: PERMANENT ACCOUNT NUMBER
8.1 Mandatory PAN requirement for transaction in Cash Market17
PAN shall be mandatory for all entities/ persons who are desirous of transacting in the securities market.
The Stock exchanges shall ensure that the members of their exchanges shall;
i. Collect copies of PAN cards issued to their existing as well as new clients by the Income Tax Department and maintain the same in their record after verifying with the original.
ii. Cross-check the aforesaid details collected from their clients with the details on the website of the Income Tax Department i.e. http://
incometaxindiaefiling.gov.in/challan/enterpanforchallan.jsp.
iii. Upload details of PAN so collected to the Exchanges as part of unique client Code.
8.2 PAN as a sole identification number for all transactions in the securities market18
In light of the Hon’ble Finance Minister’s announcement in the Union Budget for the year 2007-08, and in order to strengthen the (Know Your Client) KYC norms and identify every participant in the securities market, it has been decided that PAN would be the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction.
8.3 Incase of Central and State Govt., and officials appointed by courts19
In the view of Rule 114 C (1)(c) of Income Tax Rules, PAN may not be insisted in the case of securities market transactions undertaken on behalf of Central Government and State Government, and by the officials appointed by the courts e.g. Official liquidator, Court receiver etc. (under the category of Government).
17 Circular No. MRD/DoP/SE/Cir- 8 /2006 dated July 13, 2006.
18 Circular No. MRD/DoP/Cir-05/2007 dated April 27, 2007.
19 Circular No. MRD/DoP/Cir-20/2008 dated June 30, 2008.
8.4. Exemptions for Investors in Sikkim20
In the light of the observations of the Hon’ble High Court of Sikkim in its Order dated March 31, 2006 as forwarded by the Sikkim Chamber of Commerce vide their letter No.See/52/06-07 dated May 11, 2006, the investors residing in the State of Sikkim are exempted from the mandatory requirement of PAN for-
(a) DP
(b) Broker
(c) MF
However, this would be subject to the DP / Broker / MF verifying the veracity of the claim of the investors that they are residents of Sikkim, by collecting sufficient documentary evidence in support of their address as provided in the SEBI Circular No.MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004.
8.5 Incase of FIIs/Institutional Clients21
The custodians are advised to verify the PAN details of the institutional clients with the original PAN card and provide copy of such verified PAN details to the brokers duly certified. This would be applicable in respect of institutional clients, namely, FIIs, MFs, VCFs, FVCIs, Scheduled Commercial Banks, Multilateral and Bilateral Development Financial Institutions, State Industrial Development Corporations, Insurance Companies registered with IRDA and Public Financial Institution as defined under section 4A of the Companies Act, 1956.
As regards proof of address of FIIs/sub-accounts, a copy of the Power of Attorney (POA) given by the FIIs/FII sub-accounts to the Custodians (which are duly notarized and/or apostiled or consularised) that gives the registered address of the FIIs/sub-accounts can be accepted as proof of address.
8.6 Incase of UN entities and multilateral agencies which are exempted from paying taxes/ filling tax returns in India22
UN entities/ multilateral agencies which are exempt from paying taxes/filling tax returns in India are exempt from the mandatory requirement of PAN, subject to the DPs collecting documentary evidence in support of such claim of investors.
20 Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006.
21 Circular No. MRD/DoP/Dep/SE/Cir-13/06 dated September 26, 2006.
Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006.
22 Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006.
8.7 Incase of HUF, Association of Persons (AoP), Partnership Firm, unregistered Trust, Registered Trust, Corporate Bodies, minors, etc.23
The BO account would be in the name of natural persons, PAN of the respective HUF, AoP, Partnership Firm, Unregistered Trust, etc shall be obtained. As regards Registered Trust, Corporate Bodies and minors, PAN of the respective entities shall be obtained when accounts are opened in their respective names.
8.8 Incase of Slight mismatch in PAN card details as well as difference in maiden name and current name (predominantly in the case of married women) of the investors24
DPs can collect the PAN card proof as submitted by the account holder.
However, this would be subject to the DPs verifying the veracity of the claim of such investors by collecting sufficient documentary evidence in support of the identity of the investors as provided in the SEBI Circular No. MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004.
8.9 Incase of NRI/PIOs25
The Directorate of Income Tax (Systems), has issued guidelines, facilitating the citizens of India residing outside India, Foreign citizens and other persons (like companies/ trusts/ firms) having no office of their own in India to obtain PAN based on the copy of their passport as ID proof and a copy of passport/ bank account in the country of residence as address proof. In the light of the above, the facility of opening a “limited purpose BO/ Trading account” by them without PAN has been withdrawn.
8.10 PAN requirement for transfer of shares in physical form26 27
As regards transfer of shares in physical form of listed companies, for securities market transactions and off-market/ private transactions, it shall be mandatory for the transferee(s) to furnish copy of PAN card to the Company/RTAs for registration of such transfer of shares.
23 Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006.
24 Circular No. MRD/DoP/Dep/SE/Cir -09/06 dated July 20, 2006.
25 Circular No. MRD/DoP/Dep/SE/Cir -17/06 dated October 27, 2006.
26 Circular No. MRD/DoP/ Cir-05/2009 dated May 20, 2009.
27 Circular No. SEBI/MRD/DoP/SE/RTA/Cir-03/2010 dated January 07, 2010
It shall be also be mandatory to furnish a copy of PAN in the following cases –
a. Deletion of name of the deceased shareholder(s), where the shares are held in the name of two or more shareholders.
b. Transmission of shares to the legal heir(s), where deceased shareholder was the sole holder of shares.
c. Transposition of shares – when there is a change in the order of names in which physical shares are held jointly in the names of two or more shareholders.
Incase of mismatch in PAN card details as well as difference in maiden name and current name (in case of married women) of the investors -
The RTAs can collect the PAN card as submitted by the transferee(s). However, this would be subject to the RTAs verifying the veracity of the claim of such transferee(s) by collecting sufficient documentary evidence in support of the identity of the transferee(s) as provided for at para. 2 in the SEBI circular no.MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004 read with SEBI circular
no. MRD/DoP/Cir-08/2007 dated June 25, 2007.
SECTION – 9: PROPRIETARY TRADING
9.1 Disclosure of Proprietary Trading by Broker to Client28
With a view to increase the transparency in the dealings between the broker and the client, every broker shall disclose to his client whether he does client based business or proprietary trading as well.
i. The broker shall disclose the aforesaid information to his existing clients within a period of one month from the date of this circular.
ii. Further, the broker shall disclose this information upfront to his new clients at the time of entering into the Know Your Client agreement.
In case of a broker who at present does not trade on proprietary account, chooses to do so at a later date, he shall be required to disclose this to his clients before carrying out any proprietary trading.
9.2 Pro-account Trading Terminal29
Pro-account should be used by the broker to place orders of member of the broking firm. It has been observed that certain members are putting large number of orders on pro-account from various locations rather than using “proaccount” at the terminals located at the corporate office from where the owner / directors normally function. It has further been observed that these trades executed from various locations under “pro-account” are, many a time, transferred subsequently to the respective clients in the back office of the members. This practice is in clear violation of the requirement of putting the orders of clients under the appropriate client code through trading terminals. In order to prevent any misuse if this facility, if any, stock exchanges should ensure the following:-
i. Facility of placing orders on “pro-account” through trading terminals shall be extended only at one location of the members as specified / required by the members
28 Circular no. SEBI/MRD/SE/Cir- 42 /2003 dated November 19, 2003.
29 Circular no. SEBI/MRD/SE/Cir- 32/2003/27/08 dated August 27, 2003.
ii. Trading terminals located at places other than the above location shall have a facility to place orders only for and on behalf of a client by entering client code details as required / specified by the Exchange / SEBI.
iii. In case any member requires the facility of using “pro-account” through trading terminals from more than one location, such member shall be required to submit an undertaking to the stock exchange stating the reason for using the “pro-account” at multiple locations and the stock
exchange may, on case to case basis after due diligence, consider extending the facility of allowing use of “pro-account” from more than one location.
SECTION – 10 : SHORT SELLING AND SECURITIES LENDING AND BORROWING SCHEME
10.1 Broad Framework for Short Selling and Securities Lending and Borrowing30 31 32
Pursuant to the recommendations of the Secondary Market Advisory Committee (SMAC) of SEBI it was decided to permit all classes of investors to short sell. In order to provide a mechanism for borrowing of securities to enable settlement of securities sold short, it has also been decided to put in place a full-fledged securities lending and borrowing (SLB) scheme for all market participants in the Indian securities market under the over-all framework of “Securities Lending
Scheme, 1997” of SEBI. The Securities Lending Scheme was notified by SEBI on February 06, 1997. The guidelines for this facility of short selling and framework for securities lending and borrowing are specified in Annexure 1 and 2.
To enable the mechanism of short selling, the facility of securities lending and borrowing (SLB) scheme, was put in place for all market participants, under the overall framework of “Securities Lending Scheme, 1997” of SEBI.
10.2 Annexure 1 – Broad framework for short selling
1. “Short selling” shall be defined as selling a stock which the seller does not own at the time of trade.
2. All classes of investors, viz., retail and institutional investors, shall be permitted to short sell.
3. Naked short selling shall not be permitted in the Indian securities market and accordingly, all investors would be required to mandatorily honour their obligation of delivering the securities at the time of settlement.
4. No institutional investor shall be allowed to do day trading i.e., square-off their transactions intra-day. In other words, all transactions would be grossed for institutional investors at the custodians’ level and the institutions would be required to fulfill their obligations on a gross basis. The custodians, however, would continue to settle their deliveries on a net basis with the stock exchanges.
30 Circular No. MRD/DoP/SE/Dep/Cir- 14 /2007 dated December 20, 2007.
31 Circular No. MRD/DoP/SE/Cir- 31 /2008 dated October 31, 2008
32 Circular No SEBI/MRD/DoP/SE/Dep/Cir- 01 /2010 dated January 06, 2010
5. The stock exchanges shall frame necessary uniform deterrent provisions and take appropriate action against the brokers for failure to deliver securities at the time of settlement which shall act as a sufficient deterrent against failure to deliver.
6. A scheme for Securities Lending and Borrowing (SLB) shall be put in place to provide the necessary impetus to short sell. The introduction of a fullfledged securities lending and borrowing scheme shall be simultaneous with the introduction of short selling by institutional investors.
7. The securities traded in F&O segment shall be eligible for short selling. SEBI may review the list of stocks that are eligible for short selling transactions from time to time.
8. The institutional investors shall disclose upfront at the time of placement of order whether the transaction is a short sale. However, retail investors would be permitted to make a similar disclosure by the end of the trading hours on the transaction day.
9. The brokers shall be mandated to collect the details on scrip-wise short sell positions, collate the data and upload it to the stock exchanges before the commencement of trading on the following trading day. The stock exchanges shall then consolidate such information and disseminate the same on their websites for the information of the public on a weekly basis.
The frequency of such disclosure may be reviewed from time to time with the approval of SEBI.
10.3 Annexure 2 - Broad framework for securities lending and borrowing
1. The stock exchanges shall put in place, a full fledged securities lending and borrowing(SLB) scheme, within the overall framework of “Securities Lending Scheme, 1997” (the scheme), that is open for all market participants in the Indian securities market.
2. To begin with, the SLB shall be operated through Clearing Corporation/Clearing House of stock exchanges having nation-wide terminals who will be registered as Approved Intermediaries (AIs) under the SLS, 1997.
3. The SLB shall take place on an automated, screen based, order-matching platform which will be provided by the AIs. This platform shall be independent of the other trading platforms.
4. To begin with, the securities traded in F&O segment shall be eligible for lending & borrowing under the scheme.
5. All categories of investors including retail, institutional etc. will be permitted to borrow and lend securities. The borrowers and lenders shall access the platform for lending/borrowing set up by the AIs through the clearing members (CMs) (including banks and custodians) who are
authorized by the AIs in this regard.
6. The AIs, CMs and the clients shall enter into an agreement (which may have one or more parts) specifying the rights, responsibilities and obligations of the parties to the agreement. The agreement shall include the basic conditions for lending and borrowing of securities as prescribed under the scheme. In addition to that, AIs may also include suitable conditions in the
agreement to have proper execution, risk management and settlement of lending and borrowing transactions with clearing member and client. Given the nature of the client base, while the major responsibility of ensuring compliance with “Know Your Client” (KYC) norms in respect of the clients rests with CMs, the exact role of AIs/CMs vis-à-vis the clients in this regard needs to be elaborated in the aforesaid agreement between the AI/CMs/clients. In this regard, there would be one master agreement with two individual parts to the same. The first part of the agreement would be between the AIs and the CMs and the second part of the agreement would be between the CMs and the clients. There would be adequate cross referencing between the two parts of the agreement so that all the concerned parties, viz., the AIs/CMs and the clients agree completely and are aware of all the provisions governing the SLB transactions between them. However, there shall be no direct agreement between the lender and the borrower. The CM will attach a certified copy of the first part of the agreement signed with the AI in the second part of the agreement signed with each client. The model agreements in this regard would be devised by the stock exchanges.
7. The AIs shall allot a unique ID to each client which shall be mapped to the Permanent Account Number (PAN) of the respective clients. The AIs shall put in place appropriate systemic safeguards to ensure that a client is not able to obtain multiple client IDs.
8. The tenure of contracts in SLB may be upto a maximum period of 12 months. The Approved Intermediary (Clearing corporation/ Clearing House) shall have the flexibility to decide the tenure (maximum period of 12 months). 33
9. The settlement cycle for SLB transactions shall be on T+1 basis. The settlement of lending and borrowing transactions shall be independent of normal market settlement.
10. The settlement of the lending and borrowing transactions shall be done on a gross basis at the level of the clients i.e. no netting of transactions at any level will be permitted.
11. AIs would frame suitable risk management systems to guarantee delivery of securities to borrower and return of securities to the lender. In the case of lender failing to deliver securities to the AI or borrower failing to return securities to the AI, the AI shall conduct an auction for obtaining securities.
In the event of exceptional circumstances resulting in non-availability of securities in auction, such transactions would be financially closed-out at appropriate rates, which may be more than the rates applicable for the normal close-out of transactions, so as to act as a sufficient deterrent against failure to deliver securities.
12. Position limits at the level of market, CM and client shall be decided from time to time by AIs in consultation with SEBI. To begin with (a) the market– wide position limits for SLB transactions shall be 10% of the free-float capital of the company in terms of number of shares (b) No clearing
member shall have open position of more than 10% of the market-wide position limits or Rs. 50 crore (base value), whichever is lower (c) For a FII/MF, the position limits shall be the same as of a clearing member (d) The client level position limits shall be not more than 1% of the market-wide position limits.
13. There shall be no lending/borrowing activity during the periods of corporate action in the security and shall be disclosed by AI to the market.
Details of treatment of corporate actions during the tenure, such as
Dividend, stock split etc., are specified as below:
a. Dividend: The dividend amount would be worked out and recovered from the borrower on the book closure/ record date and passed on to the lender.34
33 Circular No SEBI/MRD/DoP/SE/Dep/Cir- 01 /2010 dated January 06, 2010
34 CircularNo CIR/MRD/DP/ 33 /2010 dated October 07, 2010
b. Stock split: The positions of the borrower would be proportionately adjusted so that the lender receives the revised quantity of shares.
c. Other corporate actions such as bonus/ merger/ amalgamation / open offer etc: The transactions would be foreclosed from the day prior to the ex-date. The lending fee would be recovered on a prorate basis from the lender and returned to the borrower.
14. Any borrowing/lending and return of securities would not amount to purchase/disposal/transfer of the same for the purpose of compliance with the extant FDI/FII limits and the norms regarding acquisition of shares/disclosure requirements specified under the various Regulations of SEBI.
15. Adequate systems shall be put in place by the stock exchanges/Depositories to distinguish the SLB transactions from the normal market transactions in the demat system.
16. AIs shall provide suitable arbitration mechanism for settling the disputes arising out of the SLB transactions executed on the platform provided by them.
17. AIs shall disseminate in public domain, the details of SLB transactions executed on the platform provided by them and the outstanding positions on a weekly basis. The frequency of such disclosure may be reviewed from time to time with the approval of SEBI.
18. The time for SLB session from the one hour to the normal trade timings of 9:55 am to 3:30 pm.
19. Margins in SLB allowed to be taken in the form of cash and cash equivalents.
20. The lender / borrower shall be provided with a facility for early recall / repayment of shares.
21. In case the borrower fails to meet the margin obligations, the Approved Intermediary (AI) shall obtain securities and square off the position of such defaulting borrower, failing which there shall be a financial close-out.
22. In case lender recalls the securities anytime before completion of the contract, the AI on a best effort basis shall try to borrow the security for the balance period and pass it onward to the lender. The AI will collect the lending fee from the lender who has sought early recall.
23. In case of early recall by the lender, the original contract between the lender and the AI will exist till the contract with the new lender for the balance period is executed and the securities returned to the original lender.
24. In case of early repayment of securities by the borrower, the margins shall be released immediately on the securities being returned by the borrower to the AI. The AI shall on a best effort basis, try to onward lend the securities and the income arising out of the same shall be passed on to the borrower making the early repayment of securities.
25. In case AI is unable to find a new borrower for the balance period, the original borrower will have to forego lending fee for the balance period.
26. Incase of early recall by lender or early repayment of securities by borrower, the lending fee for the balance period shall be at a market determined rate.
10.4 Operationalisation of Short Selling and Securities Lending and Borrowing35
The Short Selling and Securities Lending and Borrowing Scheme were operationalized with effect from April 21, 2008.
35 Circular No. MRD/DoP/SE/Cir- 05 /2008 dated March 19, 2008.
SECTION – 11: SPOT AND OFF-THE-FLOOR TRANSACTIONS36
11.1 Spot and Off-the-Floor transactions
With regard to reporting of transaction both spot and off-the floor:
i. Brokers are required to report all transactions done on a spot basis on the same day to the exchange.
ii. Brokers are required to report on the same day all transactions adjusted in their books -whether between two clients or whether between a client and the broker as a principal to the exchange. 36
36 Circular No. SMD/RCG/CIR/(BKG)/293/95 dated March 14, 1995.
SECTION – 12: SECURITIES TRANSACTION TAX
12.1 Implementation of Securities Transaction Tax37
As per Union Budget for 2004-2005 Securities Transaction Tax (STT) shall be levied on all transactions done on the stock exchange.
The stock exchanges have been entrusted with the responsibility of levying, collection and remittance of the STT on all transactions from the date of notification by the Government of India. The Government of India will have to ensure the necessary systems and procedures are put in place for proper implementation as per STT rules, September 28, 2004, notified by the government.
No stock exchange shall permit trading activity unless it implements necessary software and procedures for the levy, collection and remittance of STT and that the MDs/EDs/Administrators of the respective exchanges certify to the effect that necessary systems and procedures are in place for the said purpose.
SECTION – 13 : TIME STAMPING OF ORDERS
13.1 Time Stamping of Orders38
Broker member(s) have to maintain record of time when the client places the order and reflect the same in contract note along with the time of execution of the order.
37 Circular No. MRD/DoP/SE/Cir-28/2004 dated August 23, 2004
38 Circular No. SMD/POLICY/IECG/ 1 – 97 dated February 11, 1997.
SECTION – 14 : TRADING IN GOVERNMENT SECURITIES
14.1 Government Securities39
Trading in government securities can be done in demat using Subsidiary General ledger (SGL), by entities who have an account with the RBI. These entities are allowed to open Constituent Subsidiary General Ledger (CSGL) accounts on behalf of their client in order to facilitate trading of government securities in the demat form. RBI has mentioned in detail steps for eliminating trading of government securities in the physical form.
Reserve Bank of India has been encouraging holding of government securities in the dematerialized mode in the following ways:
All entities having a Subsidiary General Ledger (SGL) account with RBI are allowed to open Constituent Subsidiary General Ledger (CSGL) accounts on behalf of their clients.
Although being non-banks, depositories (NSDL/CDSL) and organisations such as SHCIL have been provided an additional SGL account to open CSGL accounts on behalf of their clients.
The cost of postage incurred by the depositories on remitting interest and redemption proceeds is being reimbursed by RBI so as to encourage dematerialized holding and retail participation in Gilts.
Guidelines have been issued to the banks prescribing the safeguards to be adopted for maintenance of CSGL accounts.
To impart transparency in government securities traded by clients (through CSGL accounts), a special feature has been incorporated in the Negotiated Dealing System (NDS) for reporting and settlement of such trades. Provision has also been made in the NDS for giving quotes on behalf of clients i.e. CSGL account holders.
39 Circular No. SMDRP/POLICY/CIR-14/2002 dated June 25, 2002.
SECTION – 15: UNIQUE CLIENT CODE
15.1 Unique Client Code40
It shall be mandatory for the broker to use unique client code for all clients. For this purpose the broker shall collect and maintain in their back office the Permanent Account Number (PAN) allotted by the Income Tax Department for all their clients.
Incase of other entities –
1. Brokers shall verify the documents with respect to the unique code retain a copy of the document.
2. The brokers shall also be required to furnish the above particulars of their clients to the stock exchanges/clearing corporations and the same would be updated on a monthly basis. Such information for a specific month should reach the exchange within 7 working days of the following month.41
3. The stock exchanges shall be required to maintain a database of client details submitted by brokers. Historical records of all quarterly submissions shall be maintained for a period of 7 years by the exchanges.
15.2 Unique Client Code for Mutual Funds and FIIs42
MFs and the FIIs shall enter the unique client codes pertaining to the parent MF and parent FII at the order entry level and do allocation to the individual schemes of the MFs and sub-accounts of the FIIs in the post closing session.
40 Circular No. SMDRP/Policy/CIR-39/2001 dated July 18, 2001.
41 Circular no. SEBI/MRD/SE/Cir-34 /2003/29/09 dated September 29, 2003
42 Circular No. SEBI/SMD/SE/11/2003/31/03 dated March 31, 2003.
Circular No. MRD/DoP/SE/Cir- 35/2004 dated October 26, 2004.
SECTION - 16: TRANSACTION CHARGES BY THE STOCK EXCHANGES.43
16.1 Transaction charges are being levied by the stock exchange on the trades executed on their trading platform.
16.2 Stock exchanges, while revising such transaction charges, are advised to ensure that:
a) The stock exchange system is capable of handling additional load.
b) It does not affect the existing risk management system.
c) It does not favour selective trades or selective category of investor.
d) It does not encourage generation of artificial demand.
e) It does not result in any market irregularities.
f) It is uniformly applied to trades of similar nature.
g) It is imposed in fair and transparent manner.
43 Circular No MRD/DoP/SE/Cir-14/2009 dated October 14, 2009
SECTION – 17: PRESERVATION OF RECORDS44
17.1 In supersession to SEBI circular no. SEBI/MRD/SE/Cir-15/2005 dated August 4, 2005 and SEBI/MRD/SE/Cir-23/05 dated December 22, 2005, Rules 14 and 15 of Securities Contracts (Regulation) Rules, 1957, require every recognized stock exchange and its members to maintain and preserve the specified books of account and documents for a period ranging from two years to five years. As per regulation 18 of SEBI (Stock Brokers & Sub-brokers) Regulations, 1992, every
stock broker shall preserve the specified books of account and other records for a minimum period of five years. In case such documents are maintained in electronic form, provisions of Information Technology Act, 2000 in this regard shall be complied with.
17.2 Further, enforcement agencies like CBI, Police, Crime Branch etc. collect copies of the various records/documents during the course of their investigation.
Therefore if a copy is taken by such enforcement agency either from physical or electronic record then the respective original is to be maintained till the trial or investigation proceedings have concluded. 44
44 Circular No MRD/DoP/SE/Cir- 21 /2009 dated December 9, 2009
SECTION – 18: CALL AUCTION
18.1 Call Auction in Pre-Open Session45
1. The issue regarding call auction and its use in various session, including pre-open session was deliberated in Secondary Market Advisory Committee (SMAC). Based on the recommendation of the committee and proposal received from the stock exchanges, it has been decided to introduce call auction mechanism in pre-open session.
2. To begin with, pre-open session shall be introduced on a pilot basis by BSE and NSE for the scrips forming part of Sensex and Nifty. The list of scrips is placed at annexure ‘A’. In case of any change in the composition of Sensex and Nifty, pre-open session shall be introduced for such incoming scrips. Pre-open session shall also continue for the scrips moving out of Sensex and Nifty, though they will not be reckoned for the computation of the index.
3. The pre-open session shall be for a duration of 15 minutes i.e. from 9:00 a.m. to 9:15 a.m., out of which 8 minutes shall be allowed for order entry, order modification and order cancellation, 4 minutes for order matching and trade confirmation and the remaining 3 minutes shall be the buffer period to facilitate the transition from pre-open session to the normal market.
4. The session shall close randomly during last one minute of order entry i.e. anytime between 7th and 8th minute of the order entry. Such random closure shall be system driven.
5. Limit orders and market orders shall be entered during the pre-open session and both shall be reckoned for computation of equilibrium price. No iceberg order will be allowed i.e orders shall be disclosed in full quantity. 6. Price band of 20% shall be applicable on the securities during pre-open session.
7. In case the index breaches the prescribed threshold limit upon the closure of pre-open session, the procedure as prescribed in SEBI Circular Ref. No. SMDRPD/Policy/Cir-37 /2001 dated June 28, 2001 shall be applicable from the time continuous normal market opens.
45 Circular No CIR/MRD/DP/21/2010 dated July 15, 2010
8. The equilibrium price shall be the price at which the maximum volume is executable. In case more than one price meets the said criteria, the equilibrium price shall be the price at which there is minimum order imbalance quantity (unmatched order quantity). The absolute value of the minimum order imbalance quantity shall be taken into consideration.
Further, in case more than one price has same minimum order imbalance quantity, the equilibrium price shall be the price closest to the previous day’s closing price. In case the previous day’s closing price is the mid-value of a pair of prices which are closest to it, then the previous day’s closing price itself shall be taken as the equilibrium price. In case of corporate action, previous day’s closing price shall be the adjustable closing price or the base price.
Explanation: A scenario may arise, wherein; more than one price may have same minimum imbalance quantity. Example on the same is given hereunder:
Price Buy Cum. Sell Cum. Unmatched Vol.
(Qty) Buy Qty (Qty) Sell Qty Quantity tradable
106 0 3000 8000 -8000 0
103 2000 2000 3000 5000 -3000 2000
96 3000 5000 1000 2000 3000 2000
94 1500 6500 1000 1000 5500 1000
92 2000 8500 0 8500 0
90 1000 9500 0 9500 0
In the said example 103 and 96 are the prices wherein, the volume tradable and unmatched quantity is the same. To derive the equilibrium price, the said prices i.e. 103 and 96 which is closest to the previous day’s closing price shall be considered. In case the previous day’s closing price is 95, then, 96 may be considered as the equilibrium price. In case the previous day’s closing price is 105, then, 103 may be considered as the equilibrium price.
In case the previous day’s closing price is 99.5 which is the mid-value of 103 and 96, then the equilibrium price shall be the previous day’s closing price i.e. 99.5.
9. Pursuant to the discovery of price in the pre-open session, at the time of order execution, limit orders shall be given priority over market orders. The sequence for executing orders is given below:
a) Eligible Limit orders shall be matched with eligible limit orders.
b) Residual eligible limit orders shall be matched with market orders.
c) Market orders to be matched with market orders.
10. In case of pending unmatched orders in pre-open session, they shall be shifted to the order book of the normal market following time priority. Unmatched market orders will shift to the normal market order book as limit orders at a price as discovered in the pre-open session.
11. In case the equilibrium price is not discovered in the pre-open session46:
a) Wherein, there are only market orders, the market orders shall be matched at previous day’s close price and all unmatched market orders shall be shifted to the order book of the normal market at previous day’s close price following time priority. Previous day’s close price shall be the opening price.
b) Wherein, there are no market orders to be matched, all unmatched market orders (at previous day’s close price) and limit orders shall be shifted to the order book of the normal market following price time priority.
12. The current risk management system for cash market shall be applicable to pre-open session.
13. The following information shall be disseminated during pre-open session:
a) Indicative equilibrium price of the scrip
b) Indicative cumulative buy and sell quantity of the scrip
c) Indicative Index
14. This framework for call auction shall be reviewed after 3 months from the commencement of the pre-open session.
15. The Stock Exchanges shall issue the necessary guidelines in this regard and shall put in place the necessary systems to ensure the operationalization of the above.
46 Circular No. CIR/MRD/DP/32/2010 dated September 17, 2010
18.2 Call Auction in Pre-open session for Initial Public Offering (IPO) and Re-listed
scrips47
1. Duration of Session
The session shall be for a duration of 60 minutes i.e. from 9:00 a.m. to 10:00 a.m., out of which 45 minutes shall be allowed for order entry, order modification and order cancellation, 10 minutes for order matching and trade confirmation and the remaining 5 minutes shall be the buffer period to facilitate the transition from pre-open session to the normal trading session.
The session shall close randomly during last one minute of order entry i.e. anytime between 44th and 45th minute of the order entry. Such random closure shall be system driven.
2. Eligible Scrips
I. IPO scrips on the first day of trading
a. Price Bands
There shall be no price bands in the pre-open session.
b. Market Orders
Market orders shall not be accepted in pre-open session.
c. Matched Orders
For matched orders the provisions of SEBI circulars and letter mentioned at para 1 above shall apply.
d. Un-matched orders
All outstanding orders will be moved to the normal trading session at their Limit price.
II. Re-listed Scrips
a. Price Bands
There shall be no price bands for re-listed scrips during pre-open session.
b. Market Orders
Market orders shall not be accepted in the pre-open session.
47 Circular No. CIR/MRD/DP/01/2012 dated January 20, 2012
c. Matched Orders
For matched orders the provisions of SEBI circulars and letter mentioned at para 1 above shall apply.
d. Un-matched orders
i. In case equilibrium price is discovered, all outstanding orders shall be moved to the normal trading session at their limit price.
ii. In case equilibrium price is not discovered, all orders shall be cancelled and the scrip shall continue to trade in call auction mechanism until price is determined.
3. Risk Management – For IPO scrips with an issue size greater than Rs 250 cr the risk management provisions as prescribed vide SEBI circular dated July 15, 2010 and letter dated September 17, 2010 shall remain applicable for preopen session. For IPO scrips with issue size upto Rs 250 cr and Re-listed scrips it is advised that margins shall be checked and blocked for 100% of the order value at the order level itself before considering the order eligible for inclusion in pre-open session.
4. The date of commencement of pre-open session for all eligible scrips shall be uniform between both the stock exchanges.
SECTION – 19: RECONCILIATION OF SHARE CAPITAL AUDIT (Earlier Secretarial Audit) 48
All the issuer companies shall subject themselves to a “Reconciliation of Share Capital audit”49 to be undertaken by a qualified Chartered Accountant or a Company Secretary, for the purposes of reconciliation of the total admitted capital with both the depositories and the total issued and listed capital.
The audit shall cover the following aspects and certify among others:
a. That the total of the shares held in NSDL, CDSL and in the physical form tally with the issued / paid-up capital.
b. That the Register of Members (RoM) is updated.
c. That the dematerialisation requests have been confirmed within 21 days and state the shares pending confirmation for more than 21 days from the date of requests and reasons for delay.
d. The details of changes in share capital (due to rights, bonus, preferential issue, IPO, buyback, capital reduction, amalgamation, de-merger etc) during the quarter and certify in case of listed companies whether inprinciple approval for listing from all stock exchanges was obtained in
respect of all further issues.
The issuer companies shall submit the audit report on a quarterly basis within 30 days from the end of each quarter to the stock exchange/s where they are listed.
Any difference observed in the admitted, issued and listed capital shall be immediately brought to the notice of SEBI and both the Depositories by the stock exchanges. This report shall also be placed before the Board of Directors of the issuer company.
Submission of Audit Report50
The stock exchanges are advised as under:
a) To draw the attention of the listed companies to the aforesaid provisions and the need for effective compliance with the said provisions. Further, stock
48 Circular No D&CC/FITTC/CIR – 16/2002 dated December 31, 2002.
49 Circular No CIR/MRD/DP/30/2010 dated September 6, 2010.
50 Circular No SEBI/MRD/Policy/CIR-13/2004 dated March 3, 2004
exchanges are advised to inform the companies that submission of the audit report is a continuous requirement and accordingly, comply with the same regularly on time.
b) To put in place a system for monitoring the compliance of the aforesaid disclosure requirements by the listed companies.
c) To draw the attention of the companies that failure to comply with the aforesaid provisions would be viewed seriously and penal actions including adjudication proceedings would be initiated by SEBI against the companies. d) To take any other suitable steps to ensure compliance by the companies with the audit requirement.
e) To submit the status reports to SEBI on the extent of compliance with the audit requirement by the listed companies, within 45 days from the end of each quarter.
SECTION – 20: CHANGE OF NAME BY LISTED COMPANIES
20.1 Change of Name of Listed Companies
1. The Exchanges are advised to amend Clause 32 and 41 of the Listing Agreement to provide that companies who changed their name suggesting a new line of business (including software business), shall disclose the turnover and income, etc., from such new activities separately in the quarterly/ annual results required to be submitted/ published in compliance with these clauses.
Companies which have changed their name after January 1, 1998 or change the name hereafter shall make such disclosures and shall continue to make these disclosures for a period of 3 years from the date of change in the name.51
2. In addition to the above, all listed companies which decide to change their names shall be required to comply with the following conditions52:
2.1 A time period of atleast 1 year should have elapsed from the last name change.
2.2 Atleast 50% of its total revenue in the preceding 1 year period should have been account for by the new activity suggested by the new name. OR
The amount invested in the new activity/project (Fixed Assets + Advances + Works In Progress) is atleast 50% of the assets of the company. The ‘Advances’ shall include only those extended to contractors and suppliers towards execution of project, specific to new activity as reflected in the new name53.
To confirm the compliance of the aforesaid provision 2.2, the company shall submit auditor’s certificate to the exchange.
2.3 The new name along with the old name shall be disclosed through the web sites of the respective stock exchange(s) where the company is listed and also through the EDIFAR web site for a continuous period of one year, from the date of the last name change.
51 Circular no SMDRP/POLIY/CIR-8/99 dated April 26, 1999
52 Circular no SEBI/MRD/Policy/AT/Cir/20/2004 dated April 30, 2004
53 Circular No. Cir/MRD/DP/07/2011 dated June 16, 2011
SECTION – 21: OFFER OF SALE OF SHARES BY PROMOTERS THROUGH STOCK EXCHANGE MECHANISM54
21.1 Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism
1. Eligibility
(a) Exchanges
To begin with, the facility of offer for sale of shares shall be available on Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
(b) Sellers
(i) All promoter(s)/ promoter group entities of such companies that are eligible for trading and are required to increase public shareholding to meet the minimum public shareholding requirements in terms Rule 19(2)(b) and 19A of Securities Contracts (Regulation) Rules, 1957 (SCRR), read with clause 40A (ii) (c) of Listing Agreement.
(ii) All promoter(s)/ promoter group entities of top 100 companies based on average market capitalization of the last completed quarter.
For (i) and (ii) above, the promoter/promoter group entities should not have purchased and/or sold the shares of the company in the 12 weeks period prior to the offer and they should undertake not to purchase and/or sell shares of the company in the 12 weeks period after the offer.
(c) Buyers
All investors registered with the brokers of the aforementioned stock exchanges other than the promoter(s)/ promoter group entities.
2. Definitions
(a) "Single Clearing Price” is the price at which the shares are allocated to the successful bidders in a proportionate basis methodology.
54 Circular No. CIR/MRD/DP/05/2012 dated February 1, 2012
(b) “Multiple Clearing Prices” are the prices at which the shares are allocated to the successful bidders in a price priority methodology.
(c) “Indicative Price” is the price at which the quantity offered is exhausted. (d) “Floor Price” is the minimum price at which the seller intends to sell the shares.
3. Size of Offer for sale of shares
The size of the offer shall be atleast 1% of the paid-up capital of the company, subject to a minimum of Rs 25 crores. However, in respect of companies, where 1% of the paid-up capital at closing price on the specified date is less than Rs 25 crores, dilution would be atleast 10% of the paid-up capital or such lesser percentage so as to achieve minimum public shareholding in a single tranche.
Note: Specified date shall be the last trading day of the last completed quarter
4. Advertisement and offer expenses
(a) Advertisements about the offer for sale of shares through stock exchange(s) shall be made after the announcement/ notice of the offer for sale of shares has been made to the stock exchanges in accordance with para 5 (b) below. It is further clarified that the content of the advertisement, if any, to be issued in terms of Para 4 (a), shall be restricted to the contents of the notice as given to the stock exchange under Para 5 (b)55.
(b) All expenses relating to offer for sale of shares through stock exchange(s) shall be borne by the seller(s).
55 Circular No. CIR/MRD/DP/8/2012 dated February 27, 2012
5. Operational Requirements
(a) Appointment of Broker
The Seller(s) would have to appoint Sellers’ broker(s) for this purpose. The Seller’s broker(s) may also undertake transactions on behalf of eligible buyers.
(b) Announcement/ Notice of the Offer for sale of shares
Seller(s) shall announce the intention of sale of shares at least one clear trading day prior to the opening of offer, along with the following information:
(i) Name of the seller(s) (promoter/ promoter group) and the name of the company whose shares are proposed to be sold.
(ii) Name of the Exchange(s) where the orders shall be placed. In case orders are to be placed on both BSE and NSE, one of them shall be declared as the Designated Stock Exchange (“DSE”).
(iii) Date and time of the opening and closing of the offer.
(iv) Allocation methodology i.e. either on a price priority (multiple clearing prices) basis or on a proportionate basis at a single clearing price.
(v) Number of shares being offered for sale.
(vi) The name of the broker(s) on behalf of the seller(s).
(vii) Floor price, if the seller(s) chooses to announce it to the market or a declaration to the effect that the floor price will be submitted to the stock exchange(s) in a sealed envelope which shall be declared post closure of the offer.
(viii) Conditions, if any, for withdrawal or cancellation of the offer.
(c) Floor price
(i) Seller(s) may declare a floor price in the announcement/ notice
(ii) In case the seller(s) chooses not to publicly disclose the floor price, the seller(s) shall give the floor price in a sealed envelope to DSE before the opening of the offer.
(iii) The floor price if not declared to the market, shall not be disclosed to anybody, including the selling broker(s).
(iv) Sealed envelope shall be opened by the DSE after the closure of the offer for sale and the floor price suitably disseminated to the market.
(d) Timelines
(i) The duration of the offer for sale shall not exceed one trading day.
(ii) The placing of orders by trading members shall take place during trading hours.
(e) Order Placement
(i) A separate window for the purpose of offer for sale of shares shall be created by stock exchanges. Modification/ Cancellation of orders/ bids will be allowed during the period of the offer. However, modification/ cancellation of orders/ bids shall not be allowed
during the last 30 minutes of the duration of the offer..
(ii) Cumulative orders/ bid quantity information shall be made available online by the exchanges at specific time intervals. The indicative price shall be disclosed by the exchanges only during the last half an hour of the duration of the offer for sale. (Indicative price shall reflect the the volume weighted average price of all the bids that have exhausted the quantity offered).56
(iii) No price bands shall be applicable for the orders/ bids placed in the offer for sale. Stock specific tick size as per the extant practice in normal trading session shall be made applicable for this window.
(iv) In case of shares under offer for sale, the trading in the normal market shall also continue. However, in case of market closure due to the incidence of breach of ‘Market wide index based circuit filter’, the offer for sale shall be halted.
(v) Only limit orders/ bids shall be permitted.
(vi) Multiple orders from a single buyer shall be permitted.
(vii) In case floor price is disclosed, orders/ bids below floor price shall not be accepted.
6. Risk Management
(a) Stock Exchange shall collect 100% of the order value in cash, at the order level for every buy order/ bid. Such funds shall neither be utilized against any other obligation of the trading member nor co-mingled with other segments. Such upfront collection shall also be applicable for all institutional orders.
(b) In case of order/bid modification/cancellation, such funds shall be released/collected on a real time basis by the stock exchange.
56 Circular No. CIR/MRD/DP/7/2012 dated February 23, 2012
(c) The seller(s) shall deposit the entire quantity of shares offered for sale as payin with the clearing corporation/clearing house or DSE prior to the commencement of the offer. No other margin shall be charged on the seller(s).
7. Allocation
(a) Minimum of 25% of the shares offered shall be reserved for mutual funds and insurance companies, subject to allocation methodology. Any unsubscribed portion thereof shall be available to the other bidders.
(b) The orders shall be cumulated by the DSE immediately on close of the offer. Based on the methodology for allocation to be followed as disclosed in the notice, the DSE shall draw up the allocation. i.e. either on a price priority (multiple prices) basis or on a proportionate basis at a single clearing price.
(c) No allocation will be made incase of order/ bid is below floor price.
(d) No single bidder other than mutual funds and insurance companies shall be allocated more than 25% of the size of offer for sale.
8. Settlement
(a) The settlement shall take place similar to trade for trade basis.and shall be completed latest by T + 2 day (where T is the date of the closure of the offer). The allocation and the obligations resulting thereof shall be intimated to the brokers not later than T+1 day.
(b) There shall be no netting of settlement at broker’s end.
(c) The clearing house of DSE shall transfer the shares received as payin to the clearing corporation/clearing house of the other stock exchange, to the extent of their obligations.
(d) Funds collected from the bidders who have not been allocated shares shall be released after the download of the obligation.
(e) The direct credit of shares shall be given to the demat account of the successful bidder provided it is indicated by the broker/bidder.
9. Issuance of Contract Notes
The brokers shall be required to issue contract note to the client based on the allotment price and quantity in terms of conditions specified by the exchange.
10. Withdrawal of offer
The offer for sale may be withdrawn prior to its proposed opening. In such a case there will be a cooling off period of 10 trading days from the date of withdrawal before an offer is made once again. The stock exchange(s) shall suitably disseminate details of such withdrawal.
11. Cancellation of offer
Cancellation of offer shall not be permitted during the bidding period. If the seller(s) fails to get sufficient demand at or above the floor price, he may choose to either conclude the offer or cancel it in full.
REFERENCE – List of Circulars
1. Circular No. SMD/RCG/CIR/(BKG)/293/95 dated March 14, 1995.
2. Circular No. SMD/POLICY/IECG/ 1 – 97 dated February 11, 1997
3. Circular No. SMDRP/POLICY CIR-2/99 dated January 14, 1999.
4. Circular No. SMDRP/POLICY/Cir-8/99 dated April 26, 1999
5. Circular No. SMDRP/POLICY/CIR-32/99 dated September 14, 1999.
6. Circular No. SMDRP/Policy/Cir.- 21/99 dated July 08, 1999.
7. Circular No. SMDRP/POLICY/CIR-04/2000 dated January 20, 2000
8. Circular No. SMDRP/Policy/Cir-41/2000 dated September 11, 2000
9. Circular No. SMDRPD/Policy/Cir-37 /2001 dated June 28, 2001
10. Circular No. SMDRP/Policy/CIR-39/2001 dated July 18, 2001.
11. Circular No. SMDRP/POLICY/CIR-14/2002 dated June 25, 2002.
12. Circular No D&CC/FITTC/CIR – 16/2002 dated December 31, 2002
13. Circular No. SEBI/SMD/SE/11/2003/31/03 dated March 31, 2003.
14. Circular No. SEBI/MRD/SE/Cir- 42 /2003 dated November 19, 2003.
15. Circular No. SEBI/MRD/SE/Cir- 32/2003/27/08 dated August 27, 2003.
16. Circular No. SEBI/MRD/SE/Cir-34 /2003/29/09 dated September 29, 2003
17. Circular No. SEBI/MRD/SE/Cir-7 /2004 dated January 14, 2004.
18. Circular No. SEBI/MRD/SE/Cir- 12/2004 dated February 26, 2004
19. Circular No SEBI/MRD/Policy/CIR-13/2004 dated March 3, 2004
20. Circular No. SEBI/MRD/SE/SU/Cir-15/04 dated March 19, 2004
21. Circular No. SEBI/MRD/SE/SU/Cir-16/04 dated March 31, 2004
22. Circular No. SEBI/MRD/Policy/AT/Cir-20/2004 dated April 30, 2004
23. Circular No. MRD/DoP/SE/Cir-28/2004 dated August 23, 2004
24. Circular No. MRD/DoP/SE/Cir- 35/2004 dated October 26, 2004.
25. Circular No. MRD/DoP/SE/Cir-08/2005 dated March 4, 2005
26. Circular No. MRD/DoP/SE/Cir- 19 /05 dated September 2, 2005
27. Circular No. MRD/DoP/SE/Cir- 8 /2006 dated July 13, 2006.
28. Circular No. MRD/DoP/Dep/Cir-09/06 dated July 20, 2006.
29. Circular No. MRD/DoP/Dep/SE/Cir -09/06 dated July 20, 2006.
30. Circular No. MRD/DoP/Dep/SE/Cir-13/06 dated September 26, 2006.
31. Circular No. MRD/DoP/Dep/SE/Cir -17/06 dated October 27, 2006
32. Circular No. MRD/DoP/Cir-05/2007 dated April 27, 2007.
33. Circular No. MRD/DoP/SE/Dep/Cir- 14 /2007 dated December 20, 2007.
34. Circular No. MRD/DoP/SE/Cir- 05 /2008 dated March 19, 2008
35. Circular No. MRD/DoP/Cir-20/2008 dated June 30, 2008.
36. Circular No. MRD/DoP/SE/Cir- 31 /2008 dated October 31, 2008
37. Circular No. MRD/DoP/ Cir-05/2009 dated May 20, 2009
38. Circular No. MRD/DoP/SE/Cir-14/2009 dated October 14, 2009
39. Circular No. MRD/DoP/SE/Cir- 21 /2009 dated December 9, 2009
40. Circular No. SEBI/MRD/DoP/SE/Dep/Cir- 01 /2010 dated January 06, 2010.
41. Circular No. SEBI/MRD/DoP/SE/RTA/Cir-03/2010 dated January 07, 2010.
42. Circular No. CIR/MRD/DP/21/2010 dated July 15, 2010.
43. Circular No CIR/MRD/DP/30/2010 dated September 6, 2010.
44. Circular No. CIR/MRD/DP/32/2010 dated September 17, 2010.
45. Circular No. CIR/MRD/DP/ 33/2010 dated October 07, 2010.
46. CIrcular No. CIR/MRD/DP/07/2011 dated June 16, 2011
47. Circular No. CIR/MRD/DP/01/2012 dated January 20, 2012
48. Circular No. CIR/MRD/DP/02/2012 dated January 20, 2012
49. Circualr No. CIR/MRD/DP/05/2012 dated February 01/ 2012
50. Circular No. CIR/MRD/DP/7/2012 dated February 23, 2012
51. Circular No. CIR/MRD/DP/8/2012 dated February 27, 2012
ANNEXURE 2
MASTER CIRCULAR FOR STOCK EXCHANGES ON
TRADING PART - II
1. This Master Circular includes circulars issued upto March 31, 2012.
2. Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and shall be applicable from the date of its issue.
MASTER CIRCULAR – TRADING – PART II
SECTION – 1: INTERNET TRADING ...................................................................... 4
1.1 Conditions to be met by Broker for providing Internet Based Trading Service . 4
1.2 Securities Trading through Wireless medium on Wireless Application Protocol
(WAP) platform .............................................................................................................. 7
1.3 Securities Trading using Wireless Technology .................................................. 9
1.4 Additional Requirements for Internet Based Trading (IBT) and Securities
trading using Wireless Technology (STWT) ................................................................ 10
SECTION – 2: DIRECT MARKET ACCESS ........................................................... 12
2.1 Direct Market Access Facility .......................................................................... 12
2.2 Application for Direct Market Access (DMA) facility ..................................... 12
2.3 Operational specifications ................................................................................. 12
2.4 Client Authorization and Broker – Client agreement ....................................... 13
2.5 DMA Facility through Investment Manager ..................................................... 14
2.6 Risk Management ............................................................................................. 15
2.7 Broker to be liable for DMA trades .................................................................. 15
2.8 Cross Trades...................................................................................................... 16
2.9 Other legal provisions ....................................................................................... 16
SECTION – 3: ELECTRONIC CONTRACT NOTE .............................................. 17
3.1 Use of Digital Signature on Contract Notes .................................................... 17
3.2 Issuance of Contract Notes in electronic form ................................................ 17
3.3 Electronic issuance of contract notes – Additional conditions ..................... 17
3.4 Format for Issuance of Electronic Contract Notes ............................................ 19
SECTION - 4: INTRODUCTION OF NEW TRADING SEGMENT ................... 21
4.1 New Trading Segment ...................................................................................... 21
SECTION – 5: STRAIGHT THROUGH PROCESSING ....................................... 22
5.1 Mechanism ........................................................................................................ 22
5.2 The system flow of the STP framework ........................................................... 22
5.3 SEBI (STP centralised hub and STP service providers) Guidelines, 2004 ....... 24
5.4 Work flow for institutional investors ................................................................ 25
5.5 Clarification ...................................................................................................... 28
5.6 Modifications in the prescribed messaging formats ......................................... 28
SECTION – 6 : TRADING TERMINALS ................................................................ 30
6.1 Usage of software by Broker/ Sub-broker ........................................................ 30
6.2 Standing Committee .......................................................................................... 30
6.3 Expansion of trading terminals of the Exchange .............................................. 31
6.4 Broad Guidelines for opening Trading Terminals abroad ................................ 31
6.5 Annexure - Guidelines For Opening Of Trading Terminals Abroad ................ 31
SECTION – 7: SMART ORDER ROUTING ........................................................... 34
7.1 Introduction of Smart Order Routing ................................................................ 34
SECTION – 8: ALGORITHMIC TRADING ........................................................... 38
8.1 Broad Guidelines on Algorithmic Trading ..................................................... 38
REFERENCE – List of Circular ................................................................................ 42
SECTION – 1: INTERNET TRADING
1.1 Conditions to be met by Broker for providing Internet Based Trading Service1
To provide Internet Based Trading Service the broker will be required to apply to the respective stock exchange for a formal permission. The stock exchange should grant approval or reject the application as the case may be, and communicate its decision to the member within 30 calendar days of the date of completed application submitted to the exchange.
However before giving permission to broker to start internet based services, stock exchange shall ensure that the broker meets the minimum condition of the criteria’s’ mentioned in circular. The criteria’s are mentioned as below:
i. Networth Requirement –
The broker must have a minimum net worth of Rs.50 lacs if the broker is providing the Internet based facility on his own. However, if some brokers collectively approach a service provider for providing the internet trading facility, net worth criteria as stipulated by the stock exchange will
apply. The net worth will be computed as per the SEBI circular no FITTC/DC/CIR-1/98 dated June 16, 1998.
ii. Operational and System Requirements :
a. Operational Integrity – The Stock Exchange must ensure that the system used by the broker has provision for security, reliability and confidentiality of data through use of encryption technology. (Basic minimum security standards are specified in following paras). The Stock Exchange must also ensure that records maintained in electronic form by the broker are not susceptible to manipulation.
b. System Capacity - The Stock Exchange must ensure that the brokers maintain adequate backup systems and data storage capacity. The Stock Exchange must also ensure that the brokers
have adequate system capacity for handling data transfer, and arranged for alternative means of communications in case of Internet link failure.
c. Qualified Personnel - The Stock Exchange must lay down the minimum qualification for personnel to ensure that the broker has
1 Circular No. SMDRP/POLICY/CIR- 06/2000 dated January 31, 2000.
suitably qualified and adequate personnel to handle communication including trading instructions as well as other back office work which is likely to increase because of higher volumes.
d. Written Procedures - Stock Exchange must develop uniform written procedures to handle contingency situations and for review of incoming and outgoing electronic correspondence.
e. Signature Verification/ Authentication - It is desirable that participants use authentication technologies. For this purpose it should be mandatory for participants to use certification agencies as and when notified by Government / SEBI. They should also clearly specify when manual signatures would be required.
iii. Client Broker Relationship –
a. Know Your Client - The Stock Exchange must ensure that brokers comply with all requirements of “Know Your Client” and have sufficient, verifiable information about clients, which would facilitate risk evaluation of clients.
b. Broker-Client Agreement - Brokers must enter into an agreement with clients spelling out all obligations and rights. This agreement should also include inter alia, the minimum service standards to be maintained by the broker for such services specified by SEBI/Exchanges for the Internet based trading from time to time.
Exchanges will prepare a model agreement for this purpose. The broker agreement with clients should not have any clause that is less stringent/contrary to the conditions stipulated in the model agreement prepared by the Exchanges for this purpose.
c. Investor Information - The broker web site providing the internet based trading facility should contain information meant for investor protection such as rules and regulations affecting client
broker relationship, arbitration rules, investor protection rules etc.The broker web site providing the Internet based trading facility should also provide and display prominently, hyper link to the
web site/ page on the web site of the relevant stock exchange(s) displaying rules/ regulations/circulars. Ticker/quote/order book displayed on the web-site of the broker should display the time stamp as well as the source of such information against the given information.
d. Order/Trade Confirmation - Order/Trade confirmation should also be sent to the investor through email at client’s discretion at the time period specified by the client in addition to the other mode of display of such confirmations on real time basis on the broker web site. The investor should be allowed to specify the time interval on the web site itself within which he would like to receive this information through email. Facility for reconfirmation of orders which are larger than that specified by the member’s risk management system should be provided on the internet based system.
e. Handling Complaints by Investors - Exchanges should monitor complaints from investors regarding service provided by brokers to ensure a minimum level of service. Exchange should have separate cell specifically to handle Internet trading related complaints. It is desirable that exchanges should also have facility for on-line registration of complaints on their web-site.
iv. Risk Management –
Exchanges must ensure that brokers have a system-based control on the trading limits of clients, and exposures taken by clients. Brokers must set pre-defined limits on the exposure and turnover of each client. The broker systems should be capable of assessing the risk of the client as soon as the order comes in. The client should be informed of acceptance/rejection of the order within a reasonable period. In case system based control rejects an order because of client having exceeded limits etc., the broker system may have a review and release facility to allow the order to pass through.
Reports on margin requirements, payment and delivery obligations, etc. should be informed to the client through the system.
v. Contract Notes - Contract notes must be issued to clients as per existing regulations, within 24 hours of the trade execution.
vi. Cross Trades - As in the case of existing system, brokers using Internet based systems for routing client orders will not be allowed to cross trades of their clients with each other. All orders must be offered to the market for matching.
vii. Others – The other criteria’s mentioned deal with Network Security Protocols and Interface Standards, Network Security, Standards of Web Interface Protocols and System operations.
In addition to the requirements mentioned above, all existing obligations of the broker as per current regulations will continue without changes.
1.2 Securities Trading through Wireless medium on Wireless Application Protocol (WAP) platform.2
A broker providing stock trading through WAP must be a SEBI registered broker who also has an Internet website which complies with all the requirements laid down by SEBI in its circular no. SMDRP/Policy/Cir-06/2000 dated January 31, 2000. With regard to the requirements mentioned in the aforesaid circular, some additional requirements are to be met by the broker for providing securities transaction through WAP. These requirements are provided in the following criteria’s:
i. Network Security
a. The break in data encryption at the WAP gateway server raises security issues. Until the shortcoming is addressed by WAP, the WAP server should be hosted by the broker itself and not by a third party.
b. Suitable firewalls should be installed between trading set-up directly connected to an Exchange trading system and the WAP server.
c. WTLS (Wireless Transport Layer Security) level security or a higher level of security (as and when available) for wireless communication is mandatory for wireless transactions.
d. The WTLS encrypts data upto the WAP Gateway server. Transmission from the WAP Gateway server to the Internet server should be secured using Secured Socket Level Security, preferably
with 128 bit encryption, for server access through Internet. Alternately, the WAP Gateway server and Internet server may be cohosted. The server resource should not be shared for any other applications.
2 Circular No. SMDRP/Policy/Cir-48/2000 dated October 11, 2000.
e. The following security measures applicable for fixed Internet based systems should be made mandatory:
i) User ID
ii) First Level password (Private code)
iii) Automatic expiry of passwords at the end of a reasonable duration. Reinitialize access on entering fresh passwords
iv) All transaction logs with proper audit facilities to be maintained in the system.
f. Digitally signed transactions ensure client authentication and support non-repudiation. Digital certification should be mandatory for participants as and when certification agencies are notified by Government / SEBI.
g. In case of failure of the network, alternative means of communication such as telephone, Internet or e-mail should be available.
ii. Price Quotes/ Order/ Trade Confirmations
a. Stock quotes should be time-stamped.
b. All orders and trades must be identified by a unique ID. Order confirmation must be provided to the user on submitting the order.
Order modification/ cancellation facilities must also be provided.
This may be provided using alternate protocols in case the same is not supported by WAP.
c. Trade confirmation should be provided to the user through e-mail and/or on the mobile phone.
iii. System operations.
a. Brokers should follow the similar logic/priorities used by the Exchange to treat client orders.
b. Orders/ trades placed through either fixed Internet or WAP system should be accessible from both systems.
c. Brokers should maintain all activities/ alerts log with audit trail facility.
d. Broker Web Server should have internally generated unique numbering for all client order/trades.
iv. Risk Management.
It is emphasised that risk management should be comprehensive and the risk management systems should take into account the overall positions of clients, irrespective of the medium of trading.
1.3 Securities Trading using Wireless Technology3
1. It has been decided that SEBI registered brokers who provide Internet Based Trading as specified by SEBI circular no. SMDRP/POLICY/CIR-06/2000 dated January 31, 2000 shall be eligible to provide securities trading using wireless technology. All relevant requirements applicable to internet based trading shall also be applicable to securities trading using wireless technology.
2. Securities Trading using Wireless technology shall include devices such as mobile phone, laptop with data card, etc, that use Internet Protocol (IP).
3. In addition, the stock exchange shall ensure that the broker complies with the following -
a. There shall be secure access, encryption and security of communication for internet based trading and securities trading using wireless technology. DOT policy and regulation shall govern the level of encryption.
b. Adequate measures should be taken for user identification, authentication and access control using means such as user-id, passwords, smart cards, biometric devices or other reliable means, to prevent misuse of facility by unauthorized persons.
c. Unique identification number as given in case of internet based trading shall be made applicable for securities trading using wireless technology. d. In case of failure of the wireless network, alternative means of communication for placing orders should be available.
e. Additional provisions specifying possible risks, responsibilities and liabilities associated with securities trading using wireless technology should be incorporated in the Broker-Client agreement as an addendum or by bringing to the notice of clients, who are desirous of availing such facility, and taking their concurrence on the same.
f. As it may not be possible to give detailed information to the investor on a hand held device e.g. mobile phones, it may be ensured that minimum
3 Circular No. CIR/MRD/DP/ 25/2010 dated August 27, 2010
information may be given with addresses of the Internet web site/web page where detailed information would be available.
g. Order confirmation should be provided to the user on submitting the order. Order modification / cancellation facilities should also be provided.
Trade confirmation should be provided to the user, along with history of trades for the day.
h. Session login details should not be stored on the devices used for internet based trading and securities trading using wireless technology.
i. Network security protocols and interface standards should be as per prevalent industry standards and sound audit trails should be available
for all transactions conducted using wireless devices.
j. The broker’s server routing orders to the exchange trading system shall be located in India.
k. Stock exchanges shall arrange for periodic systems audits of broker systems to ensure that requirements specified in the circulars are being met.
l. Stock exchange shall also include securities trading using wireless technology in their ongoing investor awareness and educational programme
1.4 Additional Requirements for Internet Based Trading (IBT) and Securities trading using Wireless Technology (STWT)4
1. The stock exchange shall ensure that the broker comply with the following –
a. The broker shall capture the IP (Internet Protocol) address (from where the orders are originating), for all IBT/ STWT orders.
b. The brokers system should have built-in high system availability to address any single point failure.
c. There should be secure end-to-end encryption for all data transmission between the client and the broker through a Secure Standardized Protocol.
4 Circular No. CIR/MRD/DP/08/2011 dated June 30, 2011
A procedure of mutual authentication between the client and the broker server should be implemented.
d. The broker system should have adequate safety features to ensure it is not susceptible to internal/ external attacks.
e. In case of failure of IBT/ STWT, the alternate channel of communication shall have adequate capabilities for client identification and authentication.
f. Two-factor authentication for login session may be implemented for all orders emanating using Internet Protocol. Public Key Infrastructure (PKI) based implementation using digital signatures, supported by one of the agencies certified by the government of India, is advisable. Further the two factors in the Two-factor authentication framework should not be same.
g. In case of no activity by the client, the system should provide for automatic trading session logout.
Further to the above, the following practice is advisable –
h. The back-up and restore systems implemented by the broker should be adequate to deliver sustained performance and high availability. The broker system should have on-site as well as remote site back-up capabilities.
SECTION – 2: DIRECT MARKET ACCESS
2.1 Direct Market Access Facility5
Direct Market Access (DMA) is a facility which allows brokers to offer clients direct access to the exchange trading system through the broker’s infrastructure without manual intervention by the broker. Some of the advantages offered by DMA are direct control of clients over orders, faster execution of client orders, reduced risk of errors associated with manual order entry, greater transparency, increased liquidity, lower impact costs for large orders, better audit trails and better use of hedging and arbitrage opportunities through the use of decision support tools / algorithms for trading.
While ensuring conformity with the provisions of the Securities Contract (Regulations) Act, 1956 (42 of 1956), Stock Exchanges may facilitate Direct Market Access for investors subject to the following conditions:
2.2 Application for Direct Market Access (DMA) facility
Brokers interested to offer DMA facility shall apply to the respective stock exchanges giving details of the software and systems proposed to be used, which shall be duly certified by a Security Auditor as reliable.
The stock exchange should grant approval or reject the application as the case may be, and communicate its decision to the member within 30 calendar days of the date of completed application submitted to the exchange.
The stock exchange, before giving permission to brokers to offer DMA facility shall ensure the fulfillment of the conditions specified hereinafter.
2.3 Operational specifications
All DMA orders shall be routed to the exchange trading system through the broker’s trading system. The broker’s server routing DMA orders to the exchange trading system shall be located in India.
5 Circular No. MRD/ DoP/SE/Cir- 7 /2008 dated April 03, 2008.
The broker should ensure sound audit trail for all DMA orders and trades, and be able to provide identification of actual user-id for all such orders and trades. The audit trail data should available for at least 5 years.
Exchanges should be able to identify and distinguish DMA orders and trades from other orders and trades. Exchanges shall maintain statistical data on DMA trades and provide information on the same to SEBI on a need basis.
The DMA system shall have sufficient security features including password protection for the user ID, automatic expiry of passwords at the end of a reasonable duration, and re-initialisation of access on entering fresh passwords.
Incase where the clients access the DMA server of the broker through a third party service provider, the password maintenance and authentication can be done either by the broker of by third party network service provider, so long as the exchange/broker ensures secured access and communication and a sound audit trail for all DMA orders/ trades. The authorized user and client details should be part of the order details received and authenticated at the DMA server
of the broker.6
Brokers should follow the similar logic/priorities used by the Exchange to treat DMA client orders. Brokers should maintain all activities/ alerts log with audit trail facility. The DMA Server should have internally generated unique numbering for all such client order/trades.
A systems audit of the DMA systems and software shall be periodically carried out by the broker as may be specified by the exchange and certificate in this regard shall be submitted to the exchange.
The exchanges and brokers should provide for adequate systems and procedures to handle the DMA trades.
2.4 Client Authorization and Broker – Client agreement
Exchanges shall specify from time to time the categories of investors to whom the DMA facility can be extended. Initially, the permission is restricted to institutional clients.
Brokers shall specifically authorize clients for providing DMA facility after fulfilling Know Your Client requirements and carrying out due diligence
6 Letter no MRD/DoP/NSE/129791/2008 dated June 24, 2008
regarding clients’ credit worthiness, risk taking ability, track record of compliance and financial soundness. Brokers shall ensure that only those clients who are deemed fit and proper for this facility are allowed access to the DMA facility. Brokers shall maintain proper records of such due diligence. Individual users at the client end shall also be authorized by the broker based on minimum criteria. The records of user details, user-id and such authorization shall be maintained by the broker. Details of all user-ids activated for DMA shall be provided by the broker to the exchange.
The broker shall enter into a specific agreement with the clients for whom they permit DMA facility. This agreement will include the following safeguards:
(a) The client shall use the DMA facility only to execute his own trades and shall not use it for transactions on behalf of any other person / entity.
(b) Electronic/Automated Risk management at the broker’s level before release of order to the Exchange system. The client shall agree to be bound by the various limits that the broker shall impose for usage of the DMA facility.
(c) Right to withdraw DMA facility if the limits set up are breached or for any other such concerns
(d) Withdrawal of DMA facility on account of any misuse or on instructions from SEBI/Exchange.
Exchanges shall prepare a model agreement for this purpose. The broker’s agreement with clients should not have any clause that is less stringent/contrary to the conditions stipulated in the model agreement.
2.5 DMA Facility through Investment Manager7
Institutional investors may use DMA facility through investment managers after due authorization and upon furnishing to the broker/ exchange suitable agreements/ undertakings between the institution and investment manager stating, inter alia, that the institutional investor shall be responsible for all actions undertaken by its authorized investment manager. Such investment managers may execute necessary documents on behalf of the institutional investor. The Broker-Client Agreement shall provide complete details of such investment manager, including, inter alia, details of their registration/ regulation in their relevant jurisdiction, specify the role and responsibilities of the investment manager, and contain adequate safeguards to ensure that DMA facility is utilized to execute trades of only those institutions for which the investment manager is authorized.
7 Circular No. MRD/ DoP/SE/Cir- 03 /2009 dated February 20, 2009
The exchange/ broker shall ensure that proper audit trails are available to establish identity of the ultimate client.
2.6 Risk Management
The broker shall ensure that trading limits/ exposure limits/ position limits are set for all DMA clients based on risk assessment, credit quality and available margins of the client. The broker system shall have appropriate authority levels to ensure that the limits can be set up only by persons authorized by the risk / compliance manager.
The broker shall ensure that all DMA orders are routed through electronic/automated risk management systems of the broker to carry out appropriate validations of all risk parameters including Quantity Limits, Price Range Checks, Order Value, and Credit Checks before the orders are released to the Exchange.
All DMA orders shall be subjected to the following limits:
(a) Order quantity / order value limit in terms of price and quantity specified for the client.
(b) All the position limits which are specified in the derivatives segment as applicable.
(c) Net position that can be outstanding so as to fully cover the risk emanating from the trades with the available margins of the specific client.
(d) Appropriate limits for securities which are subject to FII limits as specified by RBI.
The broker may provide for additional risk management parameters as they may consider appropriate.
2.7 Broker to be liable for DMA trades
The broker shall be fully responsible and liable for all orders emanating through their DMA systems. It shall be the responsibility of the broker to ensure that only clients who fulfill the eligibility criteria are permitted to use the DMA facility.
2.8 Cross Trades
Brokers using DMA facility for routing client orders shall not be allowed to cross trades of their clients with each other. All orders must be offered to the market for matching.
2.9 Other legal provisions
In addition to the requirements mentioned above, all existing obligations of the broker as per current regulations and circulars will continue without change. Exchanges may also like to specify additional safeguards / conditions as they may deem fit for allowing DMA facilities to their brokers.
SECTION – 3: ELECTRONIC CONTRACT NOTE
3.1 Use of Digital Signature on Contract Notes8
Pursuant to the discussions in the SMAC and provisions of the IT Act, it is clarified that the brokers are allowed to issue contract notes authenticated by means of digital signatures provided that the broker has obtained digital signature certificate from Certifying Authority under the IT Act, 2000. Mode of confirmation by the client may be as specified in the agreement between the broker and the client.
3.2 Issuance of Contract Notes in electronic form9
The contract notes can be issued by the brokers in electronic form authenticated by means of digital signatures.
3.3 Electronic issuance of contract notes – Additional conditions10
All the members of stock exchanges who are desirous of issuing Electronic Contract Notes (ECNs) to their clients shall comply with the following conditions:-
I. Issuing ECNs when specifically consented
The digitally signed ECNs may be sent only to those clients who have opted to receive the contract notes in an electronic form, either in the Member – Client agreement / Tripartite agreement or by a separate letter. The mode of confirmation shall be as per the agreement entered into with the clients.
II. Where to send ECNs
The usual mode of delivery of ECNs to the clients shall be through e-mail. For this purpose, the client shall provide an appropriate e-mail account to the member which shall be made available at all times for such receipts of ECNs.
III. Requirement of digital signature
All ECNs sent through the e-mail shall be digitally signed, encrypted, nontamperable and shall comply with the provisions of the IT Act, 2000. In case the ECN is sent through e-mail as an attachment, the attached file shall also be secured with the digital signature, encrypted and non-tamperable.
8 Circular No. SMDRP/POLICY/CIR-56/00 dated December 15, 2000
9 Circular No. SEBI/SMD/SE/15/2003/29/04 dated April 29, 2003
10 Circular No. MRD/DoP/SE/Cir-20/2005 dated September 8, 2005
IV. Requirements for acknowledgement, proof of delivery, log report etc.
a. Acknowledgement
The acknowledgement of the e-mail shall be retained by the member in a soft and non-tamperable form.
b. Proof of delivery
a. The proof of delivery i.e., log report generated by the system at the time of sending the contract notes shall be maintained by the member for the specified period under the extant regulations of
SEBI/stock exchanges and shall be made available during inspection, audit, etc.
ii. The member shall clearly communicate to the client in the agreement executed with the client for this purpose that nonreceipt of bounced mail notification by the member shall amount to delivery of the contract note at the e-mail ID of the client.
c. Log Report for rejected or bounced mails
b. The log report shall also provide the details of the contract notes that are not delivered to the client/e-mails rejected or bounced back.
ii. Also, the member shall take all possible steps (including settings of mail servers, etc) to ensure receipt of notification of bounced mails by the member at all times within the stipulated time period under the extant regulations of SEBI/stock exchanges.
V. When to issue or send in Physical mode
a. Issue in Physical mode
In the case of those clients who do not opt to receive the contract notes in the electronic form, the member shall continue to send contract notes in the physical mode to such clients.
b. Send in Physical mode
Wherever the ECNs have not been delivered to the client or has been rejected (bouncing of mails) by the e-mail ID of the client, the member shall send a physical contract note to the client within the stipulated time under the extant regulations of SEBI/stock exchanges and maintain the proof of delivery of such physical contract notes.
VI. General requirements
c. ECNs through website
In addition to the e-mail communication of the ECNs in the manner stated above, in order to further strengthen the electronic communication channel, the member shall simultaneously publish the ECN on his designated web-site in a secured way and enable relevant access to the clients.
d. Access to the website
In order to enable clients to access the ECNs posted in the designated website in a secured way, the member shall allot a unique user name and password for the purpose, with an option to the client to access the same and save the contract note electronically or take a print out of the same.
e. Preservation/Archive of electronic documents
The member shall retain/archive such electronic documents as per the extant rules/regulations/circulars/guidelines issued by SEBI/Stock Exchanges from time to time.
3.4 Format for Issuance of Electronic Contract Notes11
The format of the electronic contract notes, prescribed by the exchanges were not in conformity with the format of the physical contract note particularly with respect to the pre-printed terms and conditions. Hence members issuing electronic contract notes were also issuing physical contract notes which amounted to duplication and unnecessary reconciliation between the physical and electronic contract notes.
11 Circular No. DNPD/ Cir-9/04 dated February 3, 2004.
In order to streamline the issuance of electronic contract notes as a legal document like the physical contract note, the exchanges are advised to implement the following:
1. The exchanges would prescribe a standard format for the electronic contract note (based on the model format prescribed in Annexure (for Equity) and (for Debt12) in its bye-laws, rules and regulations.
2. The exchange bye-laws, rules and regulations for issuance of electronic contract note shall be amended to include all the standard pre-printed terms and conditions in the physical contract note. The electronic contract note would mention the relevant bye-laws / rules / regulations of the exchange subject to which the said contract note is being issued.
3. The exchange shall also modify / amend other relevant bye-laws, rules and regulations with respect to signing of the electronic contract note with a digital signature so as to make the modified format of the electronic contract note a valid legal document like the physical contract note.
4. The mechanism of record keeping of electronic contract notes in a soft non-tamperable form shall be prescribed by the exchange in compliance with the provisions of the IT Act, 2000.
12 Circular No. SEBI/MRD/SE/Cir-11/2004 dated February 25, 2004
SECTION - 4: INTRODUCTION OF NEW TRADING SEGMENT
4.1 New Trading Segment13
Introduction of any new trading segment on the exchanges would require stock exchanges to seek the prior approval of SEBI.
While applying to SEBI for the approval for the introduction of new segment, the exchange shall provide the information on the parameters for the new segment and also the rationale for introduction of the new segment.
13 Circular No. SEBI/MRD/SE/Cir-38/2003 dated October 8, 2003.
SECTION – 5: STRAIGHT THROUGH PROCESSING
5.1 Mechanism14
Straight through Processing (STP) is generally understood to be a mechanism that automates the end to end processing of transactions of financial instruments. It involves use of a system to process or control all elements of the work flow of a financial transaction, what are commonly known as the Front, Middle, Back office and General Ledger. In other words, STP allows electronic capturing and processing of transactions in one pass from the point of order origination to final settlement. STP thus streamlines the process of trade execution and settlement
and avoids manual entry and re-entry of the details of the same trade by different market intermediaries and participants. Usage of STP enables orders to be processed, confirmed, settled in a shorter time period and in a more cost effective manner with fewer errors. Apart from compressing the clearing and settlement time, STP also provides a flexible, cost effective infrastructure, which enables e-business expansion through online processing and access to enterprise data.
It has been mandated that all the institutional trades executed on the stock exchanges would be processed through the STP System.
5.2 The system flow of the STP framework15
While several STP Service Providers provide STP service to the market participants to resolve the issue of inter-operability between the STP Service Providers it was decided in consultation with the stock exchanges and the STP Service Providers that a STP Centralised Hub would be setup.
The system flow for the STP framework shall be as follows: -
a) STP user intending to send an instruction would send the message to his STP service provider after digitally signing the same.
b) The STP service provider would verify the signature of the STP user and forward it to the i) recipient STP user, if the recipient STP user is availing services of the same STP service provider; or the
ii) STP centralized hub if the recipient STP user is not with the same STP service provider. In such a case the STP service provider would be required to prepare a message as per the STP centralized hub prescribed message format,
14 Ref. No. DNPD/Cir- 22 /04 dated April 01, 2004
15 Ref. No. DNPD/Cir-23/04 dated April 27, 2004
enclose the user’s message, digitally sign the message and then send it to the
STP centralized hub
c) On receipt of the message by the STP centralized hub, the STP centralized
hub would:
i) verify the signature of the sending STP service provider only.
ii) send an acknowledgment to the sending STP service provider.
d) The STP centralized hub would forward the message to the recipient STP service provider after digitally signing on the message.
e) The recipient STP service provider on receipt of the message from the STP centralized hub shall verify the signature of the STP centralized hub, verify if the recipient STP user is associated with it and send an appropriate acknowledgment with digital signature to the STP centralized hub. The STP centralized hub would in turn forward the acknowledgment (received from the recipient STP service provider) duly signed to the sending STP service provider.
f) The recipient STP service provider shall forward the message to the recipient STP user. The recipient STP user would receive the message and verify the signature of the recipient STP service provider and sending STP user.
3) To enable inter-operation, the STP centralized hub would provide a utility / client software to the STP service provider. The STP service provider’s point of interface with the STP centralized hub would be through this utility / client software. The PKI (Public key infrastructure) system for the interface shall be implemented at a later stage.
4) The block diagram of the entire STP System is enclosed in Annexure I.
“For Annexure I, please refer circular annexure.”
5.3 SEBI (STP centralised hub and STP service providers) Guidelines, 200416
1) SEBI in order to regulate the STP service has issued the SEBI (STP centralised hub and STP service providers) Guidelines, 2004 (herein referred to as “STP Guidelines”) which also prescribe the model agreement between the STP centralised hub and the STP service providers.
2) The STP guidelines prescribe the eligibility criteria and conditions of approval for the STP centralised hub and the STP service providers, obligations and responsibilities of the STP centralised hub and the STP service providers and code of conduct for the STP service providers. The STP centralised hub and the STP service providers shall abide by these Guidelines.
3) To prescribe contractual obligations between the STP centralised hub and the STP service providers and to facilitate standardisation of service, a model agreement between the STP centralised hub and the STP service providers has also been prescribed by SEBI and is prescribed as Schedule II of the STP Guidelines. The agreement between the STP centralised hub and the STP service provider shall include the provisions included in the model agreement.
16 Ref.No. DNPD/Cir-24/04 dated May 26, 2004 (STP Guidelines)
5.4 Work flow for institutional investors17
1. SEBI in consultation with the STP centralized hub, STP service providers and the STP users has prescribed the transaction work flow for the STP system. All institutional investors shall follow the following transaction work flow on a mandatory basis from July 1, 2004:
a. A contract note in electronic form in the prescribed format (IFN 515 messaging format) shall be issued by the broker & sent to the custodian and / or the institutional investor.
b. In case the contract note is processed directly by the institutional investor, the institutional investor shall send the trade confirmation of acceptance or rejection of the contract note to the broker by using the IFN 598 messaging format. The custodian shall also send the confirmation of acceptance or rejection of such contract note to the broker using the messaging standard IFN 548.
c. In case the contract note is processed by the custodian on behalf of the institutional investor, the custodian shall send the confirmation of acceptance or rejection of the contract note to the broker by using the IFN 548 messaging format.
d. The institutional investor shall send settlement instructions to its custodian in IFN 540 to IFN 543 messaging formats to the custodian for the following trade types:
i. IFN 540: settlement instruction for a clearing house buy trade
ii. IFN 541: settlement instruction for a delivery-v/s-payment (DVP) buy trade
iii. IFN 542: settlement instruction for a clearing house sell trade iv. IFN 543: settlement instruction for a delivery-v/s-payment (DVP) sell trade
e. The custodian shall confirm / reject the execution of the settlement instructions to the institutional investor in IFN 544 to IFN 547 messaging formats in the following manner:
i. IFN 544: confirmation / rejection of an instruction received in messaging format IFN 540
ii. IFN 545: confirmation / rejection of an instruction received in messaging format IFN 541
iii. IFN 546: confirmation / rejection of an instruction received in messaging format IFN 542
iv. IFN 547: confirmation / rejection of an instruction received in messaging format IFN 543
17 Ref.No. DNPD/Cir-25/04dated June 10, 2004
f. It is clarified that if a message (for the activities mentioned above) is sent using the STP centralised hub framework from one user to another user, then the confirmation / rejection for such a message shall also be sent using the STP centralised hub framework.
2. SEBI vide circular no. DNPD/Cir-9/04 dated February 3, 2004 had prescribed the format of the contract note in electronic form. After deliberation with the STP service providers and the market participants the following changes have been incorporated to the existing messaging format (IFN 515):
a. The mandatory requirement of mentioning the relevant bye-laws / rules / regulations of the exchange subject to which the said contract note is being issued on each contract note stands modified in the following manner:
i. The requirement is not mandatory but optional
ii. The broker shall ensure that the relevant bye-laws / rules / regulations of the exchange subject to which the contract note is being issued, is mentioned in the broker-client agreement and the tripartite agreement between the brokersub- broker-client agreement (if applicable).
iii. The existing field for the above provision shall not be deleted and may be used as a free text field for one constituent to communicate remarks (if any) to another constituent.
b. The clause of ‘payment of consolidated stamp duty’ for each contract note shall be mentioned in the broker-client agreement and the tripartite agreement between the broker-sub-broker-client
agreement (if applicable). The said clause may be stated in the free text field (as mentioned in point 2 (a) (iii) above) of each contract note.
c. In the field "market type" (field 70E) a category of ‘TT’ i.e. trade for trade and ‘OT’ i.e. Others shall be added to represent the supplementary categories of market types.
d. The order time was prescribed as a mandatory field in the contract note. The order time shall now be included in the optional fields.
e. There are certain securities which are not de-materalised and hence do not have an ISIN code. For such securities (where ISIN number is not available) the STP users would be required to input the security code given by the exchange in the ISIN number field. In case the number length of the exchange scrip code is shorter than the prescribed field length of 12 characters, the code shall be prefixed with zeros.
f. In order to maintain a complete audit trail, it is clarified that in case an electronic contract note is rejected, the custodian (in messaging format IFN 548) or the fund manager (in messaging format IFN 598) shall be required to send a rejection message to the broker. Only on receipt of the rejection message, the broker shall cancel the rejected contract note and issue a fresh contract note bearing a new number.
g. In order to bring in standardisation in the input of the identification codes in the prescribed messaging standards, it is clarified that the following codes shall be used by the various entities:
i. Brokers: SEBI registration number (until MAPIN ID is available for every broker)
ii. Mutual Funds and schemes of Mutual Funds: SEBI registration number for Mutual Funds and Unique client code issued by the exchanges for schemes (until MAPIN ID is available for each scheme of a mutual fund)
iii. FIIs and sub-accounts: SEBI registration number for FII and Unique client code issued by the exchanges for sub-account (until MAPIN ID is available for each FII and their subaccounts)
iv. Custodians: SEBI registration number (until MAPIN ID is available for every custodian)
v. STP service providers and STP centralised hub: MAPIN ID vi. Depositories and exchanges / clearing house / clearing corporation: MAPIN ID.
vii. Other Institutional Investors like financial institutions, banks etc.: Unique client code issued by the exchanges (until MAPIN ID is available for each Institutional Investor)
h. All market participants shall issue the electronic contract note for institutional trades in the modified format enclosed in Annexure I.
3. The prescribed messaging formats for IFN 540, IFN 541, IFN 542, IFN 543, IFN 544, IFN 545, IFN 546, IFN 547, IFN 548 and IFN 598 are enclosed in Annexure II. After consultation with the market participants and confirming their preparedness, it has been decided to make these messaging formats (in addition to IFN 515) mandatory for all institutional trades.
4. It is reiterated that the STP system shall be initially mandatory for all institutional trades in the equity segment.
5. The standard terms of contract as are required to be mentioned in the Contract Notes as per the Bye-laws and Regulations of exchanges, which are not contained in electronic contract notes, shall be incorporated in the Client Broker Agreement or where applicable, the Tripartite Agreement
between the stock broker, sub-broker and the client. The stamp duty in respect of the electronic contract notes shall be paid by the broker.
5.5 Clarification18
Descriptors as stated above shall mean the following:
a. IFN 540: settlement instruction for a buy trade free of payment
b. IFN 541: settlement instruction for a buy trade against payment
c. IFN 542: settlement instruction for a sell trade free of payment
d. IFN 543: settlement instruction for a sell trade against payment
e. IFN 544: confirmation of a settlement instruction for a buy trade free of payment (response to IFN 540)
f. IFN 545: confirmation of a settlement instruction for a buy trade against payment (response to IFN 541)
g. IFN 546: confirmation of a settlement instruction for a sell trade free of payment (response to IFN 542).
h. IFN 547: confirmation of a settlement instruction for a sell trade against payment (response to IFN 543).
It is also clarified that in the IFN 515 message, if trade is intended to be settled by the custodian with the Clearing Corporation (by accepting the settlement obligation), then it shall be termed as “FREE” and if the trade is intended to be settled by the broker with the Clearing Corporation then it shall be termed as “APMT” (meaning against payment) in the tag 22h of the IFN 515 message.
5.6 Modifications in the prescribed messaging formats19
In order to integrate the STT in the STP system, it would be necessary to provide for necessary fields in the appropriate messaging standards. After deliberation with the STP centralised hub and the STP service providers, it has been decided to make the following modifications in the prescribed messaging formats:
a) Message Types that shall be modified are IFN515, IFN540, IFN541, IFN542 and IFN543
b) A Qualifier shall be used to identify Securities Transaction Tax Amount:
"COUN", Country, National Federal Tax.
c) The change in the ISO Structure for the impacted message types shall be as follows:
18 Ref. No. DNPD/14785/04 dated July 08, 2004
19 Ref. No. DNPD/Cir-28/04 dated September 28, 2004
M 16R AMT Start of block Format: (Qualifier)
M 19A Amount :4!c//3!a11d To identify //(Currency Code)
The (Amount)
Securities For: Securities Transaction
Transaction tax Amount
Tax Amount Qualifier: "COUN" (4 Upper
case Characters)
Narrative: "INR" (3 Upper
Letters)
Amount: Up to 10 digits
(only Integer value allowed)
followed by a comma (used
as decimal sign) . Comma is
mandatory. Amount can be
zero or greater than zero.
M 16S AMT End of block
d) Securities Transaction Tax Block shall be placed before the Settlement Amount Block in the stated Message Types. (IFN515, IFN540, IFN541, IFN542 and IFN543)
e) Securities Transaction Tax block will be mandatory amount block in IFN515 and optional amount block in IFN540, IFN541, IFN542 and IFN543.
f) If the Contract Note (issued by means of IFN 515) is rejected on the basis of Securities Transaction Tax amount then the reason for the rejection shall be specified in the "Tag70D Narrative" field and "Tag 24B Reason" specified should be "NARR".
SECTION – 6 : TRADING TERMINALS
6.1 Usage of software by Broker/ Sub-broker20
It is informed that all the Stock Exchanges have to obtain an undertaking in the form of an affidavit from the members of the exchange to the effect that the members as well as their sub-brokers are using only the authorized software.
6.2 Standing Committee21
A standing Committee shall be set up by each Stock Exchange to investigate the problem of computerised trading system, such as hanging/ slowdown/ breakdown. The Standing Committee shall introduce an outside computer expert. The Committee will submit a repot to the Governing Board/ Council of Stock Exchange. The Board/Council will deliberate on the report and suitable action/remedial measure will be taken.
The standing committee is required to be set up with the objective to investigate problems of computerised trading system, such as, hanging/ slowdown/ breakdown. With the view to ensure implementation/ compliance, the exchanges are advised as under:-
i. All instances of hanging /slowdown / breakdown and any other problem in the computerized trading system, even if the disruption is less than five minutes, should be reported to the Committee for its consideration.
ii. The Committee, upon examination of the issue/s shall submit a report to the Governing Board / Council of the Stock Exchange.
iii. The Governing Board / Council of the Stock Exchange shall deliberate on the aforesaid report and take suitable action / remedial measure.
iv. Further, in case of stoppage beyond five minutes the exchange should also explain and report to SEBI about the incident as well as the remedial measures taken. The Stock Exchange shall also issue a press release in this regard for greater transparency and in the interest of investors.
20 Circular No. SEBI/MRD/Policy/SE/15864/2003 dated August 21, 2003.
21 Circular No. MRD/DoP/SE/Cir- 14/2006 dated September 28, 2006.
6.3 Expansion of trading terminals of the Exchange22
The stock exchanges are allowed to set-up terminals at any place in the country, subject to the following conditions:
i The Exchange would ensure that there is adequate monitoring and surveillance mechanism for such outstation terminals in order to oversee the trades;
ii All such trades would be subject to usual margin, capital adequacy and inter-day trading limits fixed for the brokers by the Exchange;
iii The Exchange would ensure that investors eventually do not pay the brokerage on such trades exceeding the maximum brokerage permitted as per the rules of the Exchanges; and
iv The Exchange would introduce the system of guaranteeing trades or set up a Clearing Corporation.
6.4 Broad Guidelines for opening Trading Terminals abroad23
The guidelines relating to eligibility norms, RBI permission, Permission from Foreign Regulatory Authority, Operation Of terminals, Contract note, Settlement Procedure, Surveillance and Monitoring, Jurisdiction etc. for opening trading terminals abroad are provided in the Annexure.
6.5 Annexure - Guidelines For Opening Of Trading Terminals Abroad
With the rapid expansion of the Indian capital market it was felt that a facility should be provided whereby an eligible overseas investor can place an order on a real-time basis, rather than telephonically.
The Stock Exchanges/ Members shall follow the following guidelines for opening and maintaining the trading terminals abroad:
a. Eligibility Criteria
Such trading terminals shall be opened only by the Stock Brokers of the stock exchanges registered with SEBI and opening of terminals through sub-brokers shall not be permitted. These terminals shall be opened by the members only after obtaining permission from the respective stock exchanges.
22 Circular No. SMD/POLICY CIR-33/99 dated October 15, 1999.
23 Circular No. SMDRP/POLICY/TTA-14072/CIR-23/99 dated July 12, 1999.
b. RBI Permission
Such terminals abroad would be opened subject to the guidelines laid down by the RBI from time to time.
c. Permission by the Foreign Regulatory Authorities
The installation of such trading terminals shall be subject to the prior permission of the concerned regulatory authorities of the respective foreign countries, wherever required.
d. Operation of the terminals
Any investor abroad who is permitted to invest in India i.e. NRIs/OCBs/FIIs/PIOs shall be able to place orders on the trading terminal of the Exchange available at the office of the Indian broker maintained abroad. The order fed on the live terminal shall be executed on the computer of the Exchange in India. The service to the clients shall be provided by the broker’s overseas office and its local office. These terminals shall include any of other options that the respective exchange may provide for connecting its trading terminal abroad to its trading system in India.
e. Contract Note
The contract note in favour of the client abroad shall be issued in India, however the same could be printed in the broker’s office abroad and shall be subject to the jurisdiction of the respective stock exchanges.
f. Capital Adequacy, Margins System & Brokerage
All such trades would be subject to usual margins, capital adequacy and intra-day trading limits and such other requirements fixed for the brokers by the Exchange.
The respective stock exchange shall ensure that investors do not pay the brokerage on such trades exceeding the maximum brokerage permitted as per the rules, regulations and bye-laws of the exchange.
No Negotiated Deals shall be permitted through these terminals and only screen based order matching system shall be available on these terminals.
g. Settlement Procedure
All trades shall be settled in India in dematerialized form only. Clients with status of FIIs shall settle the trade through their registered custodian/ designated bank. Clients with the status of NRIs/PIOs/OCBs shall settle the trade through a designated bank. Such a designated bank shall be responsible for repatriation of funds.
h. Monitoring & Surveillance
The respective stock exchange shall ensure that there is adequate monitoring and surveillance mechanism for such overseas terminals in order to oversee trades.
i. Grievance Redressal Mechanism
The investors’ grievance for such cases shall be resolved by the respective Indian Stock Exchange through the existing arbitration mechanism. The concerned Stock Exchange shall ensure that their members have the adequate arrangements for resolving the investors grievances and timely settlement of arbitration cases arising out of trades which are executed on these terminals.
j. Jurisdiction
The agreement between the trading member and constituent should, inter alia, state that, all trades, transactions and contracts are subject to the Rules, Bye Laws and Regulations of the Exchange and shall be deemed to be and shall take effect as wholly made, entered into and to be performed in the city of _________ , India and the parties to such trade shall be deemed to have submitted to the jurisdiction of the Courts in _________ , India for the purpose of giving effect to the provisions of the Rules, Bye Laws and Regulations of the Exchange.
SECTION – 7: SMART ORDER ROUTING
7.1 Introduction of Smart Order Routing24
1. SEBI has received proposal from the stock exchanges and market participants for introducing Smart Order Routing which allows the brokers trading engines to systematically choose the execution destination based on factors viz. price, costs, speed, likelihood of execution and settlement, size, nature or any other consideration relevant to the execution of the order.
2. Upon examination of the proposal, feedback of the stock exchanges and based on the recommendations of the Technical Advisory Committee, it has been decided to permit Smart Order Routing in Indian Securities Market.
3. Stock Exchanges are advised to ensure the following conditions with regard to the Smart Order Routing facility:
a. Stock broker interested to offer Smart Order Routing facility shall apply to the respective stock exchanges.
b. Stock broker shall submit a third party system audit of its Smart Order Routing system and software. Stock exchanges shall disseminate to its stock brokers a list of approved system auditors (CISA or equivalent) qualified to undertake such system audits.
c. Stock broker shall provide the following to the respective stock exchanges:
i An undertaking to the respective stock exchanges that Smart Order Routing shall route orders in a neutral manner.
ii Provide the features of the Smart Order Routing to stock exchange.
d. Stock exchange shall communicate its decision to the broker within 30 calendar days from the date of receipt of complete application by the stock exchange. Stock exchange shall not consider testing and demonstration of the SOR system/software as a criterion for declaring the application of the broker as ‘complete’. Further, testing and demonstration of SOR system/software, if required, shall be suitably scheduled within the aforesaid period of 30 calendar days.
In case of rejection of the application on smart order routing of a stock broker, the stock exchange shall communicate such reasons of rejections
24 Circular No. CIR/MRD/DP/26/2010 dated August 27, 2010
to the stock broker. Further, the decision of the stock exchange on the SOR application of the stock broker and reasons for rejection of the SOR application shall also be communicated to all the other stock exchanges
where the broker’s SOR facility intends to route orders.25
e. Stock exchange shall ensure that brokers adhere to the best execution policy while using Smart Order Routing.
f. Smart Order Routing facility shall be provided to all class of investors.
g. Stock Broker shall communicate to all clients the features, possible risks, rights, responsibilities and liabilities associated with the smart order routing facility. The client desirous of availing such facility shall do so by entering into a broker-client agreement, as applicable. For the existing clients, the same shall be implemented through an addendum to the existing broker-client agreement, as applicable.26
h. Stock broker shall maintain logs of all activities to facilitate audit trail. Broker shall maintain record of orders, trades and data points for the basis of decision.
i. In case the client has availed Smart Order Routing facility and does not want to use the same for a particular order, the same shall be well documented by the stock broker.
j. System audit of the Smart Order Routing systems and software shall be periodically carried out by the brokers as may be specified by the exchange and certificate in this regard shall be submitted to the exchange.
k. Stock exchange shall ensure that Smart Order Routing is not used to place orders at venues other than the recognised stock exchanges.
l. The stock broker shall carry out appropriate validation of all risk parameters before the orders are placed in the Smart Order Routing system.
m. Stock exchange shall provide unique identification number for the orders placed through Smart Order Routing system. Further, stock exchanges shall maintain data on Smart Order Routing orders and trades.
25 Circular No. CIR/MRD/DP/ 36 /2010 dated December 09, 2010
26 Circular No. CIR/MRD/DP/ 36 /2010 dated December 09, 2010
n. Stock exchange shall have necessary surveillance mechanism in place to monitor trading done through Smart Order Routing.
o. Stock broker shall ensure that alternative mode of trading system is available in case of failure of Smart Order Routing facility.
p. Stock exchange shall ensure that within a period of three months from implementation of Smart Order Routing, a system is put in place to time stamp market data feed that is disseminated to the market, if the same is not already available.
q. Stock exchange shall strengthen investor grievance cell in order to address complaints, if any, received with regard to Smart Order Routing. Further, in case of any disputes or complaints, stock exchanges
shall share necessary data as and when required in order to facilitate necessary examination.
r. Stock exchange shall synchronise their system clocks with atomic clock before the start of market.
s. The broker server routing orders placed through Smart Order Routing system to the exchange trading system shall be located in India. Stock exchange shall permit SOR approved brokers to offer SOR facility
through all their servers irrespective of their location in India.27
t. All other existing obligations for the broker as per current regulations and circulars will continue.
u. Stock exchange may specify additional safeguards as they deem fit for allowing Smart Order Routing facility to their brokers.
v. Stock exchange shall permit smart order routing for all orders, without restricting to any specific type of order. The choice on order types shall be left to the client.28
w. If stock exchange desires to advise its brokers to seek re-approval, it may do so only in case of 29
(a) Inclusion of a new stock exchange for offering SOR facility; and/or,
(b) Material changes in the software/system of the smart order routing facility.
27 Circular No. CIR/MRD/DP/ 36 /2010 dated December 09, 2010
28 Circular No. CIR/MRD/DP/ 36 /2010 dated December 09, 2010
29 Circular No. CIR/MRD/DP/ 36 /2010 dated December 09, 2010
4. The initial list of system auditors for SOR for all the three stock exchanges i.e.
BSE, NSE and MCX-SX is given below30 –
i. HCL Technologies
ii. iSec Services Pvt. Ltd
iii. Tata Consultancy Services
iv. Jain & Jain Chartered Accoutants
v. Kanhere Consultants Pvt Ltd
vi. Kochar Consultants Pvt Ltd
vii. Deloitte Touche Tohmatsu India Pvt Ltd
viii. Ernst & Young Pvt Ltd.
ix. KPMG
SECTION – 8: ALGORITHMIC TRADING31
8.1 Broad Guidelines on Algorithmic Trading
Definition
1. Algorithmic Trading – Any order that is generated using automated execution logic shall be known as algorithmic trading.
Guidelines to the stock exchanges and the stock brokers
2. Stock exchanges shall ensure the following while permitting algorithmic trading:
(i) The stock exchange shall have arrangements, procedures and system capability to manage the load on their systems in such a manner so as to achieve consistent response time to all stock brokers. The stock exchange shall continuously study the performance of its systems and, if necessary, undertake system upgradation, including periodic upgradation of its surveillance system, in order to keep pace with the speed of trade and volume of data that may arise through algorithmic trading.
(ii) In order to ensure maintenance of orderly trading in the market, stock exchange shall put in place effective economic disincentives with regard to high daily order-to-trade ratio of algo orders of the stock broker.
Further, the stock exchange shall put in place monitoring systems to identify and initiate measures to impede any possible instances of order flooding by algos.
(iii) The stock exchange shall ensure that all algorithmic orders are necessarily routed through broker servers located in India and the stock exchange has appropriate risk controls mechanism to address the risk
emanating from algorithmic orders and trades. The minimum orderlevel risk controls shall include the following:
a. Price check - The price quoted by the order shall not violate the price bands defined by the exchange for the security. For securities that do not have price bands, dummy filters shall be brought into effective use to serve as an early warning system to detect sudden surge in prices.
31 Circular No. CIR/MRD/DP/09/2012 dated March 30, 2012
b. Quantity Limit check - The quantity quoted in the order shall not violate the maximum permissible quantity per order as defined by the exchange for the security.
(iv) In the interest of orderly trading and market integrity, the stock exchange shall put in place a system to identify dysfunctional algos (i.e. algos leading to loop or runaway situation) and take suitable measures, including advising the member, to shut down such algos and remove any outstanding orders in the system that have emanated from such dysfunctional algos. Further, in exigency, the stock exchange should be in a position to shut down the broker’s terminal.
(v) Terminals of the stock broker that are disabled upon exhaustion of collaterals shall be enabled manually by the stock exchange in accordance with its risk management procedures.
(vi) The stock exchange may seek details of trading strategies used by the algo for such purposes viz. inquiry, surveillance, investigation, etc.
(vii) The stock exchange shall include a report on algorithmic trading on the stock exchange in the Monthly Development Report (MDR) submitted to SEBI inter-alia incorporating turnover details of algorithmic trading, algorithmic trading as percentage of total trading, number of stock brokers / clients using algorithmic trading, action taken in respect of dysfunctional algos, status of grievances, if any, received and processed, etc.
(viii) The stock exchange shall synchronize its system clock with the atomic clock before the start of market such that its clock has precision of atleast one microsecond and accuracy of atleast +/- one millisecond.
3. Stock exchange shall ensure that the stock broker shall provide the facility of algorithmic trading only upon the prior permission of the stock exchange.
Stock exchange shall subject the systems of the stock broker to initial conformance tests to ensure that the checks mentioned below are in place and that the stock broker’s system facilitate orderly trading and integrity of the securities market. Further, the stock exchange shall suitably schedule such conformance tests and thereafter, convey the outcome of the test to the stock broker.
For stock brokers already providing algo trading, the stock exchange shall ensure that the risk controls specified in this circular are implemented by the stock broker.
Additionally, the annual system audit report for a stock broker, as submitted to the stock exchange, shall include a specific report ensuring that the checks are in place. Such system audit shall be conducted by Certified Information System Auditors (CISA) empanelled by stock exchanges. Further, the stock exchange shall subject the stock broker systems to more frequent system audits, if required.
4. The stock broker, desirous of placing orders generated using algos, shall satisfy the stock exchange with regard to the implementation of the following minimum levels of risk controls at its end -
(i) Price check – Algo orders shall not be released in breach of the price bands defined by the exchange for the security.
(ii) Quantity check – Algo orders shall not be released in breach of the quantity limit as defined by the exchange for the security.
(iii) Order Value check - Algo orders shall not be released in breach of the ‘value per order’ as defined by the stock exchanges.
(iv) Cumulative Open Order Value check – The individual client level cumulative open order value check, may be prescribed by the broker for the clients. Cumulative Open Order Value for a client is the total value of its unexecuted orders released from the stock broker system.
(v) Automated Execution check – An algo shall account for all executed, unexecuted and unconfirmed orders, placed by it before releasing further order(s). Further, the algo system shall have pre-defined parameters for
an automatic stoppage in the event of algo execution leading to a loop or a runaway situation.
(vi) All algorithmic orders are tagged with a unique identifier provided by the stock exchange in order to establish audit trail.
5. The other risk management checks already put in place by the exchange shall continue and the exchange may re-evaluate such checks if deemed necessary in view of algo trading.
6. The stock broker, desirous of placing orders generated using algos, shall submit to the respective stock exchange an undertaking that -
(i) The stock broker has proper procedures, systems and technical capability to carry out trading through the use of algorithms.
(ii) The stock broker has procedures and arrangements to safeguard algorithms from misuse or unauthorized access.
(iii) The stock broker has real-time monitoring systems to identify algorithms that may not behave as expected. Stock broker shall keep stock exchange informed of such incidents immediately.
(iv) The stock broker shall maintain logs of all trading activities to facilitate audit trail. The stock broker shall maintain record of control parameters, orders, trades and data points emanating from trades executed through algorithm trading.
(v) The stock broker shall inform the stock exchange on any modification or change to the approved algos or systems used for algos.
7. The stock exchange, if required, shall seek conformance of such modified algo or systems to the requirements specified in the circular.
REFERENCE – List of Circular
1. Circular No. SMDRP/POLICY/TTA-14072/CIR-23/99 dated July 12, 1999.
2. Circular No. SMD/POLICY CIR-33/99 dated October 15, 1999.
3. Circular No. SMDRP/POLICY/CIR- 06/2000 dated January 31, 2000.
4. Circular No. SMDRP/Policy/Cir-48/2000 dated October 11, 2000.
5. Circular No. SMDRP/POLICY/CIR-56/00 dated December 15, 2000
6. Circular No. SEBI/SMD/SE/15/2003/29/04 dated April 29, 2003
7. Circular No. SEBI/MRD/Policy/SE/15864/2003 dated August 21, 2003
8. Circular No. SEBI/MRD/SE/Cir-38/2003 dated October 8, 2003.
9. Circular No. DNPD/ Cir-9/04 dated February 3, 2004.
10. Circular No. SEBI/MRD/SE/Cir-11/2004 dated February 25, 2004
11. Ref. No. DNPD/Cir- 22 /04 dated April 01, 2004
12. Ref. No. DNPD/Cir-23/04 dated April 27, 2004
13. Ref.No. DNPD/Cir-24/04 dated May 26, 2004 (STP Guidelines)
14. Ref.No. DNPD/Cir-25/04dated June 10, 2004
15. Ref. No. DNPD/14785/04 dated July 08, 2004
16. Ref. No. DNPD/Cir-28/04 dated September 28, 2004
17. Circular No. MRD/DoP/SE/Cir-20/2005 dated September 8, 2005
18. .Circular No. MRD/DoP/SE/Cir- 14/2006 dated September 28, 2006.
19. Circular No. MRD/ DoP/SE/Cir- 7 /2008 dated April 03, 2008.
20. Letter no. MRD/DoP/NSE/129791/2008 dated June 24, 2008
21. Circular No. MRD/ DoP/SE/Cir- 03 /2009 dated February 20, 2009
22. Circular No. CIR/MRD/DP/ 25/2010 dated August 27, 2010.
23. Circular No. CIR/MRD/DP/26/2010 dated August 27, 2010.
24. Circular No. CIR/MRD/DP/ 36 /2010 dated December 09, 2010
25. Letter no MRD/DoP/ST/OW/11982/11 dated April 08, 2011
26. Circular No. CIR/MRD/DP/8/2011 dated June 30, 2011
27. Circular No. CIR/MRD/DP/09/2012 dated March 30, 2012
ANNEXURE 3
MASTER CIRCULAR FOR STOCK EXCHANGES ON SETTLEMENT
1. This Master Circular includes circulars issued upto March 31, 2012.
2. Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and shall come into force from the date of its issue.
MASTER CIRCULAR – SETTLEMENT
SECTION – 1: ACTIVITY SCHEDULE ......................................................................... 5
1.1 Rolling settlement ................................................................................................ 5
1.2 Activity Schedule for T+2 Rolling Settlement .................................................... 5
1.3 Systems for effecting settlement on T+2 basis .................................................... 5
1.4 Activity schedule for Auction Session ................................................................. 7
SECTION – 2: CLOSE-OUT AND AUCTION / NO DELIVERY PERIOD / BOOK
CLOSURE AND RECORD DATES ............................................................................... 8
2.1 Close-out Procedure ............................................................................................. 8
2.2 Close out procedure for cases where “No Delivery Period” is abolished ............ 8
2.3 Close-out Procedure in case of indefinitely suspended/delisted scrips ............... 8
2.4 Close-out mark up in respect of Debentures and Bonds traded on the Stock
Exchanges ....................................................................................................................... 9
2.5 Auction................................................................................................................. 9
2.6 Proceeds from Auction/ Close-out ....................................................................... 9
SECTION – 3 :DELIVERY VERSUS PAYMENT (DVP) / HAND DELIVERY
BARGAINS ..................................................................................................................... 10
3.1 Hand Delivery Bargains/ DVP ........................................................................... 10
SECTION – 4 : INVESTOR PROTECTION FUND / CUSTOMER PROTECTION
FUND ............................................................................................................................... 11
4.1 Guidelines for Investor Protection Fund at Stock Exchanges ........................... 11
4.2 Constitution and Management of the IPF/CPF .................................................. 11
4.3 Contribution to IPF/CPF .................................................................................... 11
4.4 Manner of filling /inviting claims from investors .............................................. 12
4.5 Eligible Claims ................................................................................................... 13
4.6 Determination of Legitimate Claims ................................................................. 13
4.7 Threshold limit for claims .................................................................................. 13
4.8 Disbursements of claims from the IPF/CPF ...................................................... 14
4.9 Miscellaneous .................................................................................................... 14
4.10 Settlement of Claims .......................................................................................... 15
4.10.1 Dealing through the registered sub-broker of a defaulting broker ..................... 15
4.11 Investor Services Fund ....................................................................................... 15
4.12 Utilization of Investor Protection Fund/ Investor Service Fund ........................ 15
4.13 Utilization of Interest Income earned on IPF ..................................................... 17
SECTION – 5: MODE OF PAYMENT AND DELIVERY ......................................... 18
5.1 Mode of Payment and Delivery ......................................................................... 18
SECTION – 6: SETTLEMENT IN CASE OF HOLIDAYS ......................................... 19
6.1 Settlement of Transaction in case of Holidays .................................................. 19
6.2 Settlement in case of Unscheduled Holidays ..................................................... 20
SECTION – 7 : TRADE GUARANTEE FUND/ SETTLEMENT GUARANTEE
FUND ............................................................................................................................... 21
7.1 Trade Guarantee Fund/ Settlement Guarantee Fund .......................................... 21
7.2 The Objective of the Fund ................................................................................. 21
7.3 Corpus of the fund ............................................................................................. 21
7.4 Contribution to the Fund .................................................................................... 23
7.5 Management of the fund: ................................................................................... 24
7.7 Recoupment of the corpus ................................................................................. 24
7.8 Utilisation of Settlement Guarantee Fund .......................................................... 24
SECTION -8: TRANSFER OF FUNDS AND SECURITIES ...................................... 26
8.1 Transfer of Funds and Securities from member to client .................................. 26
SECTION – 9: TRANSFER DEED ................................................................................ 28
9.1 Affix stamp of member affiliation to stock exchange on reverse of transfer deed
(Physical Shares) ........................................................................................................... 28
9.2 Trasfer Deed with or without Inscription ........................................................... 28
9.3 Delay in transfer of shares by companies .......................................................... 29
SECTION – 10 : UNIFORM NORMS FOR GOOD/BAD DELIVERY NORMS .... 33
10.1 Transfer Deeds ................................................................................................... 33
10.2 Share Certificates ............................................................................................... 44
10.3 Miscellaneous .................................................................................................... 47
10.4 Clarification with to 97 and 100 of the Norms for G/B Norms ......................... 50
REFERENCE – List of Circulars ................................................................................... 52
SECTION – 1: ACTIVITY SCHEDULE
1.1 Rolling settlement
In April 2002, the Indian capital markets introduced T+3 rolling settlement cycle. The settlement cycle of T+3 under the Rolling Settlement System, was shortened further to T+2 rolling settlement, w.e.f. April 01, 2003.
1.2 Activity Schedule for T+2 Rolling Settlement1
The activity schedule is as under:
S. No. Day Time Description of activity
1 T Trade Day
2 T+1 By 1.00 pm Completion of custodial confirmation of trades to CC/CH. (There is no separate extended time limit for late confirmations).
By 2.30 pm Completion of process and download
obligation files to brokers/ custodians by theCC/CH.
3 T+2 Until 10.30 am Accept Pay-in instructions from investors into pool account
By 10.30 am Submit final pay-in files to the depository
and the clearing bank.
By 1.30 pm Pay-out of securities and funds.
1.3 Systems for effecting settlement on T+2 basis2
The stock exchanges shall also put in place the following systems for effecting settlement on T+2 basis.
a. A facility of late confirmation of trades by the custodians shall be provided. However, the time limit for late confirmation shall be fixed in a manner that the download of the final obligation files to brokers is not
delayed.
b. The stock exchanges would levy an additional charge to discourage late confirmations by the custodians.
1 Circular No. MRD/Dop/SE/Dep/Cir-18/2005 dated September 02, 2005.
2 Circular No. SMD/POLICY/Cir - /03 dated February 6, 2003
c. The stock exchanges would provide a system for handling shortages of funds and securities in an expeditious manner to adhere to the time schedule for pay-out.
d. The stock exchanges would also amend their byelaws to mandate the pay out of funds and securities to the clients by the broker within 24 hours of the payout.
e. The stock exchanges shall design an alternative clearing and settlement system in respect of companies whose shares have not been dematerialised to align the clearing and settlement system for such stocks
with the T + 2 rolling settlement.
f. The stock exchanges shall not normally permit changes in the Client ID and would keep a strict vigil on cases of client code modification and would implement a monetary penalty structure that would escalate with the number of such incidences. Besides, the exchanges may take necessary action against members making repeated changes. However, genuine mistakes may be allowed to be rectified.
g. Stock exchanges would encourage members to adopt automatic downloading of pay-in files for securities and funds. The members would also be encouraged to adopt direct transfer of securities/ funds to clients’ account on pay-out.
The stock exchanges may also provide the following facilities desirable for further smoothing clearing and settlement process, though these may not be preconditions for introduction of T + 2 rolling settlement.
a. Facility of online confirmation of trades by custodians.
b. System to capture the details of the client’s depository account and bank account.
c. System for online transmitting the client wise pay-in obligation to depository so that the depository in turn could download the security pay-in instructions to depository participants in respect of the investor maintaining account with them.
d. System wherein the pay-out files could be sent to the clearing banks with
a request to online credit to the bank accounts of the clients.
e. The stock exchanges would support development of front end software for brokers to map the Client ID through abbreviated keys to facilitate faster order entry for inserting the unique client code speedily.
1.4 Activity schedule for Auction Session3
The activity schedule given below shall be applicable with effect from February 1, 2011 –
Rolling settlement for T day trade
S. No. Day Description of activity
1 T Trade Day
2 T+2 Pay-in/Pay-out of securities and funds
Auction settlement for T day trade
3 T+2 Auction session
4 T+3 Pay-in/pay-out and close-out of auction
Incase of bank holidays, when multiple settlements (say S1 and S2) are conducted on the same day (say Tm), on the working day immediately following the day(s) of the closure, the auction session shall be as under:
a. The auction of first settlement (S1) shall be conducted on the same day (Tm) and settled the next day (Tm+1).
b. The auction for the second settlement (S2) shall be conducted on the next day (Tm+1) along with the shortages/auction of that day. The settlement of the same shall happen on the subsequent day (Tm+2).
3 Circular No CIR/MRD/DP/ 39 /2010 dated December 28, 2010
SECTION – 2: CLOSE-OUT AND AUCTION / NO DELIVERY PERIOD / BOOK CLOSURE AND RECORD DATES
2.1 Close-out Procedure4
The Close out Procedure is as below:-
"The close out Price will be the highest price recorded in that scrip on the exchange in the settlement in which the concerned contract was entered into and upto the date of auction/close out
OR
20% above the latest available closing price at the exchange on the day on which auction offers are called for.WHICHEVER IS HIGHER.”
2.2 Close out procedure for cases where “No Delivery Period”5 is abolished
In cases where “no delivery period” is abolished any short delivery by any member in the previous settlement where delivery was to be on cum basis can be closed out to the extent of the short delivery. In case of such direct close-out, the mark-up price would be 10%.
The reference price for such close out shall be the latest available closing price at the exchange.6
2.3 Close-out Procedure in case of indefinitely suspended/delisted scrips7
In the case of close out for scrips which have been indefinitely suspended/ delisted, the reference price would be the twenty-six weeks average traded price while the close out mark up would be 20%.
4 Circular No. SMD/Policy/Cir-08/2002 dated April 16, 2002.
Circular No. SMD/Policy/IECG/5548/96 dated December 09, 1996.
5 Circular No. SMD/Policy/Cir-08/2002 dated April 16, 2002.
6 Circular No. SMD/Policy/Cir-08/2002 dated April 16, 2002
7 Circular No. SMD/Policy/Cir-21/02 dated September 04, 2002.
2.4 Close-out mark up in respect of Debentures and Bonds traded on the Stock Exchanges8
The debentures and bond issued by the companies which are traded at the exchanges do not experience daily price variation in fashion similar to the equities. Therefore close out mark up of 5% would be applied in case of debentures and bonds which are assigned a credit rating of triple A and above.
However, for the other debentures and the bonds without the triple A credit rating, the existing close out mark up of 20% shall be applicable as is applicable in the case of equities.
2.5 Auction9
i. In no case the auction would be held more than once unless the same is approved by a special resolution of the Governing Board. The outstanding position at the end of the first auction cycle shall be automatically closed out.
ii. In no case the auction shall be held beyond a period of one week from the pay in day of the settlement in which the concerned contract had been entered into.
2.6 Proceeds from Auction/ Close-out10
The Proceeds from Auction/ Close-out should be used to settle the claim of the aggrieved party. Any amount remaining thereof should be credited to the Investor Protection Fund instead of crediting it to the defaulting party’s account.
8 Circular No. SEBI/SMD/SE/Cir-26/2003/25/06 dated June 25, 2003.
9 Circular No. SMD/Policy/IECG/5548/96 dated December 09, 1996.
10 Circular No. SMD/Policy/Cir-10/99 dated May 04, 1999.
SECTION – 3 :DELIVERY VERSUS PAYMENT (DVP) / HAND DELIVERY
BARGAINS
3.1 Hand Delivery Bargains/ DVP11
All transactions executed on the stock exchanges shall be settled through the Clearing Corporation/House of the stock exchanges except for the following exceptional circumstances under which Hand Delivery Bargains/DVP may be permitted by the stock exchanges without attracting any margins and any penalty:
a. Total connectivity failure to the exchange/STP. (Specific connectivity issues of the custodians and members shall not be considered as valid exceptions).
b. International Holidays that may be decided upfront by the stock exchanges in consultation with the custodians.
c. Closing down of national/international centres due to calamities
11 Circular No. MRD/DoP/SE/Cir- 17/2005 dated September 2, 2005.
SECTION – 4 : INVESTOR PROTECTION FUND / CUSTOMER PROTECTION FUND
4.1 Guidelines for Investor Protection Fund at Stock Exchanges
The Central Government, vide notification No. F. No. 14/4/SE/85 dated August 22, 1985, has stipulated the setting up of the Investor Protection Fund (IPF)/ Customer by Stock Exchanges. This fund should take care of legitimate investment claims which are not of speculative nature of the clients of defaulting member(s).
4.2 Constitution and Management of the IPF/CPF
1. The Investor Protection Fund/Customer Protection Fund (hereinafter referred to as IPF/CPF) shall be administered by way of a Trust created for the purpose.
2. The IPF/CPF Trust shall consist of atleast one public representative, one representative from the registered investor associations recognized by SEBI and the Executive Directors/Managing Directors/Administrators of the Stock Exchange.
3. The Stock Exchange shall provide the secretariat for the IPF/CPF Trust.
4. The Stock Exchange shall ensure that the funds in the IPF/CPF are well segregated and that the IPF/CPF is immune from any liabilities of the Stock Exchange.
4.3 Contribution to IPF/CPF
5. The following contributions shall be made by the Stock Exchange to the IPF/CPF:-
a. 1% of the listing fees received, on a quarterly basis.
b. 100 % of the interest earned on the 1% security deposit kept by the issuer companies at the time of the offering of securities for subscription to the public, immediately on refund of the deposit.
c. The difference of amount of auctions / close-out price in pursuance of circular no. SMDRP/Policy/Cir-10/1999 dated May 04, 1999.
d. The amount received from the proceeds of the sale of the securities written off as per para 4 & 5 of SEBI circular No. FITTC/FII/02/2002 dated May 15, 2002.
e. The amounts specified in pursuance of Regulation 28(12) (e) (ii), Regulation 28(13) and Regulation 29 (2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.
6. As regards the contribution towards the IPF based on the transaction charges collected from the members of the exchange, the Stock Exchanges shall continue with the present practice followed by the respective Stock Exchanges.
4.4 Manner of filling /inviting claims from investors
7. In accordance with its bye-laws, rules or regulations, the Stock Exchange shall publish a notice inviting the legitimate claimants to file claims against the defaulter member brokers within a specified period of time, called as the “specified period”.
8. The specified period for inviting legitimate claims against a defaulter member, shall be a minimum of ninety days12.
9. The Stock Exchange shall publish the notice in all the editions of atleast one English national daily with wide circulation and in atleast one regional language daily with wide circulation at the place where the Stock Exchange is situated.
10. The notice calling for claims shall also be displayed on the premises of the Stock Exchange as well as on the web-sites of the Stock Exchange for the entire specified period.
11. The notice shall contain the specified period, the maximum compensation limit for a single claim of an investor, etc.
12 Circular No. CIR/MRD/DP/06/2011 dated June 16, 2011
4.5 Eligible Claims
12. The claims received against the defaulter members during the specified period shall be eligible for compensation from the IPF/CPF.
13. If any eligible claims arise within three years from the date of expiry of the specified period such claims shall be borne by the stock exchanges without any recourse to the IPF/CPF13.
Provided that any claims received after three years from the date of expiry of the specified period may be dealt with as a civil dispute.
Provided further that in cases where any litigations are pending against the defaulter member, the residual amount, if any, may be retained by the stock exchange until such litigations are concluded.
14. The claims of the investors/clients shall be eligible for compensation from the IPF/CPF and in no case the claims of a broker or an associate of the member broker of the Stock Exchange shall be eligible for compensation out of the IPF/CPF.
15. The claims of the investors/clients arising out of speculative transactions shall not be eligible for compensation from the IPF/CPF. The claim should not be a sham or collusive.
4.6 Determination of Legitimate Claims
16. The IPF/CPF Trust may adopt the arbitration mechanism at the Stock Exchange to determine the legitimacy of the claims received from the claimants.
17. The IPF/CPF Trust may also seek the advice of the Defaulters Committee to sanction and ratify the payments to be made to the investors.
4.7 Threshold limit for claims
18. The Stock Exchanges are free to fix suitable compensation limits, in consultation with the IPF/CPF Trust. However, the amount of compensation available against a single claim of an investor arising out of default by a member broker of a Stock Exchange shall not be less than Rs. 50,000/- in case of other Stock Exchanges.
13 Circular No. CIR/MRD/DO/06/2011 dated June 16, 2011
19. The Stock Exchange, in consultation with the IPF/CPF Trust, shall review and progressively increase the amount of compensation available against a single claim from an investor, atleast every three years.
20. The Stock Exchange shall disseminate the compensation limit fixed by them and any change thereof, to the public through a Press Release and also through its web site.
4.8 Disbursements of claims from the IPF/CPF
21. The IPF/CPF Trust shall disburse the amount of compensation from the IPF/CPF to the investor and such a compensation shall not be more than the maximum amount fixed for a single claim of an investor.
22. [Deleted]14
23. The compensation shall be disbursed to the investor from the IPF/CPF in case there is a shortage of defaulter brokers’ assets after its realisation15.
24. The Stock Exchange shall ensure that the amount realised from the assets of the defaulter member is returned to the defaulter member after satisfying the claims of the Stock Exchange and the SEBI in accordance with the bye-laws of the Stock Exchange16.
Provided that in case of a member broker having membership on the multiple stock exchanges, amount realised from the assets of the defaulter member shall be returned to the said member only after satisfying eligible claims of the concerned stock exchange, SEBI, and other stock exchanges.
4.9 Miscellaneous17
25. Post-demutualisation, the balance of the IPF/CPF lying un-utilised with the Stock Exchanges, shall continue to be utilised only for such purposes as prescribed by SEBI.
14 Circular No. CIR/MRD/DP/06/2011 dated June 16, 2011
15 Circular No. CIR/MRD/DP/06/2011 dated June 16, 2011
16 Circular No. CIR/MRD/DP/06/2011 dated June 16, 2011
17 Circular No. MRD/DoP/SE/Cir-38/2004 dated October 28, 2004.
26. However, if the Stock Exchange is wound up post-demutualisation, then the balance in the IPF/CPF lying un-utilised with the Stock Exchange shall be transferred to SEBI. The funds will be maintained in a separate account and SEBI would act as trustee of these funds. The funds shall be utilised for purposes of Investor education, awareness, research etc.
4.10 Settlement of Claims
4.10.1 Dealing through the registered sub-broker of a defaulting broker18
With respect to entertaining the claims against the defaulter member for compensation from the Investor Protection Fund/ Customer Protection Fund (IPF/ CPF) where the clients have dealt through the registered sub-broker of the defaulting broker, the clients of the registered sub-broker would also be eligible for claims against the defaulting member broker for compensation from the IPF/ CPF.
4.11 Investor Services Fund 19
The Exchange is directed to set aside atleast 20% of the listing fees for providing services to the investing public. The exchange is also directed to provide daily quotation, other publications, computerised services and other services to the members of the stock exchange at cost price.
4.12 Utilization of Investor Protection Fund/ Investor Service Fund20
To bring about a uniformity/ consistency regarding the functioning of the Investor Protection Fund/ Investor Service Fund of stock exchanges, it is advised
18 Circular No. SMD/Policy/Cir-15/2002 dated June 26, 2002.
19 Ref. No. SE/10118 dated October 12, 1992.
20 Circular No. SMD/Policy/Cir-32/97 dated December 03, 1997.
that all stock exchanges should open/ maintain atleast one service center for the benefit of the public/ Investors. However, the major stock exchanges are free to open as many investor centers as required. These investor centers will provide the following basic minimum facilities to the investors:
i. The Center will provide 4 financial newspapers with atleast one in the regional language.
ii. The Investor Services Center will install computer software(marketed by some vendors) which provide information about Corporates including annual reports, general, financial & other important information. The information will be made available through computers with one master terminal and some dummy terminals through which investors could access this information. Other facilities like copying will be made available to the investors at minimum cost.
iii. The Center will provide facilities for receiving/recording investor complaints. Special Staff recruited/deployed by the Exchange for this purpose will register the complaints and provide counselling service to the investors. Status of complaints will be maintained and updated in the computer system of the Center.
iv. The Center will provide for other infrastructure facilities such as telephone, photocopier, furniture, sitting space etc.
v. The Investor Service Center will provide published material of the Stock Exchange for the benefit of the investors. It should also provide the prospectus and application forms for the forthcoming public issues.
vi. The Center will provide for dummy terminals to display the prices of the scrips listed on the Exchange on real-time basis, to enable investors watch the price movements of the stocks.
vii. The Center will maintain a library on relevant laws, financial analysis, market trend analysis etc. for the education of the investors.
4.13 Utilization of Interest Income earned on IPF21
In order to promote investor education and to create greater investor awareness, all the stock exchanges are permitted to utilize interest income earned on Investor Protection Fund for investor education, awareness and research.
21 Circular No. SMD/DBA-1/SS/Policy/Cir-34/2000 dated August 2, 2000.
SECTION – 5: MODE OF PAYMENT AND DELIVERY
5.1 Mode of Payment and Delivery22
i. Brokers and sub-brokers should not accept cash from the client whether against obligations or as margin for purchase of securities and / or give cash against sale of securities to the clients.
ii. All payments shall be received / made by the brokers from / to the clients strictly by account payee rossed cheques / demand drafts or by way of direct credit into the bank account through EFT, or any other mode allowed by RBI. The brokers shall accept cheques drawn only by the clients and also issue cheques in favour of the clients only, for their transactions. However, in exceptional circumstances the broker or subbroker may receive the amount in cash, to the extent not in violation of the Income Tax requirement as may be in force from time to time.
iii. Similarly in the case of securities also giving / taking delivery of securities in “demat mode” should be directly to / from the “beneficiary accounts” of the clients except delivery of securities to a recognized entity under the approved scheme of the stock exchange and / or SEBI.
22 Circular No. SEBI/MRD/SE/Cir- 33/2003/27/08 dated August 27, 2003.
SECTION – 6: SETTLEMENT IN CASE OF HOLIDAYS
6.1 Settlement of Transaction in case of Holidays23
Often the holidays of Banks and Stock Exchanges, holidays among Stock Exchanges in different states, are not common. This results in situations where Stock Exchanges are burdened with multiple settlements on the working day immediately following the day(s) of closure. Thus with the view to enable smooth Settlement process and enable Exchanges meet their obligations the Advisory Committee on Derivatives and Market Risk Management (RMG) in consultation with the Stock Exchanges and the Depositories has provided the following guidelines:
i. The Stock Exchanges shall clear and settle the trades on a sequential basis i.e., the pay-in and the pay-out of the first settlement shall be completed before the commencement of the pay-in and pay-out of the subsequent settlement(s).
ii. The cash/Securities pay out from the first settlement shall be made available to the member for meeting his pay-in obligations for the subsequent settlement/s.
iii. Further, in-order to meet his pay-in obligations for the subsequent settlement, the member may need to move securities from one depository to another. The Depositories shall, therefore, facilitate the inter-depository transfers within one hour and before pay-in for the subsequent settlement begins.
iv. The Stock Exchanges/Depositories shall follow a strict time schedule to ensure that the settlements are completed on the same day.
v. The Clearing Corporation/Clearing House of the Stock Exchanges shall execute Auto DO facility for all the settlements together, so as to make the funds and the securities available with the member on the same day for all the settlements, thereby enabling the availability of the funds/securities at the client level by the end of the same day
23 Circular No. SEBI/MRD/Policy/AT/Cir- 19/2004 dated April 21, 2004.
6.2 Settlement in case of Unscheduled Holidays24
If the settlement holiday is unscheduled (on account of strike etc.) the clubbing of settlement at the last minute may not be possible and the provision of SEBI letter (ref. No. SMD/Policy/25249/2001 dated march 19, 2001 to Stock Exchanges) referred in the circular shall be applicable.
24 Circular No. SMDRPD/Policy/Cir-43/2001 dated August 20, 2001.
SECTION – 7 : TRADE GUARANTEE FUND/ SETTLEMENT GUARANTEE FUND
7.1 Trade Guarantee Fund/ Settlement Guarantee Fund
In order to ensure timely completion of the settlement, all the stock exchanges were advised to set up clearing house/clearing corporation or settlement guarantee fund. The failure of one member has cascading effects on others as well. Thus objective behind the establishment of clearing corporation/settlement guarantee fund is to ensure that there is no delay in settlement due to failure of any member to honour his commitment to the exchange on time.
7.2 The Objective of the Fund
The objective of the SGF is to guarantee settlement of all transactions of the members of the exchange inter-se through the stock exchange. In the event of a member failing to honour his settlement commitments, the SGF will undertake to fulfill the commitment of that member and will complete the settlement without affecting the normal settlement process. In the case of clearing corporation, all the trades are settled through the clearing corporation and clearing corporation becomes the counter party for all the trades. The clearing corporation also guarantees settlement of all trades.
7.3 Corpus of the fund
The corpus of the fund should be adequate to meet out all the contingencies arising on account of failure of any member/members. The risk/liability to the fund depends on various factors such as trade volume, delivery percentage, maximum settlement liability of the members, the history of defaults at the exchange, capital adequacy of the members, and the degree of surveillance and safety measures i.e. imposition of mark to market margins, trade restrictions etc., implemented by the exchange. A fixed formula, therefore, cannot be prescribed to estimate the risk/liability of the fund. However, in order to assess the fair quantum of the corpus of SGF, an assessment on the following factors prevailing at the particular Stock Exchange may be necessary.
25 Circular No. SMD/POLICY/SGF/CIR-13/97 dated June 09, 1997.
Circular No. SEBI/SMD/SE/21 /2003/05/06 dated June 5, 2003.
Circular No. SMDRP/POLICY /CIR -16/2001 dated March 9, 2001
1. Risk Management system in force at the Exchange
i. The extent of implementation of various margins systems and the level of threshold limits.
ii. The percentage of margins (paid by the members) to their pay-in liabilities
iii. Control on off-market transactions
iv. Capital adequacy of members (Base minimum capital and the additional capital deposited with the Exchange)
v. The effectiveness of the surveillance system at the Exchange.
vi. Minimum expenses limit fixed by the Exchange.
2. The track record of defaults of members (Gross amount of default and the net amount) in the last 10 years.
3. The track record of disciplinary action for financial defaults taken by the Exchange in the last 10 years
4. The settlement liability of the top 10 members ( settlement liability wise ) in the highest settlement in the last 1 year..
5. Implementation of suggestions made in the SEBI Inspection Reports by the Stock Exchange.
6. The projected volume of business and deliveries at the Exchange for the next three years.
A realistic assessment on the adequacy of the above factors relating to the particular Stock Exchange need to be made. In case of any deficiency / nonsatisfactory level of performance of the Exchange, the expected level of risk/liability to the SGF will increase and accordingly it will require a higher level of corpus.
Further in order to assess the minimum level of corpus of SGF, the following norms may be considered.
a. It may be assumed that in a worst case, the top ten members (highest settlement in last one year settlement liability-wise) of the exchange would default simultaneously in a settlement
b. It may be assumed that there will be a maximum loss of 20% in the value on the net basis in the process of reversing the trade or squaring off the position.
c. The loss may be assumed to be recovered from the following sources :
Margins deposited with the Exchange.
The short fall will be first met from Income of the SGF (interest on deposits and recurring sources such as the turnover based contributions from members etc).
The, balance, shortfall, if any might be recovered from the corpus of SGF.
In the normal course, the total income from the interest earned on cash portions of the corpus of SGF and other recurring contributions to SGF by member should be adequate to take care of the unexpected liability as per (b) above, For example if the total loss on settlement liabilities of the top ten brokers is Rs 2 Crs in a particular settlement, income generation from the fund (including recurring income) should not be less than Rs 2 Crs p.a.
7.4 Contribution to the Fund
The basic objective of the fund is to provide safety to the members against the risk of failure of any other member/s in the settlement, therefore the contribution to the corpus of SGF should be made by the members. The exchange may contribute towards the corpus of the fund out of the free reserves and by way of appropriation of the members fund lying with it. The base minimum capital contributed by the members may be used for building up the corpus of the SGF.
For better liquidity, it should be ensured that the securities accepted towards contribution to the base minimum capital consist of only NIFTY (NSE 50 Index) Scrips which are freely usable by SGF in meeting out any risk / liability. The members may also be required to contribute to the fund by way of bank guarantee revocable at the instance of SGF against the default by any member.
In order to generate regular income to the fund, the members should pay turnover based contribution to this fund. This contribution made by the members should not be recovered from investors.
7.5 Management of the fund:
The management of the SGF should be in the hands of an independent committee represented by members and outsiders. The constitution of the committee should be approved by SEBI.
7.6 Access to the fund:
In the event of a failure of member/s to honour their settlement commitment, the SGF will fulfill the commitment only after declaring the member/s as defaulter/s and such member/s would not be eligible to continue to trade and default proceedings as per the bye-laws of the exchange would have to be initiated against him.
7.7 Recoupment of the corpus
It should be ensured that the corpus of the SGF will not fall below the initial corpus or 75% of the closing value of the fund as on date immediately preceding March 31, which ever is higher and it will increase in proportion of increase in membership / turnover.
7.8 Utilisation of Settlement Guarantee Fund
In cases where amount shortages in a settlement for a trading member are in excess of the base minimum capital (BMC) prescribed, the trading facility of the member shall be withdrawn and the securities pay-out due to the member shall be withheld. The trading facility of the member shall be withdrawn and the securities pay-out due to the member shall be withheld, even in cases where the amount of shortages exceed 20% of the BMC and is less than the BMC on six occasions within a period of three months.
On complete recovery of the shortages, the member shall be permitted to trade with a reduced gross exposure as follows:
Cumulative Funds Shortage Exposure limit allowed (%of current exposure limit)
20% of BMC – 50% of BMC 80%
50% of BMC – 100% of BMC 60%
This reduced gross exposure level shall be maintained for the member for ten rolling settlements. If the cumulative funds shortages for the next ten rolling settlements (previously four rolling settlements), is less than 20% of BMC, the exposure limits shall be restored. However, if a member provides a deposit equivalent to his cumulative fund shortages as the 'funds shortage collateral' in his clearing account the exposure limit may be restored immediately upon meeting the shortage. Such deposit shall be kept with the Exchange for a period of ten rolling settlements and shall be released only if no further funds shortages are reported for the member in next ten rolling settlements. The member shall not be given any exposure benefit or any interest payment on the amount so deposited as 'funds shortage collateral'. Members may deposit the ‘funds shortage collateral' by way of cash, fixed deposit receipts or bank guarantee. The outstanding amount would carry a penal interest of not less than 0.07% (previously 0.09%) per day.
The amounts lying in the aforesaid funds would not be available for settling any loss suffered in connection with the margin trading facility. However, the aforesaid funds will continue to be available for all transactions done on the exchange, whether normal or through margin trading facility.26
26 Circular No. SEBI/MRD/SE/SU/Cir-15/04 dated March 19, 2004.
SECTION -8: TRANSFER OF FUNDS AND SECURITIES
8.1 Transfer of Funds and Securities from member to client27
The member shall transfer Funds and Securities from their respective pool account to the respective beneficiary account of their client within 1 working day after the pay-out day.
The Securities lying in the pool account beyond the above period would not be eligible for delivery in the subsequent settlement(s) and would also be not eligible for pledging or stock lending purpose, until the same is credited to the beneficiary accounts.
The Securities lying in the pool account beyond the stipulated 1 day shall attract a penalty at the rate of 6 basis point per week on the value of securities. The penalty so collected by the depositories shall be credited to a separate account with the depository and earmarked for defraying the expenses in connection with the investors’ education and awareness programs conducted by the depositories.
The securities, which are lying in these accounts beyond the specified time period, shall initially be identified based on FIFO (First-In First-Out) basis. However, with effect from March 5, 2001, the securities shall be identified based on the settlement number basis. The clearing corporation/houses of the stock exchanges shall provide the settlement-wise details of securities to the depositories and the depositories shall maintain the settlement-wise records for the purpose.
Further with effect from April 2, 2001, stock exchanges shall introduce the settlement system for direct delivery of securities to the investors. Clearing corporation/clearing house (CC/CH) shall ascertain from each clearing member, the beneficial account details of their respective clients who are due to receive pay out of securities. Based on this, the CC/CH shall send pay out instructions to the depositories so that the client receives pay out of securities directly to the extent of instructions received from the respective clearing members. To the extent of instruction not received, the securities shall be credited to the CM pool account.
27 Circular No. MRD/DoP/SE/Dep/Cir-30/2004 dated August 24, 2004.
Circular No. SEBI/MRD/Policy/AT/Cir- 19/2004 dated April 21, 2004.
Circular No. SMDRP/Policy/Cir-05/2001 dated February 01, 2001.
SECTION – 9: TRANSFER DEED
9.1 Affix stamp of member affiliation to stock exchange on reverse of transfer deed (Physical Shares)28
While delivering shares in the market, the delivering broker is required to affix, on the reverse of the transfer deed a rubber stamp indicating his name, clearing number allotted to him by the Stock Exchange of which he is a member and date of such delivery. The following steps are to be followed in order to facilitate the last purchaser, in the event of any problems of bad delivery etc., to approach the first introducing broker for rectification of defect(s).
(1) All the brokers should have their SEBI Registration number preprinted on their contract notes.
(2) All brokers should affix rubber stamp on the reverse of transfer deeds with their trade name and SEBI registration number as it appears in the SEBI Registration Certificate. Also the stamp should indicate the name of the Stock Exchange of the which the Broker is a member. The rubber Stamp should be as under:
Name & Name of the Stock Exchange : e.g. J.V.Shah, BOM SEBI Registration Number:
The brokers should also be instructed to invariably fill in the date of delivery while delivering the shares in the market.
(3) All the stock Exchanges should incorporate the SEBI Registration numbers of the brokers in the various computer reports generated by them.
9.2 Trasfer Deed with or without Inscription29
All Trasfer Deeds with or without the inscription of the name of the Stock Exchange on the reverse shall be treated as good delivery provided they are complete in all other respects and otherwise in order.
28 Ref.SMD-I/22532 dated October 19, 1993.
29 Ref. SMD/6059 dated October 17, 1994.
9.3 Delay in transfer of shares by companies30
A) Pending Transfer of Share
i) In case the transfer deed and the share certificates are with the company awaiting transfer beyond 30 days and in cases where the same are returned by the company to the investor with a company objection including due to signature difference (other than court cases where injunction has been ordered), companies shall effect the transfer of shares on obtaining from the transferee the proof of purchases duly acknowledged by the stock exchange/broker. If so desired, a company may also obtain indemnity bond from the transferee. Before effecting transfer, the company shall within 10 days of the date of such direction,
send letters under registered post AD/Speed Post AD to the transferor(s) asking for their confirmations/no-objection, so as reach the company within 15 days from the date of receipt of the letter by the transferor. If the confirmation is received /no-objection is not received within 15 days from the transferor(s), the transfer would be effected immediately thereafter. The valid objection, if any should be accompanied by correspondingly old prohibitory order from a competent authority. Immediately after effecting the transfer of shares, the benefits (i.e. Bonus, rights, dividend) held back by the company shall be handed over to the transferee. If such benefits have been passed on to the transferor, the concerned stock exchange shall arbitrate through the brokers of the transferor and the transferee to determine the rightful claimant. Keeping in view the provisions of Section 206 A of the Companies Act and Section 27 of the Securities Contracts (Regulation) Act, 1956, in such cases, the Stock Exchanges should entertain claims for resolving through arbitration even if they are beyond the stipulated time of 4 months. ii) In respect of complaints (other than court cases where injunction has been ordered) where the original transfer deeds have been lost in the process of rectification on account of company objection, companies shall transfer the shares as per the first proviso to sub-section (1) of Section 108 of the Companies Act on obtaining from the transferee the proof of purchases duly acknowledged by the stock exchange/broker on an indemnity bond
from the transferee. Before effecti ng transfer, the company shall within 10 days of the date of such direction, send letters under registered post AD /Speed post AD to the transferor(s) asking for their confirmations/no - objection, so as reach the company within 15 days from the date of receipt
30 Circular No. SMDRP/POLICY/CIR-46/2001 dated September 27, 2001
of the letter by the transferor. If the confirmation is received/no objection is not received within 15 days, the transfer would be effected immediately thereafter. The valid objection, if any, by the transferor shall be accompanied by correspondingly old prohibitory order from a competent authority. Immediately after effecting the transfer of shares, the benefits (i.e. Bonus, rights, dividend) held back by the company shall be handed over to the transferee. If such benefits have been passed on to the transferor, the concerned stock exchange shall arbitrate through the brokers of the transferor and the transferee to determine the rightful claimant. Keeping in view the provisions of the Section 206 A of the Companies Act and Section 27 of the Securities Contracts (Regulation) Act, 1956, in such cases, the Stock Exchanges should entertain claims, even
if they are beyond the stipulated time.
iii) In respect of companies where shares and transfer deeds are lying with the investor or introducing broker-member(IM), and IM has already paid/replaced shares to buyer/broker due to bad delivery on account of objection memo raised by the company, but there was a delay on the part of the company in raising objection beyond the stipulated time period of 1 month, shares shall be tranferred by the company to the investor/IM, as applicable, provided no objection certificate of the buyer/buying broker is provided.
B) Procedure for dealing with Company objections in future
i) In respect of complaints where shares and transfer deeds are lying with the investor of introducing the broker-member (IM) and IM has already paid/replaced shares to buyer /broker due to bad delivery on account of objection memo raised by the company, but there was a delay on the part of the company in raising objection beyond the stipulated time period of 1 month. In such cases the company would be liable to compensate the aggrieved party for the opportunity losses during the intervening period.
ii) In cases of company objection due to signature difference (Other than court cases where injunction is ordered), companies shall effect the transfer of shares by following the procedure mentioned below. Before
effecting transfer, the company shall within 10 days of receipt of shares from the transferee, send letters under registered post AD/ Speed Post AD to the transferor(s) asking for their confirmations/no-objection, so as to reach the company within 15 days from the date of receipt of the letter by the transferor. If the confirmation is received/no objection is not received within 15 days, the transfer would be effected immediately thereafter. The valid objection, if any, should be followed/accompanied by a prohibitory order from a competent authority and should reach the company within 30 days thereafter, failing which the transfer would be effected. Immediately, after effecting the transfer of shares, the benefits (i.e. Bonus, rights, dividend) held back by the company shall be handed over to the transferee. If such benefits have been passed on to the transferor, the concerned stock exchange shall arbitrate through the brokers of the transferor and the transferee to determine the rightful claimant. Keeping in view the provisions of Section 206 A of the Companies Act and Section 27 of the Securities Contracts (Regulation) Act, 1956, In such cases, the Stock Exchanges are hereby advised to entertain claims even if they are beyond the stipulated time.
iii) In cases where transfer deed and the share certificates are with the company and the company has not effected transfer of shares, within the stipulated time period of one month, without communicating the investor any valid objection. In such cases the company would be liable to compensate the opportunity losses occurred to the investor(buyer). In addition, the company shall transfer the shares immediately and keeping in view the provisions of Section 206A of the Companies Act and Section 27 of the Securities Contracts (Regulation) Act, 1956, provide all benefits (i.e. bonus shares, dividend) which accrued to the investor during the intervening period on account of such delay.
iv) Once a share certificate is returned by a transfer agent as a "company Objection" keeping in view the provisions of Section 206 A of the Companies Act and Section 27 of the Securities Contracts (Regulation) Act, 1956, all benefits must be held in abeyance by the company till such time the transfer actually takes place or a valid no objection is received from the Transferee on his receiving replacement.
v) Every time an introducing broker replaces a bad delivery share or pays for the share to the receiving broker/buyer investor as per market norms, a No Objection Certificate to transfer the shares in the name of introducing member from the receiving broker/buyer investor shall be given to the introducing member broker/seller investor, as applicable, through the Bad Delivery Cell mechanism.
C) Duplicate Share Certificate
Where the investor has complained about issuing of duplicate share certificate(s) by the company on the basis of allegedly forged/stolen documents furnished by a third party, the company shall verify and satisfy itself of the claim of the investor, within 15 days of receipt of the claim and take steps including invoking of indemnity bond to issue shares and corresponding benefits to the rightful owner in terms of section 84 of the Companies Act read with Rule 3 of the Companies (Issue of Share Certificates) Rules, 1960.
SECTION – 10 : UNIFORM NORMS FOR GOOD/BAD DELIVERY NORMS 31
10.1 Transfer Deeds
No Description Good/Bad
1 Transfer Deeds in the prescribed form and printed with the words “For the
_____________ Stock Exchange.”
Stock Exchange emblem may or may not be printed. Month and year of printing
may or may not be put on the reverse of the Transfer Deed. GOOD
2. Mutilated Transfer Deed with the signatures of the transferor, witness,
Directors and officer of the Company/distinctive numbers/ any material
portion badly torn overwritten, or defaced.
Typical Cases :
Material portion defined here only pertains to the material portions at the
time of delivery and not prospective one. For a buyer Consideration column,
Specimen signature column, Name, Address, Occupation will also be the
material portion.
Material portion includes of transferor’s name and signature, company name,
folio no., certificate number, distinctive nos., number of shares, name and
signature of the transferee, specimen signature of transferee GOOD
Transfer Deed torn in the prospective material portion
Torn and pasted with self-adhesive tape on which the required details can GOOD
filled in without any difficulty. BAD
Transfer Deed torn in non material portion and held together by a transparent tape.
Transfer Deed torn end-to-end in any angle.
3. Transfer Deeds with correction in the material portion like, erasure, GOOD if
overwriting, alteration or crossing out by transferor / Authorised properly
Signatory. Authenticated under the full
signatures
of the
transferors.
31 Circular no. SMD/RCG/2796/96 dated July 16, 1996
Circular no. SMD/POLICY/CIR/7-97 dated April 16, 1997
Circular no. SMD/POLICY/GBDN/CIR-25/97 dated October 09, 1997.
Transfer Deeds with correction in the material portion like, erasure, Good if
overwriting, alteration or crossing out in material portion. properly
Undernoted corrections/ alterations are not considered in material authenticat
portion. ed under
the full
signatures
of all the
transferor(s)
A) Minor spelling mistake in the following fields are valid without the
transfer’s authorisation provided the word can be properly Good.
identified :
a. Name of the company.
b. Number of shares in words.
c. names of the Shareholders
Illustration Good Bad
Telco Teelco Tisco
Fifty Feefty feefteen
Ramesh Rameesh Rajesh
B) Eraseure, overwriting, alteration or crossing out in one or two Good.
character in folio numbers.
C) Erasure, overwriting, alteration or crossing out in one or two Good if
character of “Distinctive Numbers”. certificate
number
does not
contain
any
erasure,
overwritin
g ,
D) Erasure, overwriting, alteration or crossing out in one or two alteration
character of “Certificate Numbers “. ,or
crossing
out.
E) Erasure, overwriting, alteration or crossing out in Number of Shares Good if
in figure. distinctive
number
does not
contain
any
erasure,
alteration
or crossing
out.
F) Erasure, overwriting, alteration or crossing out in Number of Shares Good if
in figures. Numbers
Erasure, overwriting, alteration or crossing out in one or two in words
character in “Numbers of Shares “in words. does not
contain
any
erasure,
overwritin
g,
alteration
or crossing
out.
G) List of certificate numbers and distinctive numbers attached to Good if
transfer deed signed by all transferors. Numbers
Good of Shares
of figurews
does not
contain
any
erasure,
overwritin
g,
alteration
or crossing
out.
Good
4 If the name of the transferor (s) in the share certificate & the name in the BAD
transfer deed(s) differs materially.
Differences of the following type (vice-versa)
A) Addition or Deletion of 1 or 2 alphabets GOOD
B) Krishna Chandra Chelura - C C Krishna BAD
C) Corporation - Corpn/Corp. GOOD
D) Ashok Gupta - Gupta Ashok GOOD
5 Transfer Deeds signed as ‘Choonilal’ whereas in share certificate the GOOD
name is spelt as ‘Chunilal’.
Other than any apparent difference in seller’s signature must be
accepted. BAD
In case of apparent difference like S Rao signing as David
In case S Rao signing as Subhash since the first letter of the signature GOOD
matches with the initial.
6 Transferor’s signature in English, Hindi or any one of the Scheduled GOOD
languages in India.
Assamese, Bengali, Gujarati, Hindi, Kannada, Kashmiri, Malayalam,
Marathi, Oriya, Punjabi, Sanskriti, Tamil, Telugu and Urdu - as per
Constitution of India - English Schedule ( Article 314 (I) and 451).
7 Signature of the Transferor is in an Indian language other than the GOOD
Scheduled languages of India or when the Transferor has affixed his
thumb impression. If attested by any person authorised to attest
signatures under the Seal/Stamp of his office.
8 Transfer Deeds in respect of joint holdings signed by all the joint GOOD
holders in any order .
Provided the signatures are against the relative names filled up in the
Transfer Deed.
9 Transfer Deeds without the name of the Company, name(s) of BAD
Transferor(s), Folio No., share certificate no., Distinctive no., and
number of shares being written.
10 In one lot with one Transfer Deed name on one certificate reading as GOOD
“Ramesh C Talati” an on another certificate as “Ramesh Chunilal GOOD
Talati” but Register Folios same on both. GOOD
In one lot, separate transfer deeds are required for each registered folio.
If the transferor’s name is identical and folios are different and there is
only one transfer deed.
11 In one lot with one Transfer Deed names on different certificates GOOD
reading as Ramesh Chunilal Talati and Talati Ramesh Chunilal but
Register Folio is same.
12 Income Tax Authority or Collector signs as Transferor. GOOD
(Number and Date of the relative Order necessary).
13 Instead of Executor’s signature, his Agent’s Signature is put on the GOOD
Transfer Deed. (Number and Date of Registration of Poser of Attorney
necessary).
14 Executor’s signature without his rubber stamp. (Number and Date of GOOD
Registration of Power of Attorney necessary).
15 In the case of Units transfer deed in the name of a Minor and signed by GOOD
natural Guardian. (In the case of Court Guardian, a court order is
required). GOOD - if
Shares cannot be held in the name of a Minor unless accompanied by accompani
Court Order granting permission for sales/purchase which is beneficial ed by the
to the Minor. relevant
Court
Order for
sale.
16 Transfer Deeds signed by an individual against whom insolvency BAD
proceedings are pending.
Unless the transfer deed is duly certified and countersigned by the GOOD
Official Assignee.
17 Transfer deeds signed under Power of Attorney where the power given BAD
is subject to conditions.
Transfer deed signed by Director of the Company and Under board GOOD
Resolution not mentioned on the front or the reverse of the transfer
deed. GOOD
Transfer deed signed by an authorised signatory under Power of only if P A
Attorney . regn no,
date
signature
and stamp
of the
introducin
g Member
is
mentioned
on the
reverse of
Transfer deed signed by an authorised signatory of a custodian and the
the P A registration no is mentioned on face or the reverse of the Transfer
transfer deed. Deed.
Where the transfer deeds are signed by an authorised signatory
under a Board Resolution and the stamp UNDER BOARD GOOD
RESOLUTION is mentioned on the face or the reverse of the transfer
deed. GOOD
17 Transfer deeds signed under Power of Attorney where the power given BAD
is subject to conditions.
Transfer deed signed by Director of the Company and Under board GOOD
Resolution not mentioned on the front or the reverse of the transfer
deed. GOOD
( Stamp of introducing member is not required to be affixed on the only if P A
reverse of the transfer deed) regn no,
Transfer deed signed by an authorised signatory under Power of date
Attorney . signature
and stamp
of the
introducin
g Member
is
mentioned
on the
Transfer deed signed by an authorised signatory of a custodian and reverse of
the P A registration no. is mentioned on face or the reverse of the the
transfer deed. Transfer
( Stamp of introducing member is not required to be affixed on the Deed.
reverse of the transfer deed)
GOOD
Where the transfer deeds are signed by an authorised signatory
under a Board Resolution and the stamp UNDER BOARD
RESOLUTION is mentioned on the face or the reverse of the transfer
deed.
( Stamp of introducing member is not required to be affixed on the
reverse of the transfer deed) GOOD
18 Transfer Deed signed by a custodian on behalf of a client
In the signature column the custodian does not put the stamp as BAD
‘Constituted Attorney’ on behalf of the transferor.
Transfer Deed signed by a Custodian on behalf of the client and in GOOD
the signature column it puts the stamp “By Constituted Attorney to
the transferor” with the P/A number given on the reverse of the TD
with the stamp and signature of the custodian. GOOD
The above mentioned details entered on the face of the TD and not
mentioned on the reverse of the TD
19 Shares sold by FIIs and transfer deed signed by a Custodian on behalf GOOD
of the FII.
(Copy of RBI approval is not required to be attached with each market
lot).
19. Shares sold by FIIs and transfer deed signed by a Custodian on behalf GOOD
of the FII.
(Copy of RBI approval is not required to be attached with each market
lot).
20. In case of GDR,
photocopies of the RBI approval attached to the deliveries ; OR GOOD
if RBI approval number and date is mentioned on the transfer deed GOOD
and attested by the introducing member.
21. Consideration amount and date of execution of the transfer deeds are BAD
filled in.
22 Transfer Deeds signed by or on behalf of a Company against which BAD
liquidation proceedings are pending.
Unless the Transfer Deed is certified and countersigned by the GOOD
Liquidators.
23 The name of the delivering broker with his SEBI Registration number BAD
and date not mentioned at the back of the Transfer Deed.
In case the shares are delivered to the Clearing House by the Custodian
and the Transfer de4ed bears the stamp of Custodian along with the GOOD
Clearing Number of the Broker on whose behalf the shares are
delivered.
The date should be the pay-in date/ delivery date only.
24 Shares held by a TRUST and Signed on the Transfer Deed as ‘NAME BAD
OF TRUST - PROPRIETOR’.
TD signed as “NAME OF TRUST - TRUSTEE’. BAD
Shares held in the name of a trust, if accompanied by a copy of the GOOD
resolution or the relevant portion of the trust deed authorising the
trustees to transact in securities on behalf of the trust.
25 If shares held are duly registered by the company in the name of the GOOD
HUF ( Shares held by HUF and signed by KARTA).
26 Transferor’s signature witnessed by a person but his full name not give. GOOD
(as long as the name and address of the witness are perfectly legible).
27 Witness’s name, address and signature is in a language other than GOOD
English specified by the Ministry of Finance.
Assamese, Bengali, Gujarati, Hindi, Kannada, Kashmiri, Malayalam,
Marathi, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu - as per
Constitution of India - English Schedule ( Article 314(I) and 451).
If signed in a language other than specified by the Ministry of Finance. BAD
28 Attestation stamp in any one of the Scheduled languages in India, GOOD
Indian languages :
Assamese, Bengali, Gujarati, Hindi, Kannada, Kashmiri, Malayalam,
Marathi, Oriya, Punjabi, Sanskrit, Tamil, Telugu and Urdu - as per
Constitution of India - English Schedule ( Article 314(I) and 451).
29 Transferor’s signature attested by a Bank official
only the designation mentioned. BAD
If the name, Designation of the attesting authority signing alongwith GOOD
the complete address is given
30 Attestation by Gram Panchayat or a Surpanch or Village Magistrate or GOOD
Village Munsiff under his seal.
31 Signature attested by any person authorised to attest signatures with GOOD
his full name and address with the Official Seal/Stamp of his office.
32 Transferor’s signature is attested by a Notary Public. GOOD
(The necessary seal, rubber stamp, adhesive stamps as prescribed for
such attestation should be affixed in cases where Notary attestation is
required i.e. In cases where Rectification of objections is required due to
signature differences).
33 Transfer Deed is signed by the transferor
signature is clearly of a name different than the name of the BAD
transferor.
If signature is same for two different shareholders under two BAD
different Transfer Deeds.
34 Marketable lot with more than five transfer deeds. BAD
Upto five transfer deeds used to make a marketable lot. GOOD
35 New shares which are issued on prorata basis and old shares standing GOOD
in the folio and name of same transferor and accompanied by one
transfer deed for a marketable lot. (The new share dividend declared
for the previous year i.e. the old new compensatory value (ONCV)
would be payable on the entire market lot).
36 Company’s name has been changed but it has not been corrected on the GOOD
share certificate.
37 Abbreviated name of a Company filled up in the transfer deed. GOOD
If from the abbreviated name the identity of the company can be
ascertained. The name of the Company should be identifiable ., e.g.
TELCO, TISCO, L&T, etc.
38 Exact position of Tds to be attached on top of the certificate. TD should
be placed on the top of the share certificate.
39 Transferor and witness is the same. BAD
40 Transfer Deed in the prescribed form and name of a particular Stock GOOD
Exchange filled in or not.
41 Transfer Deed not in the prescribed form. BAD
42 Witness and attesting authority identical. GOOD
43 Transfer Deeds bearing signatures of witnesses, the address of the GOOD
witness being in a different city or town or Centre other than that of
Transferor or Transferee.
44 Prescribed Authority (ROC) seal overlapping and stamped twice. GOOD
Even if the signature of the Registrar of Companies is partly printed
and the date stamp is also partly printed but both the signature and the
date should be apparent.
45 The Endorsement of the Prescribed Authority (e.g. Registrar of GOOD
Companies ) bears the same date as the date from which the Register of
Members of the Company is closed.
46 If the Endorsement of the Prescribed Authority (e.g. Registrar of Good
Companies) bears a date prior to the date of issue of share certificate or
the date of allotment of shares.
Provided the Endorsement of the Prescribed Authority bears a date of
or after the date from which the Register of Members of the Company
closed last.
47 Transfer Deed endorsed by the Prescribed Authority on a date prior to Bad
closure of the Register of Members of the Company delivered after the
date of closure of Register of Members.
48 Transfer Deeds accompanying debenture certificates or any other Good
permissible listed security (other than equity) whether date-stamped by
the Prescribed Authority or not.
Provided for the convertible portion a separate date-stamped Transfer
Deed is delivered.
49 Transferor’s signature on the transfer deed with the date on which he GOOD
has signed.
50 Witness is a Non-Resident and the address given is of a foreign country. GOOD
51 Distinctive numbers range “To” partly filled in the transfer deed., e.g. GOOD
4589201 - 300 etc.
52 In the case of mutual funds, the ROC stamp and signature are missing GOOD
(except in case of Schemes of Unit Trust of India).
53 Certificates with multiple folios per market lot attached to separate GOOD
transfer deed (subject to guideline no.35 above).
54 Logo of the Stock Exchange on the reverse of the transfer deed missing. GOOD
55 Attestation of the transferor’s signature is not mandatory. GOOD
except in the case where the transfer has been returned by the company
due to SIGNATURE DIFFERENCE.
56 Units issued with the terms ‘either or survivor’, if signed by all holders GOOD
If signed by any one of the holders GOOD
57 Transferor’s signature on the transfer deed is facsimile signature for GOOD
Registered Custodians.
58 Certified Transfer Deed GOOD
Provided the name and address of the Transferor the distinctive
numbers of the shares covered by the Transfer Deed and date of
certification are given.
59 Any erasure or alteration in the Certified Transfer Deed. GOOD
When authenticated by an authorised signatory of the Company.
60 Certified Transfer Deeds and share certificates delivered in part for GOOD
bargains in market trading unit.
61 In case of shares under lock in-period, if the transfer deed date is prior GOOD
to the lock-in period last date but the date of introduction into the
market is after the last date of lock-in period. BAD
If the transfer deed date is prior to the lock-in period last date and the
date of introduction into the market is before the last date of lock-in
period.
62 Some companies allot record numbers for shares issued by them apart GOOD
from distinctive number ranges. For these shares, if record number is
filled up along with distinctive number ranges on the transfer deed.
If only the record number has been filled up instead of distinctive BAD
number ranges on the transfer deed.
62 Transfer deeds (dated July 1, 1997 and thereafter)32 bearing rubber
A stamps on the reverse thereof other than those of members of the stock BAD
exchanges/clearing house/clearing corporations, SEBI registered sub-
brokers and Remisiers registered with the stock exchanges.
32 Circular No. SMD/POLICY/SUB BROKER/CIR-12/97 dated June 2 1997.
10.2 Share Certificates
63 Name of the company or emblem is not readable in the common seal or GOOD.
there is no common seal on the share certificate -
64 The last date for payment of call has expired and the call has not been BAD
paid or if the call has been paid, the necessary Call Report has not been
attached.
The call payment receipt with the stamp of the Bank before or on the GOOD
due date if attached to the securities is good delivery for three months
from the last date of call payment or next book closure announced by GOOD
the company whichever is later.
All call payment receipts after due date must be endorsed as
“cheque/draft realised” by the Bank/co./Registrars.
65 All securities with stickers issued by the companies in lieu of GOOD
endorsement.
66 If call money paid but not endorsed on share certificate even after the BAD
book closure but transfers affected after the call payment date.
66 X If the final call is endorsed but the initial or the initial and the second GOOD
call not endorsed. (i.e. if marked “FULLY PAID”).
68 In case of fully convertible debentures, after the debentures have been GOOD
converted into equity, if the call money endorsement has been done
only for the equity portion and not for the debenture portion.
69 Call paid endorsements made by the Company with the call amount, GOOD
date of payment and signature of the Authorised Signatory with or
without the Rubber Stamp of the Company.
70 In the case of partly paid shares, when a call has been made but not
paid and delivery effected during the period of ten days before the last
date fixed for payment. BAD
If the call receipts are attached to the documents. GOOD
71 Application Receipts and Call money receipts not bearing bank stamps BAD
and payment details.
72 Any significant correction, erasure, overwriting, crossing out or
alteration in the quantity of shares, in the last registered holders name BAD
or in any material particulars on the share certificate.
Unless the Authorised Signatory who has signed on the certificate, GOOD
authenticates the correction Or the correction is initialed and
authenticated by any other officer under the Company’s rubber stamp.
73 Certificates badly torn as is not to be in deliverable condition or share BAD
certificate torn through and through or badly torn as to obliterate or
render illegible or create the impression of cancelling the numbers or
directors or other signature or the date or any other particulars or if it is
written upon or damaged or mutilated by advertisements, printing,
rubber stamp or otherwise or if a material part of the certificate be torn
out or cut off.
74 Share certificates defaced or mutilated in portion: BAD
The following will be considered as material portion in the case of
share certificate: BAD
(i) Share certificate torn end to end and pasted with transparent selfadhesive GOOD
tape.
(ii) Where shares have been transferred to a new holder and if torn at GOOD
the original holders name portion. GOOD
(iii) Folio number and name overwritten in one or two characters and GOOD
not authenticated by the authorised signatory. GOOD
(iv) If the share certificate is torn at the company name portion but is
decipherable.
(v) Corrections in transfer Number or Date of transfers, if legible and
not authenticated.
(vi) Share Certificates with bar codes not concealing any material
information.
75 If the name of the Company has been disfigured in the body of the BAD
share certificate so as to affect it materially.
If the name of the company is identifiable. GOOD
76 Certificates in the case of UNITS discharged by the transferor for BAD
purpose of repurchase and then cancelled by him and initialled.
77 Share certificate contains one name but the transfer deed consists of BAD
two signatures.
If both the signatures on the transfer deed are identical in nature or can
be identified as signature of the same person. If the transferor has GOOD
signed twice but has struck off the 2nd signature.
78 Share certificate contains name of one transferor but transfer deed BAD
contains two names and signature respectively.
79 Preferential / promoters quota shares under lock-in period delivered BAD
which are not transferable.
80 Share certificate issued without the signature of Secretary / Authorised BAD
signatory.
If the shares are transferred subsequently and the authorised signatory GOOD
has signed against such transfer.
81 Signature missing in the initial column but signed by Authorised GOOD
signatory in the required column on the reverse of the certificate.
82 Endorsement effected on the reverse of the certificate and struck off GOOD
and again endorsed. subject to
proper
authenticat
ion by the
Company
by putting
a round
stamp of
the
Company.
83 Certificate with company’s old registered office crossed out and new GOOD
address stamped without authentication.
84 Certificate without mentioning the place of issue. GOOD
85 Revenue stamp affixed on the certificate concealing any material GOOD
portion of the certificate.
Provided any material portion like lock-in period date, NRI details are
not affected.
86 Revenue stamps affixed / impressed by the Company on the share GOOD
certificate has come off.
87 Any alteration or erasure or correction without initials in the transfer GOOD
endorsement on the back of the share certificate as for example made in
the year 1960 and subsequently the shares have again been transferred
by the Company, say in 1961.
88 Share certificates with irrelevant or extraneous rubber stamp or GOOD
writings on the scrip.
Provided the rubber stamp or the writings does not affect any material
portion of the scrip.
89 Increase or decrease of the Capital and if the certificate does not carry
the endorsement on the face of the certificate.
90 Absence of holder’s discharge on the Letter of Allotment. GOOD
91 Share Certificate and Transfer Deed not attached together. BAD
92 Shares standing in the name of Non-Resident Individuals. GOOD
Provided the declaration stamp as per the RBI guideline is affixed and
countersigned by the introducing member.
93 Name of the holder printed in two lines which looks like joint holding GOOD
or one line of address printed and looking like second holder.
94 Lock in period mentioned in the certificate, without specific date of BAD
release of lock in.
95 Shares issued in the name of Sole Proprietor / Partnership firm signed BAD
by the Proprietor / Partner.
Units / debentures issued in the name of Sole Proprietor / partnership
firm signed by the Proprietor / partner.
96 In case the shares of a company are not pari passu with the existing GOOD
equity shares of the company in two financial years then new share
dividend declared for the previous year i.e. the old new compensatory
value (ONCV) for two years has to be paid.
The full dividend declared will have to be paid (interim + final).
10.3 Miscellaneous
No. Description
97 Validity period of Company Objection by the last buying broker to be notified to
the Exchange/ Introducing Broker is 12 months from the date of the objection
memo. In all other pending cases of company objections bearing a date prior to
July 16, 1996, the validity period will be as per rules – of the respective exchanges –
as existing prior to July 16, 1996.
98 Objections must be accompanied with Share Certificates.
99 Shares lodged for transfer after book closure (but before one year from the date of
date stamping the transfer deed) are returned under objection can be lodged as
company objection.
100 Where the shares have been duly transferred by the company in the name of the
transferee, and thereafter the company sends a letter informing transferee that
the shares have been transferred based on fraudulent documents, such cases can
be lodged as company objection subject to the following conditions and
procedure :
· In cases where the company has transferred certificates which are fake and
later sends a letter informing that the shares have been transferred on
fraudulent certificates, such cases will NOT be treated as company objections
and the company will be responsible for the transfer.
In cases where the shares are under stop transfer, stay order, non-transferable
(lock-in period) or shares are partly paid and the company has transferred the
shares and later sends a letter informing that the shares have been transferred
on fraudulent documents, such cases will NOT be treated as company
objections and the company will be responsible for the transfer.
In cases where the certificates are genuine but the transfer deed is forged (i.e.
the company has transferred the shares in good faith) the shares can be
accepted as company objection. In such cases the company should necessarily
enclose the copies of both sides of the transfer deeds based on which shares
were transferred by the company in favor of the holder and which later on
has been found to be based on forged documents, and all subsequent
transfers thereafter along with the objection.
Procedure :
(In order to simplify the understanding of the procedure, the following
illustration has been used:
A ---> B ---> C ---> D ---> X ---> Y ---> Z
The shares were first sold through ‘A’ in the market. After passing through ‘B’
and ‘C’ the shares were lodged by ‘D’ to the company for transfer. After
receiving the shares duly transferred from the company in his name ‘D’ sold the
shares in the market. These shares after passing through ‘X’ and ‘Y’ are finally
sent by ‘Z’ to the company for transfer in his/her name. After receiving the
shares from the company duly transferred in his name, ‘Z’ has received a letter
from the company stating that the shares transferred in the name of ‘D’ were
based on fraudulent documents.
‘Z’ will report the objection along with the company objection against ‘D’.
‘D’ will rectify/replace the shares within 21 days as per the BDC procedures.
‘D’ may in turn lodge the bad delivery for rectification through the BDC
against ‘A’.
The validity period of reporting such cases will be 36 months from the date of
latest transfer by the company (in the above example 36 months from the date
the shares were transferred in the name of ‘Z’).
The company will also furnish copies of both sides of transfer deed based on
which shares were transferred in favor of ‘Z’ and ‘D’ along with the objection
memo.
101 In case of joint holding, and in event of death of any of the holders, transfer can
take place on the basis of death certificate accompanying the transfer deed only
for a period of two years from the date of the death or ensuing book closure,
whichever is later.
The Introducing member of a recognised stock exhange may certify/attest copy
of the death certificate and also issue an identity certificate in case where the
name of the deceased on the share certificate is not identical with the name on the
death certificate - GOOD
102 While rectifying objections due to signature differences, a fresh signature by the
transferor (if the same transfer deed is re-submitted) alongwith attestation is
mandatory. Fresh transfer deed is mandatory if objection is rectified after book
closure date.
103 In case Rights/Bonus shares tendered as corporate benefits are reported as bad
delivery, if it is odd lot, the value of shares based on the rate prevalent on the day
of reporting bad delivery will be paid.
104 Rectification/replacement of transfer deed under objection should be in market lot
only (even if transfer deed under objection is submitted in non-market lot).
105 If Jumbo transfer deed is submitted as company objection, original transfer deeds
need not be returned by the receiving member.
106 When documents are returned under signature difference, the transfer deed can be
attested by the introducing member. If the introducing member is a corporate, the
Director or authorised signatory can attest the transfer deed, under his company's
stamp, with SEBI Registration Number.
107 For reporting as company objections, the transferee portion of the transfer deed
should be duly filled in.
108 For reporting as company objection, the following documents are required:
A. If they are returned as objection from the company due to the above reason:
company objection memo stating that the shares are fake/ forged
copies of both sides of the transfer deeds
copies of both sides of the share certificates
B Otherwise one of the following documents are required:
public notice given by the company/registrar
notification from any stock exchange
letter of intimation from the company to stock exchange.
109 For reporting missing/lost/stolen shares as objection the following documents
are required :
A. If they are returned as objection from the company due to above reason:
company objection memo stating that the shares are missing/lost/ stolen
accompanied by a copy of Court Order or FIR or copy of acknowledged
police complaint
copies of both sides of the transfer deeds
·copies of both sides of the share certificates
B. Otherwise one of the following documents are required :
public notice given by the company /registrar
notification from any stock exchange
letter of intimation from the company to stock exchange
In cases where duplicate shares have been issued to a third party under the
provisions of section 108 (1) A of the Companies Act, the company should also
provide the name and address of the third party to whom the duplicate shares
have been issued along with the date of request for duplicate shares by the third
party.
110 Attestation is required where signature of transferor is in an Indian language
other than the Scheduled languages in India or when the transferor has affixed
his thumb impression (guideline no. 7) In other cases, attestation is compulsory
only when shares come under objection due to signature difference. Hence,
guideline Nos. 28, 29, 30, 31 & 32 apply only to transfer deeds which come under
objection due to signature difference.
Note
Text in BOLD has been amended vide circular dated August 19, 1996
Text in Italics has been amended vide circular dated April 16, 1997
Text underlined has been amended vide circular dated October 09, 1997.
10.4 Clarification with to 97 and 100 of the Norms for G/B Norms33
It has come to the notice of SEBI that there is a conflicting interpretation of clause 97 and clause 100 of uniform norms for Good/Bad delivery with respect to validity period of company objection memos. Keeping in view the above and as discussed with representatives of the Stock Exchanges, in such cases the provisions of clause 97 will prevail.
33 Circular no. SMDRP/POLICY/CIR-42/2001 dated August 10, 2001
SECTION 11 - Abolition of no-delivery period for all types of corporate
actions 34
11.1 Pursuant to the recommendations made by the Secondary Market Advisory Committee of SEBI at its meeting held on June 30, 2009, it is decided to do away with ‘no-delivery period’ for all types of corporate actions in respect of the scrips which are traded in the compulsory dematerialized mode and accordingly, short deliveries, if any, of the shares traded on cum-basis may be directly closed out. In case of such direct close-out, the mark-up price would be as stated in SEBI circular no. SMD/POLICY/Cir-08/2002 dated April 16, 2002.
11.2 The aforesaid will come into effect from August 1, 2009, and accordingly will apply to all corporate actions for which the record date / book closure falls on or after August 10, 2009.
34 Circular No. MRD/DoP/SE/Cir-07/2009 datad July 21, 2009
REFERENCE – List of Circulars
1. Ref. No. SE/10118 dated October 12, 1992.
2. Ref.SMD-I/22532 dated October 19, 1993.
3. Ref. SMD/6059 dated October 17, 1994.
4. Circular No. SMD/RCG/2796/96 dated July 16, 1996
5. Circular No. SMD/Policy/IECG/5548/96 dated December 09, 1996.
6. Circular No. SMD/POLICY/CIR/7-97 dated April 16, 1997.
7. Circular No. SMD/POLICY/SUB BROKER/CIR-12/97 dated June 2 1997
8. Circular No. SMD/POLICY/SGF/CIR-13/97 dated June 09, 1997.
9. Circular No. SMD/POLICY/GBDN/CIR-25/97 dated October 09, 1997.
10. Circular No. SMD/Policy/Cir-32/97 dated December 03, 1997.
11. Circular No. SMD/Policy/Cir-10/99 dated May 04, 1999.
12. Circular No. SMD/DBA-1/SS/Policy/Cir-34/2000 dated August 2, 2000.
13. Circular No. SMDRP/Policy/Cir-05/2001 dated February 01, 2001.
14. Circular No. SMDRP/POLICY /CIR -16/2001 dated March 9, 2001
15. Circular No. SMDRP/POLICY/CIR-42/2001 dated August 10, 2001.
16. Circular No. SMDRPD/Policy/Cir-43/2001 dated August 20, 2001.
17. Circular No. SMDRP/POLICY/CIR-46/2001 dated September 27, 2001.
18. Circular No. SMD/Policy/Cir-08/2002 dated April 16, 2002.
19. Circular No. SMD/Policy/Cir-15/2002 dated June 26, 2002.
20. Circular No. SMD/Policy/Cir-21/02 dated September 04, 2002.
21. Circular No. SMD/POLICY/Cir - /03 dated February 6, 2003
22. Circular No. SEBI/SMD/SE/21 /2003/05/06 dated June 5, 2003.
23. Circular No. SEBI/SMD/SE/Cir-26/2003/25/06 dated June 25, 2003.
24. Circular No. SEBI/MRD/SE/Cir- 33/2003/27/08 dated August 27, 2003.
25. Circular No. SEBI/MRD/SE/SU/Cir-15/04 dated March 19, 2004
26. Circular No. SEBI/MRD/Policy/AT/Cir- 19/2004 dated April 21, 2004.
27. Circular No. MRD/DoP/SE/Dep/Cir-30/2004 dated August 24, 2004.
28. Circular No. MRD/DoP/SE/Cir-38/2004 dated October 28, 2004.
29. Circular No. MRD/DoP/SE/Cir- 17/2005 dated September 2, 2005.
30. Circular No. MRD/Dop/SE/Dep/Cir-18/2005 dated September 02, 2005.
31. Circular No. MRD/DoP/SE/Cir-21/2006 dated December 14, 2006
32. Circular No. MRD/DoP/SE/Cir-07/2009 datad July 21, 2009
33. Circular No CIR/MRD/DP/ 39 /2010 dated December 28, 2010
34. Circular No. CIR/MRD/DP/06/2011 dated June 16, 2011
ANNEXURE 4
MASTER CIRCULAR FOR STOCK EXCHANGES ON COMPREHENSIVE RISK MANAGEMENT
1. This Master Circular includes circulars issued upto March 31, 2012.
2. Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and shall come into force from the date of its issue.
MASTER CIRCULAR - COMPREHENSIVE RISK MANAGEMENT
SECTION 1 - Risk management framework ...................................................................... 3
1.1 Comprehensive Risk Management Framework for the cash market .................. 3
1.1.1 Overview ............................................................................................................. 3
1.1.2 Liquid Assets ...................................................................................................... 3
1.1.3 Liquidity Categorization of Securities ................................................................ 6
1.1.4 Monthly Review.................................................................................................. 6
1.1.5 Categorisation of newly listed securities ............................................................ 6
1.1.6 Calculation of mean impact cost ......................................................................... 7
1.1.7 Mark to Market Losses ....................................................................................... 7
1.1.8 Computation of VaR Margin .............................................................................. 8
1.1.9 Collection of VaR Margin .................................................................................. 9
1.1.10 VaR Margin rate ................................................................................................. 9
1.1.11 Extreme Loss Margin ........................................................................................ 10
1.1.12 Margining Of Institutional Trades in Cash Market ........................................... 10
1.1.13 Shortfall of Margins / Pay-in of funds .............................................................. 11
1.1.14 Base Minimum Capital ..................................................................................... 11
1.1.15 Additional Margins ........................................................................................... 12
1.1.16 Margins from the Client .................................................................................... 13
1.1.17 Provision of early pay-in. .................................................................................. 13
1.2 Methodology for computation of MTM Margin ............................................... 14
1.3 Margins not to exceed the purchase value of a buy transaction ....................... 15
1.4 Collateral deposited by Clients with brokers .................................................... 15
1.5 Domestic Government Securities as collateral for institutional trades
in cash market ..... 16....................................................................................................
REFERENCE - List of Circulars ...................................................................................... 17
SECTION 1 - Risk management framework1
1.1 Comprehensive Risk Management Framework for the cash market
1.1.1 Overview
The core of the risk management system is the liquid assets deposited by members with the
exchange/clearing corporation. These liquid assets shall cover the following four requirements:
a. MTM (Mark To Market) Losses: Mark to market losses on outstanding settlement obligations of the member.
b. VaR Margins: Value at risk margins to cover potential losses for 99% of the days.
c. Extreme Loss Margins: Margins to cover the expected loss in situations that lie outside the coverage of the VaR margins.
d. Base Minimum Capital: Capital required for all risks other than market risk (for example, operational risk and client claims).
At all points of time, the liquid assets of the member shall be adequate to cover all the above four requirements. There are no other margins in the risk management system.
1.1.2 Liquid Assets
The acceptable liquid assets and the applicable haircuts are listed below:
Item Haircut (see Note A) Limits
Cash Equivalents
Cash 0 No limit
Bank fixed deposits 0 No limit
Bank guarantees 0 Limit on exchange’s
exposure to a single bank
(see Note B)
Securities of the
Central Government 10% No limit
1 Circular No. MRD/DoP/SE/Cir-07/2005 dated February 23, 2005.
Units of liquid
mutual funds or
government
securities mutual
funds (by whatever
name called which
invest in government
securities) 10% No limit
Other Liquid Assets
1. Cannot be used for mark to market losses (see Note C)
2. Total of Other Liquid Assets cannot exceed total of Cash Equivalents (see Note D)
Liquid (Group I) Same as the VaR margin Limit on exchange’s
Equity Shares (see for the respective shares exposure to a single
section 3 for (see section 5.1 below) issuer (see Note E)
classification of
equity shares on the
basis of liquidity)
Mutual fund units Same as the VaR margin
other than those for the units computed
listed under cash using the traded price on
equivalents stock exchange, if
available, or else, using
the NAV of the unit
treating it as a liquid
security (see section 5.1
below).
Card value of 75% if the last sale or Eligible only for Extreme
eligible exchanges auction of card in the Loss Margin
(see Note F) exchange took place
50% if the last sale or during the last twelve
auction of card in the months but not within
exchange took place the last six months.
during the last six 100% if no sale or auction
months. of card in the exchange
has taken place during
the last twelve months.
Notes:
a. The valuation of the liquid assets shall be done on a daily basis except for the card value which shall be taken on the basis of the last sale or auction.
b. The exchanges shall lay down exposure limits either in rupee terms or as percentage of the Trade Guarantee Fund (TGF) / Settlement Guarantee
Fund (SGF) that can be exposed to a single bank directly or indirectly. The total exposure would include guarantees provided by the bank for itself or for others as well as debt or equity securities of the bank which have been deposited by members towards total liquid assets.
Not more than 5% of the TGF/SGF or 1% of the total liquid assets deposited with the exchange, whichever is lower, shall be exposed to any single bank which has a net worth of less than Rs 500 Crores and is not rated P1 (or P1+) or equivalent, by a RBI recognized credit rating agency or by a reputed foreign credit rating agency, and not more than 50% of the TGF/SGF or 10% of the total liquid assets deposited with the exchanges, whichever is lower, shall be exposed to all such banks put together.
c. Mark to market losses shall be paid by the member in the form of cash or cash equivalents.
d. Cash equivalents shall be at least 50% of liquid assets. This would imply that Other Liquid Assets in excess of the total Cash Equivalents would not be regarded as part of Total Liquid Assets.
e. The exchanges shall lay down exposure limits either in rupee terms or as percentage of the Trade Guarantee Fund (TGF)/Settlement Guarantee
Fund (SGF) that can be exposed to a single issuer directly or indirectly and in any case the exposure of the TGF/SGF to any single issuer shall not be more than 15% of the total liquid assets forming part of TGF/SGF of the exchange.
f. As a transitional arrangement pending demutualization of stock exchanges, the value of the membership card in eligible stock exchanges may be included as part of the member’s liquid assets only to cover Extreme Loss Margin. To be eligible for this treatment, the exchange shall maintain an amount equivalent to at least 50% of the aggregate card value of all members in the form of cash and liquid assets.
1.1.3 Liquidity Categorization of Securities
The securities shall be classified into three groups based on their liquidity:
Group Trading Frequency (over Impact Cost (over the
the previous six months previous six months –
– see Note A) see Note A
Liquid Securities At least 80% of the days Less than or equal to 1%
(Group I)
Less Liquid At least 80% of the days More than 1%
Securities (Group II)
Illiquid Securities Less than 80% of the days N/A
(Group III)
1.1.4 Monthly Review
The trading frequency and impact cost shall be calculated on the 15th of each month on a rolling basis considering the previous six months for impact cost and previous six months for trading frequency. On the basis of the trading frequency and impact cost so calculated, the securities shall move from one group to another group from the 1st of the next month.
1.1.5 Categorisation of newly listed securities
For the first month and till the time of monthly review as mentioned in section 3.1, a newly listed stock shall be categorised in that Group where the market capitalization of the newly listed stock exceeds or equals the market capitalization of 80% of the stocks in that particular group. Subsequently, after one month, whenever the next monthly review is carried out, the actual trading frequency and impact cost of the security shall be computed, to determine the liquidity categorization of the security.
In case any corporate action results in a change in ISIN, then the securities bearing the new ISIN shall be treated as newly listed scrip for group categorization.
1.1.6 Calculation of mean impact cost
The mean impact cost shall be calculated in the following manner:
a. Impact cost shall be calculated by taking four snapshots in a day from the order book in the past six months. These four snapshots shall be randomly chosen from within four fixed ten-minutes windows spread through the day.
b. The impact cost shall be the percentage price movement caused by an order size of Rs.1 Lakh from the average of the best bid and offer price in the order book snapshot. The impact cost shall be calculated for both, the buy and the sell side in each order book snapshot.
c. The computation of the impact cost adopted by the Exchange shall be disseminated on the website of the exchange.
d. The exchanges shall use a common methodology for carrying out the calculations for mean impact cost. The stock exchanges which are unable to compute the mean impact cost calculations at their exchanges shall use the impact cost calculations of BSE/NSE. Such stock exchanges shall enter into a formal legal agreement with the relevant stock exchanges for liquidating the positions of their members if necessary, on that stock exchange. If a Stock Exchange is unable to compute the mean impact cost of the scrips traded at the Exchange, as well as not been able to enter into a formal arrangement for liquidation of positions, it shall levy margins on the scrips as applicable to Group II or Group III as explained above, as classification between scrips in Group I or Group II would not be possible at that Exchange.
e. The details of calculation methodology and relevant data shall be made available to the public at large through the website of the exchanges. Any change in the methodology for the computation of impact cost shall also be disseminated by the exchange.
1.1.7 Mark to Market Losses
Mark to Market Losses shall be collected in the following manner:
a. The Stock Exchanges shall collect the mark to market margin (MTM) from the member/broker before the start of the trading of the next day.
b. The MTM margin shall also be collected/adjusted from/against the cash/cash equivalent component of the liquid net worth deposited with the Exchange.
c. The MTM margin shall be collected on the gross open position of the member. The gross open position for this purpose would mean the gross of all net positions across all the clients of a member including his proprietary position. For this purpose, the position of a client would be netted across his various securities and the positions of all the clients of a broker would be grossed. Further, there would be no netting across two different settlements.
d. There would be no netting off the positions and setoff against MTM profits across 2 rolling settlements i.e. T day and T-1 day. However, for computation of MTM profits/losses for the day, netting or setoff against MTM profits would be permitted.
e. The methodology for computation of MTM margin is also illustrated by way of an example which is placed in Annexure II.
f. The margin so collected shall be released along with the pay-in, including early pay-in of securities.
VaR Margin
1.1.8 Computation of VaR Margin
The VaR Margin is a margin intended to cover the largest loss that can be encountered on 99% of the days (99% Value at Risk). For liquid stocks, the margin covers one-day losses while for illiquid stocks, it covers three-day losses so as to allow the clearing corporation to liquidate the position over three days. This leads to a scaling factor of square root of three for illiquid stocks.
For liquid stocks, the VaR margins are based only on the volatility of the stock while for other stocks, the volatility of the market index is also used in the computation. Computation of the VaR margin requires the following definitions:
Scrip sigma means the volatility of the security computed as at the end of the
previous trading day. The computation uses the exponentially weighted
moving average method applied to daily returns in the same manner as in
the derivatives market.
Scrip VaR means the higher of 7.5% or 3.5 scrip sigmas.
Index sigma means the daily volatility of the market index (S&P CNX Nifty or BSE Sensex) computed as at the end of the previous trading day. The computation uses the exponentially weighted moving average method applied to daily returns in the same manner as in the derivatives market.
Index VaR means the higher of 5% or 3 index sigmas. The higher of the Sensex VaR or Nifty VaR would be used for this purpose.
The VaR Margins are specified as follows for different groups of stocks:
Liquidity One-Day VaR Scaling factor for VaR Margin
Categorization illiquidity
Liquid Scrip VaR 1.00 Scrip VaR
Securities
(Group I)
Less Liquid Higher of Scrip 1.73 Higher of 1.73
Securities VaR and three (square root of times Scrip VaR
(Group II) times Index VaR 3.00) and 5.20 times
Index VaR
Illiquid Five times Index 1.73 8.66 times Index
Securities VaR (square root of VaR
(Group III) 3.00)
1.1.9 Collection of VaR Margin
a. The VaR margin shall be collected on an upfront basis by adjusting against the total liquid assets of the member at the time of trade.
Collection on T+1 day is not acceptable.
b. The VaR margin shall be collected on the gross open position of the member. The gross open position for this purpose would mean the gross of all net positions across all the clients of a member including his proprietary position.
c. For this purpose, there would be no netting of positions across different settlements.
d. The VaR margin so collected shall be released along with the pay-in, including early pay-in of securities.
1.1.10 VaR Margin rate2
VaR margin rate was calculated at the end of the trading day and then applied to the open positions of the subsequent trading day. However, in the derivative market, the risk parameter files for computation of the margins were updated intra-day.
With a view to ensure market safety and protect the interest of investors and also to further align the risk management framework across the cash and derivative markets, it has been decided that the risk arrays should be updated intra-day in
2 Circular no. MRD/DoP/SE/Cir- 6 /2006 dated June 16, 2006.
the cash market as has been done in the derivative market. The applicable VaR margin rates shall be updated atleast 5 times in a day, which may be carried out by taking the closing price of the previous day at the start of trading and the prices at 11:00 a.m., 12:30 p.m., 2:00 p.m. and at the end of the trading session.
1.1.11 Extreme Loss Margin
The term Extreme Loss Margin replaces the terms “exposure limits” and “second line of defence” that have been used hitherto. It covers the expected loss in situations that go beyond those envisaged in the 99% value at risk estimates used in the VaR margin.
a. The Extreme Loss Margin for any stock shall be higher of:
5%, and
1.5 times the standard deviation of daily logarithmic returns of the stock price in the last six months. This computation shall be done at the end of each month by taking the price data on a rolling basis for the past six months and the resulting value shall be applicable for the next month.
b. The Extreme Loss Margin shall be collected/ adjusted against the total liquid assets of the member on a real time basis.
c. The Extreme Loss Margin shall be collected on the gross open position of the member. The gross open position for this purpose would mean the gross of all net positions across all the clients of a member including his proprietary position.
d. For this purpose, there would be no netting of positions across different settlements.
e. The Extreme Loss Margin so collected shall be released along with the pay-in.
1.1.12 Margining Of Institutional Trades in Cash Market3
All Institutional trades in the cash market would be subject to payment of margins as applicable to transactions of other investors. For this purpose institutional investors shall include –
a. Foreign Institutional Investors registered with SEBI.
b. Mutual Funds registered with SEBI.
c. Public Financial Institutions as defined under section 4A of the Companies Act, 1956.
d. Banks, i.e., a banking company as defined under Section 5(1)(c) of the Banking Regulations Act, 1949.
e. Insurance companies registered with IRDA.
3 Circular No. MRD/DoP/SE/Cir- 06 /2008 dated March 19 2008.
f. Pension Fund regulated by Pension Fund Regulatory and Development
Authority (PFRDA)4.
All institutional trades in the cash market would be margined on a T+1 basis
with the margin being collected from the custodian upon confirmation of trade.
1.1.13 Shortfall of Margins / Pay-in of funds
a. Margin shortfall
In case of any shortfall in Margin, the terminals of the broker shall be immediately deactivated.
b. Pay-in shortfall
i. In cases where the amount of shortage in a settlement for a trading member is in excess of the base minimum capital (BMC) prescribed, the trading facility of the member shall be withdrawn and the securities payout due to the member shall be withheld.
ii. In cases where the amount of shortage exceeds 20% of the BMC but less than the BMC on six occasions within a period of three months, then also the trading facility of the member shall be withdrawn and the securities pay-out due to the member shall be withheld.
iii. Upon recovery of the complete shortages, the member shall be permitted to trade subject to his providing a deposit equivalent to his cumulative funds shortage as the 'funds shortage collateral'. Such deposit shall be kept with the Exchange for a period of ten rolling settlements and shall be released thereafter. Such deposit shall not be available for adjustment against margin liabilities and also not earn any interest. The deposit may be by way of cash, fixed deposit receipts or bank guarantee.
iv. The exchange may levy a penal interest of not less than 0.07% per day on the pay-in shortage of the member.
1.1.14 Base Minimum Capital
A. The Stock Exchanges shall have the BMC requirements as provided below:-
BSE, NSE and Calcutta Stock Exchange Rs. 10 lakhs
Ahmedabad Stock Exchange & Delhi Stock Exchange Rs. 07 lakhs
Other Stock Exchanges Rs. 04 lakhs
4 Included vide letter dated May 27, 2009 to Stock Exchanges.
provided that the Stock Exchanges shall maintain the BMC at Rs. 1 lakh if the average daily turnover is less than Rs.1 crore for any three consecutive months.
B. Refund of excess BMC over Rs. 1 lakh
The excess of the BMC over Rs 1 lakh may be refunded to the members of the exchange subject to the following conditions:
a. The member has been inactive at the stock exchange for the past 12 months, i.e. he has not carried out any transaction on that stock exchange during the past 12 months.
b. There are no investor complaints pending against the member.
c. There are no arbitration cases pending against the member.
d. The exchange shall retain/deduct/debit from the BMC to be refunded, the amount of any complaints/claims of the investors against the member and for dues crystallized and contingent to the exchange/SEBI arising out of pending arbitration cases, appealed arbitration awards, administrative expenses, SEBI turnover fees, e.t.c.
e. The exchange shall ensure that the member has paid the SEBI turnover fees and has obtained a No-Objection Certificate (NoC) from SEBI in this regard.
C. Re-enhancement of BMC
If the average daily turnover of the exchange exceeds the prescribed level of Rs.1 crore for a period of one month at any time, the exchange shall enhance the requirement of the BMC of the members back to the level as prescribed in Para A above and shall obtain undertaking to this effect from the members.
1.1.15 Additional Margins
Exchanges/clearing corporations have the right to impose additional risk containment measures over and above the risk containment system mandated by SEBI. However, the Stock Exchanges should keep the following three factors in mind while taking such action:
a. Additional risk management measures (like ad-hoc margins) would normally be required only to deal with circumstances that cannot be anticipated or were not anticipated while designing the risk management system. If ad-hoc margins are imposed with any degree of regularity, exchanges should examine whether the circumstances that give rise to such margins can be reasonably anticipated and can therefore be incorporated into the risk management system mandated by SEBI. Exchanges are encouraged to analyse these situations and bring the matter to the attention of SEBI for further action.
b. Any additional margins that the exchanges may impose shall be based on objective criteria and shall not discriminate between members on the basis of subjective criteria.
c. Transparency is an important regulatory goal and therefore every effort must be made to make the risk management systems fully transparent by disclosing their details to the public.
1.1.16 Margins from the Client
Members should have a prudent system of risk management to protect themselves from client default. Margins are likely to be an important element of such a system. The same shall be well documented and be made accessible to the clients and the Stock Exchanges. However, the quantum of these margins and the form and mode of collection are left to the discretion of the members.
1.1.17 Provision of early pay-in.5
i. As regards the transactions executed on behalf of institutional clients in the cash market, it shall be permissible to maintain their entire margin in the form of approved securities with appropriate haircuts as specified in the SEBI circular dated February 23, 2005.
ii. Necessary systems shall be put in place to enable early pay-in of funds. In cases where early pay-in of funds is made by the members, the outstanding position to that extent of early pay-in shall not be considered for computing the margin obligations.
iii. Necessary systems shall be put in place so as to enable adjustment of the pay-in obligations of the members from the cash component of the liquid assets deposited by them.
Exemptions
i. In cases where early pay-in of securities is made, the outstanding position to the extent of early pay-in shall not be considered for margin purpose.
5 Circular No. MRD/DoP/SE/Cir-10/2008 dated April 17, 2008.
1.2 Methodology for computation of MTM Margin
For a Client A, his MTM profit/ loss would be calculated separately for his positions on T-1 and T day (two different rolling settlements). For the same day positions of the client, his losses in some scrips can be set off/netted against profits of some other scrips. Thus, we would arrive at the MTM loss/profit figures of the two different days T and T-1. These two figures cannot be netted. Any loss will have to be collected and same will not be setoff against profit arising out of positions of the other day.
Thus, as stated above MTM profits / losses would be computed for each of the clients Client A, Client B, Client C etc. As regards collection of margin from the broker, the MTM would be grossed across all the clients i.e. no setoff of loss of one client with the profit of another client. In other words, only the losses will be added to give the total MTM loss that the broker has to deposit with the exchange.
T-1 Total MTM for
day T day profit/lloss broker
of Client
Client A Security X 800 300
Security Y -500 -1200
Total 300 -900 -900
Client B Security Z 700 -400
Security W -1000 800
Total -300 400 300
Client C Security X 1000 500
Security Z -1500 -800
Total -500 -300 -800
Client D Security Y 700 -200
Security R -300 800
Total 400 600 1000
BROKER -2000
In this example, the broker has to deposit MTM Margin of Rs 2000.
1.3 Margins not to exceed the purchase value of a buy transaction6
In case of a buy transaction in cash market, VaR margins, Extreme loss margins and mark to market losses together shall not exceed the purchase value of the transaction. Further, in case of a sale transaction in cash market, the existing practice shall continue viz., VaR margins and Extreme loss margins together shall not exceed the sale value of the transaction and mark to market losses shall also be levied.
1.4 Collateral deposited by Clients with brokers7
For brokers to maintain proper records of client collateral and to prevent misuse of client collateral, it is advised that:-
1. Brokers should have adequate systems and procedures in place to ensure that client collateral is not used for any purposes other than meeting the respective client’s margin requirements / pay-ins. Brokers should also maintain records to ensure proper audit trail of use of client collateral.
2. Brokers should further be able to produce the aforesaid records during inspection. The records should include details of:-
a. Receipt of collateral from client and acknowledgement issued to client on receipt of collateral.
b. Client authorization for deposit of collateral with the exchange / clearing corporation / clearing house towards margin
c. Record of deposit of collateral with exchange / clearing corporation / clearing house.
d. Record of return of collateral to client.
e. Credit of corporate action benefits to clients.
3. The records should be periodically reconciled with the actual collateral deposited with the broker.
4. Brokers should issue a daily statement of collateral utilization to clients which shall include, inter-alia, details of collateral deposited,
6 Circular No. MRD/DoP/SE/Cir-08/2009 datad July 27, 2009
7 Circular No. MRD/DoP/SE/Cir- 11/2008 dated April 17, 2008
collateral utilised and collateral status (available balance / due from client) with break up in terms of cash, Fixed Deposit Receipts (FDRs), Bank Guarantee and securities.
5. In case of complaints against brokers related to misuse of collateral deposited by clients, exchanges should look into the allegations, conduct inspection of broker if required and based on its findings take necessary action.
6. In case client collateral is found to be mis-utilised, the broker would attract appropriate deterrent penalty for violation of norms provided under Securities Contract Regulation Act, SEBI Act, SEBI Regulations and circulars, Exchange Byelaws, Rules, Regulations and circulars.
1.5 Domestic Government Securities as collateral for institutional trades in cash market8
Reserve Bank of India (RBI) vide A. P. (DIR Series) Circular no. 47 dated April 12, 2010 has permitted FIIs to offer domestic Government Securities (acquired by the FIIs in accordance with the provisions of Schedule 5 to Notification No. FEMA 20/2000-RB dated May 3, 2000, as amended from time to time and subject to the overall limits specified by the SEBI from time to time; the current limit being USD 5 billion), and foreign sovereign securities with AAA rating, as collateral to the recognized Stock Exchanges in India, in addition to cash, for their transactions in the cash segment of the market. However, cross-margining of Government Securities (placed as margins by the FIIs for their transactions in the cash segment of the market) shall not be allowed between the cash and the derivative segments of the market.
8 Circular No. CIR/MRD/DP/15/2010 dated April 28, 2010
REFERENCE - List of Circulars
1. Circular no. MRD/DoP/SE/Cir-07/2005 dated February 23, 2005.
2. Circular no. MRD/DoP/SE/Cir- 6 /2006 dated June 16, 2006.
3. Circular no. MRD/DoP/SE/Cir- 06 /2008 dated March 19 2008.
4. Circular no. MRD/DoP/SE/Cir-10/2008 dated April 17, 2008.
5. Circular No. MRD/DoP/SE/Cir- 11/2008 dated April 17, 2008
6. Circular no. MRD/DoP/SE/Cir-13/2008 dated May 05, 2008.
7. Circular no. MRD/DoP/SE/Cir-18/2008 dated May 22, 2008.
8. Circular No. MRD/DoP/SE/Cir-08/2009 datad July 27, 2009
9. Circular No. CIR/MRD/DP/15/2010 dated April 28, 2010
*Circular No. MRD/DoP/SE/Cir-13/2008 dated May 05, 2008 on Cross margining across cash and derivatives market issued by MRD-DoP, a final circular on the same has been issued by DNPD vide Circular No. SEBI/DNPD/Cir- 44/2008 dated December 02, 2008.
Annexure 5
MASTER CIRCULAR FOR STOCK EXCHANGES ON COMPANIES SHIFTED FROM TRADE FOR TRADE TO ROLLING SETTLEMENT
This Master Circular includes circulars issued upto March 31, 2012.
Master Circular is a compilation of all the existing/applicable circulars issued by Market Regulation Department of SEBI to Stock Exchanges and shall be applicable from the date of its issue.
Companies shifted from Trade for Trade to Normal Rolling Settlement
Based on the information provided by the depositories for the companies that have established connectivity with both the depositories, stock exchanges are advised to consider shifting the trading in these securities to normal Rolling Settlement.
With effect from January 13, 2006 the stock exchanges were further advised to consider shifting the trading in these securities to normal Rolling Settlement subject to the following:
At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s. However, if an issuer-company does not have a separate RTA, it may obtain a certificate in this regard from a practicing company Secretary/Chartered Accountant and submit the same to the stock exchange/s.
There are no other grounds/reasons for continuation of the trading in TFTS.
List of companies that have been shifted from Trade for Trade Settlement to Normal Rolling Settlement is placed as Annexure A.
ANNEXURE A
Sr. No. Name of the Company ISIN No. Circular Date
1 A K S Credits Limited 26-Dec-01
2 Aanjay Software Limited 26-Dec-01
3 Aarvee Denims & Exports Limited 26-Dec-01
4 Abacus Computers Limited 26-Dec-01
5 Abhishek Industries Limited 26-Dec-01
6 ABL Biotechnologies Limited 26-Dec-01
7 Acrow India Limited 26-Dec-01
8 Acrysil Limited 26-Dec-01
9 Adarsh Plant Protect Limited 26-Dec-01
10 Aditya Spinners Limited 26-Dec-01
11 Adlabs Films Limited 26-Dec-01
12 Ad-Manum Finance Limited 26-Dec-01
13 Ador Powertron Limited 26-Dec-01
14 Ador Technopak Limited 26-Dec-01
15 Advanced Micronic Devices Limited 26-Dec-01
16 Ahmedabad Steel Craft Limited 26-Dec-01
17 Ajcon Capital Markets Limited 26-Dec-01
18 Akai Asian Limited 26-Dec-01
19 AKL Soft & Infosys (India) Ltd (formerly,
Akil Plastics Ltd) 26-Dec-01
20 Aksh Optifibre Limited 26-Dec-01
21 Akshay Fiscal Services Limited 26-Dec-01
22 Alang Industrial Gases Limited 26-Dec-01
23 Albert Herbert (India) Limited 26-Dec-01
24 Alembic Glass Industries Limited 26-Dec-01
25 Alka Diamond Industries Limited 26-Dec-01
26 Alka Securities Limited 26-Dec-01
27 Alpha Hi-Tech Fuel Limited 26-Dec-01
28 Alpine Housing Development Corporation Limited 26-Dec-01
29 Amal Products Limited 26-Dec-01
30 Amalgamated Development Limited 26-Dec-01
31 Amarjothi Spinning Mills Limited 26-Dec-01
32 Amarshiv Opticals Limited (formerly Gem Eyeadorns Ltd) 26-Dec-01
33 Ambica Agarbathies & Aroma Industries 26-Dec-01
Limited
34 Amit International Limited 26-Dec-01
35 AMR Softech Limited 26-Dec-01
36 Amrapali Developers ( India) Limited 26-Dec-01
37 Amrapali Industries Limited 26-Dec-01
38 Amstar Laminates Limited 26-Dec-01
39 Andhra Bank 26-Dec-01
40 Anjani Fabrics Limited 26-Dec-01
41 Anjani Synthetics Limited 26-Dec-01
42 Ankit Prachi Trading & Investment Limited 26-Dec-01
43 Ankur Drugs & Pharma Ltd 26-Dec-01
44 Anna Finance Limited 26-Dec-01
45 Apollo Finvest ( India) Limited 26-Dec-01
46 Applitech Solution Limited 26-Dec-01
47 APW President Systems Limited 26-Dec-01
48 Arcee Industries Limited 26-Dec-01
49 Arham Plastics Limited 26-Dec-01
50 Arihant Capital Markets Limited 26-Dec-01
51 Arihant Enterprise Limited 26-Dec-01
52 Arihant Foundations & Housing Limited 26-Dec-01
53 Armour Polymers Limited 26-Dec-01
54 Aroni Chemical Industries Limited 26-Dec-01
55 Arora Fibres Limited 26-Dec-01
56 Arrow Coated Products Limited 26-Dec-01
57 Aryaman Financial Services Limited 26-Dec-01
58 Asahi Construction & Housing Finance Limited 26-Dec-01
59 Ashiana Housing & Finance ( India) Limited 26-Dec-01
60 Ashiana Ispat Limited 26-Dec-01
61 Asian CERC Information Technology Ltd
(formerly, Tropicana Resorts & Properties Ltd) 26-Dec-01
62 Asian Star Company Limited 26-Dec-01
63 Ask Me Info Hubs Limited 26-Dec-01
64 ASM Technologies Ltd
(formerly, Advanced Synergic Microsystems Ltd) 26-Dec-01
65 ASP Technologies Limited 26-Dec-01
66 Astra Microwave Products Limited 26-Dec-01
67 Audichem (India) Limited 26-Dec-01
68 Aunde Faze Three Autofab Limited 26-Dec-01
69 Avanti Feeds Limited 26-Dec-01
70 Avinash Information Technologies Limited
(formerly, Mangalya Exports Limited) 26-Dec-01
71 AVT Natural Products Limited 26-Dec-01
72 Axel Polymers Limited 26-Dec-01
73 Axis Capital Markets (India) Limited 26-Dec-01
74 Axles India Limited 26-Dec-01
75 Aztec Software & Technology Services Limited 26-Dec-01
76 B & A Ltd (formerly, B & A Plantations & Industries Ltd) 26-Dec-01
77 B N R Udyog Ltd
(formerly, Rathi Share & Stock Brokers Ltd) 26-Dec-01
78 B. N. Rathi Securities Limited 26-Dec-01
79 Baffin Engineering Projects Limited 26-Dec-01
80 Bal Pharma Limited 26-Dec-01
81 Balaji Telefilms Limited 26-Dec-01
82 Balkrishna Industries Limited 26-Dec-01
83 Bambino Agro Industries Limited 26-Dec-01
84 Banswara Syntex Limited 26-Dec-01
85 Bathina Technologies (India) Ltd
(formerly, Srico Systems India Ltd) 26-Dec-01
86 Batliboi Limited 26-Dec-01
87 Bayer Diagnostics India Ltd 26-Dec-01
88 BCC Finance Limited 26-Dec-01
89 BCC Fuba India Limited 26-Dec-01
90 BDH Industries Limited 26-Dec-01
91 BDPS Software Limited 26-Dec-01
92 Bee Electronic Machines Limited 26-Dec-01
93 Benares Hotels Limited 26-Dec-01
94 Bengal Tea & Fabrics Limited 26-Dec-01
95 BF Utilities Limited 26-Dec-01
96 Bhageria Dye-Chem Limited 26-Dec-01
97 Bhagiradha Chemicals & Industries Limited 26-Dec-01
98 Bhagwandas Metals Limited 26-Dec-01
99 Bharat Fertiliser Industries Limited 26-Dec-01
100 Bharat Seats Limited 26-Dec-01
101 Bharti Healthcare Limited 26-Dec-01
102 Bharti Telecom Limited 26-Dec-01
103 Bhaskar Agro Chemicals Limited 26-Dec-01
104 Bhoruka Gases Limited 26-Dec-01
105 Biowin Pharma (India) Limited 26-Dec-01
106 Bisil Plast Limited 26-Dec-01
107 Bliss Chemicals & Pharmaceuticals India Limited 26-Dec-01
108 Blue Star Infotech Limited 26-Dec-01
109 Bluechip Tex Industries Limited 26-Dec-01
110 Bombay Paints Limited 26-Dec-01
111 Bombay Swadeshi Stores Limited 26-Dec-01
112 Borax Morarji Limited 26-Dec-01
113 Borosil Glass Works Limited 26-Dec-01
114 Boston Education & Software Technologies Ltd
(formerly, Lucky Agencies Ltd) 26-Dec-01
115 Brahm Ispat Limited 26-Dec-01
116 Brescon Corporate Advisors Limited 26-Dec-01
117 Bright Brothers Limited 26-Dec-01
118 Broadcast Worldwide Limited 26-Dec-01
119 Buniyad Chemicals Limited 26-Dec-01
120 Camex Intermediates Limited
(formerly, Devria Intermediates Limited) 26-Dec-01
121 CCS Infotech Limited 26-Dec-01
122 CEE (I) TV Entertainment Limited 26-Dec-01
123 Ceekay Daikin Limited 26-Dec-01
124 Ceenik Exports (India) Limited 26-Dec-01
125 Centrum Finance Limited 26-Dec-01
126 CG-VAK Software and Exports Limited 26-Dec-01
127 Chakkilam Infotech Limited 26-Dec-01
128 Chaman Lal Setia Exports Limited 26-Dec-01
129 Champagne Indage Ltd (formerly, Indage India Ltd) 26-Dec-01
130 Chandni Engineering Limited 26-Dec-01
131 Chandra Prabhu International Limited 26-Dec-01
132 Channel Guide India Limited
(formerly, Bokadia Finance Ltd.) 26-Dec-01
133 Chembond Chemicals Limited 26-Dec-01
134 Chhabra Spinners Limited 26-Dec-01
135 CHL Limited 26-Dec-01
136 Chokhani Securities Limited 26-Dec-01
137 Choksi Laboratories Limited 26-Dec-01
138 Chordia Food Products Limited 26-Dec-01
139 Chromatic India Limited
(formerly, Chromatic Dyestuff Limited) 26-Dec-01
140 Cindrella Financial Services Limited 26-Dec-01
141 Cistro Telelink Ltd (formerly, Kukson Footcare Ltd) 26-Dec-01
142 Citiport Financial Services Limited 26-Dec-01
143 City Online Services Limited 26-Dec-01
144 CJ - Gelatine Products Limited 26-Dec-01
145 Classic Diamonds (India) Limited 26-Dec-01
146 Cochin Minerals and Rutile Limited 26-Dec-01
147 Compuage Infocom Limited 26-Dec-01
148 Conart Engineers Limited 26-Dec-01
149 Consortium Vyapaar Limited 26-Dec-01
150 Continental Coffee Limited 26-Dec-01
151 Continental Controls Limited 26-Dec-01
152 Cosboard Industries Limited 26-Dec-01
153 Coventry Coil-O-Matic Haryana Limited 26-Dec-01
154 Crescent Finstock Limited 26-Dec-01
155 Cressanda Commercial and Financing Limited 26-Dec-01
156 CSJ Technologies Limited (formerly, CSJ Agros Limited) 26-Dec-01
157 Cubical Financial Services Limited 26-Dec-01
158 Cyberscape Multimedia Limited 26-Dec-01
159 D & H Welding Electrodes (I) Limited 26-Dec-01
160 Dairy Den Limited 26-Dec-01
161 Damodar Threads Limited 26-Dec-01
162 Darshan Oils Limited 26-Dec-01
163 Deccan Bearings Limited 26-Dec-01
164 Deccan Polypacks Limited 26-Dec-01
165 Delton Consultants Limited 26-Dec-01
166 Devarsa Gas-Chem Limited 26-Dec-01
167 DGP Securities Limited 26-Dec-01
168 Dhandapani Finance Limited 26-Dec-01
169 Dhanlaxmi Fabrics Limited 26-Dec-01
170 Dharani Finance Limited 26-Dec-01
171 Dhoot Industries Limited 26-Dec-01
172 DHP Financial Services Limited 26-Dec-01
173 Diamines and Chemicals Limited 26-Dec-01
174 Diana Tea Company Limited 26-Dec-01
175 D-Link (India) Limited 26-Dec-01
176 Dollex Industries Limited 26-Dec-01
177 Donear Industries Limited 26-Dec-01
178 Dot Com Global Ltd
(formerly, Precimet Diamonds (India) Ltd) 26-Dec-01
179 Dr. Agarwal's Eye Hospital Limited 26-Dec-01
180 Dujodwala Paper Chemicals Limited 26-Dec-01
181 Dujodwala Products Limited 26-Dec-01
182 Duphar Pharma India Limited 26-Dec-01
183 Dwekam Industries Ltd
(formerly, Chhatisgarh Paper Mills Ltd) 26-Dec-01
184 E.Star Infotech Limited 26-Dec-01
185 Ecoplast Limited 26-Dec-01
186 Eider E-Commerce Limited 26-Dec-01
187 Elango Industries Limited 26-Dec-01
188 Eltrol Limited 26-Dec-01
189 EMA India Limited 26-Dec-01
190 Emami Limited (formerly, Himani Limited) 26-Dec-01
191 Energy Products (India) Limited 26-Dec-01
192 Enterprise Intelligent Systems Limited
( Formerly Diamond Industrial Fiscal Services Limited ) 26-Dec-01
193 Eonour Software Limited 26-Dec-01
194 Era Constructions India Limited 26-Dec-01
195 Era Financial Services (India) Limited 26-Dec-01
196 Essel Software & Services Limited 26-Dec-01
197 Essemm Information Systems Limited 26-Dec-01
198 ETC Networks Ltd
(formerly, Beehive Trading & Exports Ltd) 26-Dec-01
199 Everlon Synthetics Limited 26-Dec-01
200 Excel Glasses Limited 26-Dec-01
201 Exim Finance Limited 26-Dec-01
202 Expo Gas Containers Limited 26-Dec-01
203 Exquisite Exports Limited 26-Dec-01
204 Facts Securities Limited 26-Dec-01
205 Fairfield Atlas Ltd (formerly, Atlas Gears Ltd) 26-Dec-01
206 Fairyland Amusement & Water Parks Limited 26-Dec-01
207 FAL Industries Limited 26-Dec-01
208 Farry Industries Limited 26-Dec-01
209 Fast Track Entertainment Ltd (formerly, Fast Track Financial Services Ltd) 26-Dec-01
210 FCGL Industries Limited 26-Dec-01
211 FCS Software Solutions Limited 26-Dec-01
212 Fem Care Pharma Limited 26-Dec-01
213 Financial & Management Services Limited 26-Dec-01
214 Fine-Line Circuits Limited 26-Dec-01
215 Fit & Fine Biotech Ltd.(formerly, Vatsa Healthcare Ltd) 26-Dec-01
216 Fluidomat Limited 26-Dec-01
217 Fortune Financial Services (India) Limited 26-Dec-01
218 Fortune Infotech Limited 26-Dec-01
219 Fourth Generation Information Systems Limited 26-Dec-01
220 Future Software Limited 26-Dec-01
221 Futuristic Securities Limited 26-Dec-01
222 G G Automotive Gears Ltd 26-Dec-01
223 G G Dandekar Machine Works Ltd 26-Dec-01
224 G R Industries & Finance Ltd (formerly, Golden Roofings Ltd) 26-Dec-01
225 Gagan Gases Limited 26-Dec-01
226 Gajra Bevel Gears Limited 26-Dec-01
227 Galaxy Entertainment Corporation Ltd. (Formerly, Sifa Trading Company Ltd) 26-Dec-01
228 Galaxy Indo-Fab Limited 26-Dec-01
229 Gandhi Special Tubes Limited 26-Dec-01
230 Ganesh Polytex Limited 26-Dec-01
231 Garnet Construction Limited 26-Dec-01
232 Garware Synthetics Limited 26-Dec-01
233 GE Capital Transportation Financial Services Limited
( Formerly Shriram Fibers Finance Limited) 26-Dec-01
234 Gee Kay Finance & Leasing Company Limited 26-Dec-01
235 Geefcee Finance Limited 26-Dec-01
236 Geekay Imaging Limited 26-Dec-01
237 Gemini Communication Limited 26-Dec-01
238 Genesys International Corporation Limited 26-Dec-01
239 Genomic Valley Biotech Limited 26-Dec-01
240 Genus Overseas Electronics Limited 26-Dec-01
241 Geodesic Information Systems Ltd (formerly, B V Holdings Ltd) 26-Dec-01
242 Gini Silk Mills Limited 26-Dec-01
243 Giriraj Print Plast Limited 26-Dec-01
244 GKB Ophthalmics Limited 26-Dec-01
245 Glance Finance Limited 26-Dec-01
246 Global Boards Limited 26-Dec-01
247 Globsyn Technologies Limited 26-Dec-01
248 GMM Pfaudler Ltd (formerly, Gujarat Machinery Manufacturers Ltd) 26-Dec-01
249 Goa Carbon Limited 26-Dec-01
250 Godrej Consumer Products Limited 26-Dec-01
251 Goldcrest Finance ( India) Limited 26-Dec-01
252 Goldstone Tele Services Limited 26-Dec-01
253 Golkunda Diamonds & Jewellery Limited 26-Dec-01
254 GOM Industries Limited 26-Dec-01
255 Good Value Irrigation Limited 26-Dec-01
256 Good Value Marketing Company Limited 26-Dec-01
257 Gordon Woodroffe Limited 26-Dec-01
258 Grabal Alok Impex Ltd (formerly, Grabal Alok Exports Ltd) 26-Dec-01
259 GRIVS Hotels Limited 26-Dec-01
260 Growth Compusoft Exports Limited 26-Dec-01
261 GSL Securities Limited 26-Dec-01
262 Gufic Biosciences Ltd (formerly, Central Finance Ltd) 26-Dec-01
263 Gujarat Craft Industries Limited 26-Dec-01
264 Gujarat Guaranty & Financials Limited 26-Dec-01
265 Gujarat Investa Limited 26-Dec-01
266 Gujarat Narmada Spinning Limited 26-Dec-01
267 Gujarat Propack Limited 26-Dec-01
268 Gujarat Texspin Limited 26-Dec-01
269 Gulmohar Finance Limited 26-Dec-01
270 Gulshan Chemfills Limited 26-Dec-01
271 Gulshan Polyols Limited 26-Dec-01
272 Gulshan Sugars & Chemicals Limited 26-Dec-01
273 Gupta Synthetics Limited 26-Dec-01
274 Haldyn Glass Gujarat Limited 26-Dec-01
275 Haria Exports Limited 26-Dec-01
276 Harvic Management Services (India) Limited 26-Dec-01
277 Hasti Finance Limited 26-Dec-01
278 Hathway Bhawani Cabletel & Datacom Limited 26-Dec-01
279 Hatsun Agro Product Ltd (formerly, Hatsun Milk Food Ltd) 26-Dec-01
280 Heera Ispat Limited 26-Dec-01
281 Helios & Matheson Information Technology Ltd
(formerly, Express Financial Exchange Ltd) 26-Dec-01
282 Herdillia Chemicals Limited 26-Dec-01
283 Hifunda.Com Limited 26-Dec-01
284 Hind Rectifiers Limited 26-Dec-01
285 Hindustan Bio Sciences Ltd
(formerly, Hindustan Softel Ltd & formerly, Garuda Cements Ltd) 26-Dec-01
286 Hindustan Everest Tools Limited 26-Dec-01
287 Hindustan Hardy Spicer Limited 26-Dec-01
288 Hindustan Tin Works Limited 26-Dec-01
289 Hindusthan Engineering & Industries Limited
(formerly, Malanpur Steels Limited) 26-Dec-01
290 Hipolin Limited 26-Dec-01
291 Hi-Tech Plast Containers (India) Limited 26-Dec-01
292 Hitkari Industries Limited 26-Dec-01
293 HMA Starware Limited 26-Dec-01
294 Hughes Tele.com (India) Limited 26-Dec-01
295 Hydro S & S Industries Limited 26-Dec-01
296 Hytone Texstyles Limited 26-Dec-01
297 I B Industries Limited 26-Dec-01
298 ICICI Infotech Services Limited 26-Dec-01
299 I-Flex Solutions Ltd 26-Dec-01
300 IID Forgings Limited 26-Dec-01
301 IKAB Securities & Investment Limited 26-Dec-01
302 IKF Finance Limited 26-Dec-01
303 IKF Software.com Limited 26-Dec-01
304 IMAP Technologies Limited 26-Dec-01
305 Inani Marbles & Industries Limited 26-Dec-01
306 Indag Rubber Limited 26-Dec-01
307 India Cements Capital & Finance Limited 26-Dec-01
308 India E-Commerce Limited 26-Dec-01
309 India Gelatine & Chemicals Limited 26-Dec-01
310 India Online Network Limited (formerly, Natwar Synthetics Limited) 26-Dec-01
311 India Polyspin Limited 26-Dec-01
312 Indiacom Directories Limited 26-Dec-01
313 Indian Extractions Limited 26-Dec-01
314 Indian Resort Hotels Limited 26-Dec-01
315 Indian Seamless Steels & Alloys Ltd (ISSAL) 26-Dec-01
316 Indo Borax & Chemicals Limited 26-Dec-01
317 Indo Care Pharmaceuticals Limited 26-Dec-01
318 Indo Matsushita Carbon Company Limited 26-Dec-01
319 Indo-City Infotech Limited 26-Dec-01
320 Indo-Pacific Software & Entertainment Ltd (formerly, Indo-Pacific Securities Ltd) 26-Dec-01
321 Indotech Capital Market Limited 26-Dec-01
322 Indsil Electrosmelts Limited 26-Dec-01
323 Induj Infotech Limited 26-Dec-01
324 Info-Drive software Limited 26-Dec-01
325 Infra Industries Limited 26-Dec-01
326 Innova Health Systems Ltd.(formerly, Coramandel Spices & Resins Ltd) 26-Dec-01
327 Innovision E-Commerce Limited 26-Dec-01
328 Integrated Rubian Exports Limited 26-Dec-01
329 Intellvisions Software Limited (formerly, Arun Agro Products Limited) 26-Dec-01
330 Interworld.Com Limited 26-Dec-01
331 Intop Software Solutions Limited 26-Dec-01
332 Intra Infotech Ltd.(Formerly, Kumaon Pharmacaps & Chemicals Ltd.) 26-Dec-01
333 Investsmart India Limited 26-Dec-01
334 IQ Infotech Limited 26-Dec-01
335 IQMS Software Limited 26-Dec-01
336 Ishita Drugs & Industries Limited 26-Dec-01
337 IT & T Limited 26-Dec-01
338 ITL Industries Limited 26-Dec-01
339 J B Marketing & Finance Ltd 26-Dec-01
340 J L Morison (India) Limited 26-Dec-01
341 J M A Industries Ltd 26-Dec-01
342 J M Share & Stock Brokers Limited 26-Dec-01
343 Jaihind Synthetics Limited 26-Dec-01
344 Jaipan Industries Limited 26-Dec-01
345 Jaisal Securities Limited 26-Dec-01
346 Jay Yuhshin Limited 26-Dec-01
347 Jayabharat Credit Limited 26-Dec-01
348 JBM Auto Components Limited 26-Dec-01
349 Jenburkt Pharmaceuticals Limited 26-Dec-01
350 Jetking Infotrain Limited (formerly, Jetking Electronics Ltd) 26-Dec-01
351 Jhaveri Weldflux Limited 26-Dec-01
352 Jindal Polyester Ltd 26-Dec-01
353 Jindal Worldwide Limited 26-Dec-01
354 Joymat Hotel Resorts Limited 26-Dec-01
355 Jumbo Bag Limited 26-Dec-01
356 Jupiter Infosys Limited 26-Dec-01
357 Jyoti Limited 26-Dec-01
358 Jyoti Overseas Limited 26-Dec-01
359 Jyoti Resins and Adhesives Limited 26-Dec-01
360 K S Oils Limited 26-Dec-01
361 Kachchh Minerals Limited 26-Dec-01
362 Kadvani Securities Limited 26-Dec-01
363 Kaira Can Company Limited 26-Dec-01
364 Kalindee Rail Nirman ( Engineers) Limited 26-Dec-01
365 Kamadgiri Synthetics Limited 26-Dec-01
366 Kamla Dials & Devices Limited 26-Dec-01
367 Kanchan International Limited 26-Dec-01
368 Kanthal India Limited 26-Dec-01
369 Karnavati Alfa International Limited 26-Dec-01
370 KBS Capital Management Limited 26-Dec-01
371 Kedia Chemical Industries Limited 26-Dec-01
372 Kengold (India) Limited 26-Dec-01
373 Khandwala Capital Services Limited 26-Dec-01
374 Kilitch Drugs India Limited 26-Dec-01
375 Killick Nixon Limited 26-Dec-01
376 Kinetic Fincap Ltd (formerly, Kinetic Finance Ltd) 26-Dec-01
377 Kiran Print Pack Limited 26-Dec-01
378 Kirloskar Electrodyne Limited 26-Dec-01
379 Kirti Finvest Limited 26-Dec-01
380 Kisan Mouldings Limited 26-Dec-01
381 KJMC Global Market (India) Limited 26-Dec-01
382 Koatex Infrastructure Limited 26-Dec-01
383 Konark Synthetics Limited 26-Dec-01
384 Konkan Tyres Limited 26-Dec-01
385 Kosian Industries Limited 26-Dec-01
386 Kovilpatti Lakshmi Roller Flour Mills Limited 26-Dec-01
387 Kriti Industries (India) Limited 26-Dec-01
388 Kulkarni Power Tools Limited 26-Dec-01
389 Kunststoffe Industries Limited 26-Dec-01
390 Ladderup Finance Limited 26-Dec-01
391 Lakhani India Limited 26-Dec-01
393 Lanco Infratech Limited (formerly, Lanco Constructions Limited) 26-Dec-01
394 Liberty Phosphate Limited 26-Dec-01
395 Liberty Shoes Limited 26-Dec-01
396 Linear Polymers Limited 26-Dec-01
397 Link House Industries Limited 26-Dec-01
398 Lintas Mercantile Limited 26-Dec-01
399 Little Kingdom World Ltd (formerly, Vatsa World Ltd) 26-Dec-01
400 Liverpool Finance Limited 26-Dec-01
401 Lohia Securites Limited 26-Dec-01
402 Loyal Textile Mills Limited 26-Dec-01
403 Luminaire Technologies Limited
(formerly, Strauss Industries & Exports Limited) 26-Dec-01
404 M B Parikh Finstocks Limited 26-Dec-01
405 Macmillan India Limited 26-Dec-01
406 Madan Financial Services Limited 26-Dec-01
407 Madanlal Limited 26-Dec-01
408 Madhav Marbles & Granites Limited 26-Dec-01
409 Madhusudan Securities Ltd
(formerly, Madhusudan Investment Ltd) 26-Dec-01
410 Madhyadesh Papers Limited 26-Dec-01
411 Mafatlal Dyes & Chemicals Ltd 26-Dec-01
412 Magicut Tools Limited 26-Dec-01
413 Magna Electro Castings Limited 26-Dec-01
414 Mahaan Foods Limited 26-Dec-01
415 Mahan Industries Limited 26-Dec-01
416 Mahanivesh (India) Limited 26-Dec-01
417 Mahesh Agricultural Implements & Steel Forgings Ltd 26-Dec-01
418 Malvica Engineering Limited 26-Dec-01
419 Manappuram General Finance & Leasing Limited 26-Dec-01
420 Mannesmann Rexroth (India) Limited 26-Dec-01
421 Maris Spinners Limited 26-Dec-01
422 Market Creators Limited 26-Dec-01
423 Marvel Capital & Finance (India) Limited 26-Dec-01
424 Master Multi - Tech Ltd (formerly, Master.Com Software Ltd) 26-Dec-01
425 Master Trust Limited 26-Dec-01
426 Matrix Laboratories Ltd (formerly, Herren Drugs & Pharmaceuticals Ltd) 26-Dec-01
427 Mauria Udyog Limited 26-Dec-01
428 Maximaa Systems Limited 26-Dec-01
429 Maximus Steel Manufacturing Limited 26-Dec-01
430 Mayank Hotels Limited 26-Dec-01
431 Media Matrix Worldwide Ltd (formerly, Giltfin Lease Ltd) 26-Dec-01
432 Medi-Caps Ltd 26-Dec-01
433 Megasoft Limited 26-Dec-01
434 Mehta Integrated Finance Limited 26-Dec-01
435 Menon Bearings Limited 26-Dec-01
436 Mercator Lines Limited 26-Dec-01
437 Microcity (India) Limited 26-Dec-01
438 Mid East Portfolio Management Limited 26-Dec-01
439 Midas Pharmasec Limited 26-Dec-01
440 Mid-day Multimedia Limited 26-Dec-01
441 Millennium Cybertech Ltd (formerly, BCS Software Ltd) 26-Dec-01
442 MK Aromatics Limited (formerly, Emkay Aromatics Ltd) 26-Dec-01
443 MKJ Developers Limited 26-Dec-01
444 MKJ Enterprises Limited 26-Dec-01
445 Modison Metals Limited 26-Dec-01
446 Moneshi Agro Industries Limited
(formerly, Moneshi Agro Foods Ltd) 26-Dec-01
447 Moschip Semiconductor Technology Limited 26-Dec-01
448 Moving Picture Company (India) Limited 26-Dec-01
449 Mukta Arts Limited 26-Dec-01
450 Munoth Financial Services Limited 26-Dec-01
451 Munoth Hire Purchase Limited 26-Dec-01
452 My Fellow Fashions (Exports) Ltd. 26-Dec-01
453 N D Metal Industries Ltd 26-Dec-01
454 N R Agarwal Industries Limited 26-Dec-01
455 Nagarjuna Agrichem Limited 26-Dec-01
456 Nam Credit & Investment Consultants Limited 26-Dec-01
457 National Fertilizers Ltd (NFL) 26-Dec-01
458 National Plastic Industries Limited 26-Dec-01
459 Natraj Proteins Limited 26-Dec-01
460 Naturo-Pest Limited 26-Dec-01
461 Neelkanth Rockminerals Limited 26-Dec-01
462 Net Axis Software Services Limited 26-Dec-01
463 Netripples.com Software Limited 26-Dec-01
464 Networth Stock Broking Limited 26-Dec-01
465 Newgen Software Technologies Limited 26-Dec-01
466 Nihar Infoway Limited 26-Dec-01
467 Nikhil Adhesives Limited 26-Dec-01
468 Nilchem Capital Limited 26-Dec-01
469 Nilchem Industries Limited 26-Dec-01
470 Nile Limited 26-Dec-01
471 Niyati Industries Limited 26-Dec-01
472 Noble Explochem Limited 26-Dec-01
473 Norris Medicines Limited 26-Dec-01
474 NPR Finance Limited 26-Dec-01
475 Numeric Power Systems Limited 26-Dec-01
476 Oasis Infotech Limited 26-Dec-01
477 Om Metals & Minerals Limited 26-Dec-01
478 Omega AG-Seeds (Punjab) Limited 26-Dec-01
479 Omkar Overseas Limited 26-Dec-01
480 Omnitex Industries (India) Limited 26-Dec-01
481 Online Media Solutions Limited 26-Dec-01
482 Ontrack Systems Limited 26-Dec-01
483 Opto Circuits(India) Limited 26-Dec-01
484 Orchaltree Leasing and Finance Limited 26-Dec-01
485 Orient Abrasives Limited 26-Dec-01
486 Orient Ceramics and Industries Limited 26-Dec-01
487 Orient Tradelink Ltd (formerly, Marine Integrated Finance Ltd) 26-Dec-01
488 Orpine Systems Limited 26-Dec-01
489 Oscar Investments Limited 26-Dec-01
490 Oxford Industries Limited 26-Dec-01
491 Padam Cotton Yarns Limited 26-Dec-01
492 Pan India Resorts & Land Development Limited 26-Dec-01
493 Pan Packaging Industries Limited 26-Dec-01
494 Panjon Limited 26-Dec-01
495 Paragon Finance Limited 26-Dec-01
496 Paramount Finco & Traders Limited 26-Dec-01
497 Parenteral Drugs (India) Limited 26-Dec-01
498 Parsoli Corporation Limited 26-Dec-01
499 Patel Roadways Limited 26-Dec-01
500 Paushak Limited 26-Dec-01
501 Pegasus Castalloy Limited 26-Dec-01
502 Penta Pharmadyes Ltd. (Formerly Penta Capsules Ltd) 26-Dec-01
503 PG Foils Limited 26-Dec-01
504 Pioneer Investcorp Limited 26-Dec-01
505 Plastiblends India Limited 26-Dec-01
506 Platy Metallurgicals Limited 26-Dec-01
507 Polypro Fibrils (India) Ltd 26-Dec-01
508 Pondy Oxides and Chemicals Limited 26-Dec-01
509 Prabhat (India) Limited 26-Dec-01
510 Pranavaditya Spinning Mills Limited 26-Dec-01
511 Pratiksha Chemicals Limited 26-Dec-01
512 Premco Global Limited 26-Dec-01
513 Premium Capital Market & Investments Limited 26-Dec-01
514 Prima Plastics Limited 26-Dec-01
515 Principal Capital Markets Limited 26-Dec-01
516 Priya Limited 26-Dec-01
517 Priyansh Saree Industries Limited 26-Dec-01
518 Proline Software & Finance Limited 26-Dec-01
519 Promact Plastics Limited 26-Dec-01
520 Protchem Industries (India) Ltd. 26-Dec-01
521 Proto Infosys Limited 26-Dec-01
522 Prraneta Industries Ltd 26-Dec-01
523 Puneet Resins Limited 26-Dec-01
524 Pushpanjali Floriculture Limited 26-Dec-01
525 Pyxis Technology Solutions Limited 26-Dec-01
526 Q-Flex Cables and Software Limited 26-Dec-01
527 Quest Financial Services Limited 26-Dec-01
528 R T Exports Limited 26-Dec-01
529 Raasi Refractories Limited 26-Dec-01
530 Radiant Software Limited 26-Dec-01
531 Rainbow Denim Limited 26-Dec-01
532 Rainbow Papers Limited 26-Dec-01
533 Raj Rayon Limited 26-Dec-01
534 Rajdhani Leasing and Industries Limited 26-Dec-01
535 Rajpurohit GMP India Limited 26-Dec-01
536 Rajratan Gustav Wolf Ltd (formerly, Rajratan Wires Ltd) 26-Dec-01
537 Ramsons Projects Limited 26-Dec-01
538 Rander Corporation Ltd (formerly, Rander Finance & Leasing Company Ltd) 26-Dec-01
539 Ranjit Securities Limited 26-Dec-01
540 Rapicut Carbides Limited 26-Dec-01
541 Ras Resorts & Apart Hotels Ltd 26-Dec-01
542 Rasandik Engineering Industries India Limited 26-Dec-01
543 Rashel Agrotech Limited 26-Dec-01
544 Rasi Electrodes Limited 26-Dec-01
545 Regal Entertainment and Consultants Limited 26-Dec-01
546 Regent Leasing & Finance Limited 26-Dec-01
547 Relic Technologies Ltd. 26-Dec-01
548 Response Informatics Limited 26-Dec-01
549 Rexnord Electronics & Controls Limited 26-Dec-01
550 RGF Capital Markets Limited 26-Dec-01
551 Rich Capital & Financial Services Limited 26-Dec-01
552 Riddhi-Siddhi Gluco Biols Ltd (formerly, Riddhi Siddhi Starch & Chemicals Ltd) 26-Dec-01
553 Rishabh Digha Steel and Allied Products Limited 26-Dec-01
554 Rishi Laser Cuttings Limited 26-Dec-01
555 Rishi Packers Limited 26-Dec-01
556 Rishiroop Rubber ( International) Limited 26-Dec-01
557 Ritesh Industries Limited 26-Dec-01
558 Ritesh International Limited 26-Dec-01
559 Rohit Pulp and Paper Mills Limited 26-Dec-01
560 Roto Pumps Limited 26-Dec-01
561 Royal Finance Limited 26-Dec-01
562 RRM Shares & Securities Limited 26-Dec-01
563 RSL Industries Limited (formerly, George Bird Textiles Limited) 26-Dec-01
564 S B International Ltd (formerly, Sarda Brothers Ltd) 26-Dec-01
565 S T Services Ltd 26-Dec-01
566 Sadhana Nitro Chem Limited 26-Dec-01
567 Sahara India Media Communication Limited 26-Dec-01
568 SAM Industries Limited 26-Dec-01
569 Sambandam Spinning Mills Limited 26-Dec-01
570 Sameera Infotainment Limited 26-Dec-01
571 Samrat Pharmachem Limited 26-Dec-01
572 Samson Leasing & Finance Company Limited 26-Dec-01
573 Samtex Fashions Limited 26-Dec-01
574 San Media Limited 26-Dec-01
575 Sanchay Finvest Limited 26-Dec-01
576 Sandu Pharmaceuticals Limited 26-Dec-01
577 Sanjeevni Industries Ltd (formerly, Kesaria Commercial Enterprises Ltd) 26-Dec-01
578 Sanjivani Paranteral Limited 26-Dec-01
579 Sanmar Properties and Investments Limited 26-Dec-01
580 Sanra Software Ltd (formerly, Sanra Computers (India) Ltd) 26-Dec-01
581 Santaram Spinners Limited 26-Dec-01
582 Santosh FineFab Limited 26-Dec-01
583 Sanwaria Agro Oils Ltd. 26-Dec-01
584 SAR Auto Products Limited 26-Dec-01
585 Sarabhai Electronics Limited 26-Dec-01
586 Sarda Papers Limited 26-Dec-01
587 Sarda Plywood Industries Limited 26-Dec-01
588 Sarla Polyester Limited 26-Dec-01
589 Satkar Electronics Limited 26-Dec-01
590 Saven Technologies Limited 26-Dec-01
591 Savera Hotels Limited 26-Dec-01
592 Sayaji Iron and Engineering Company Limited 26-Dec-01
593 Seasons Furnishings Limited 26-Dec-01
594 Securities Capital Investments (India) Limited 26-Dec-01
595 Senthil Infotek Limited 26-Dec-01
596 Sequelsoft India Limited 26-Dec-01
597 Servotech Engineering Industries Limited 26-Dec-01
598 Shah Foods Limited 26-Dec-01
599 Shahi Shipping Limited 26-Dec-01
600 Shalibhadra Finance Limited 26-Dec-01
601 Shalimar Wires Industries Limited 26-Dec-01
602 Shamken Cotsyn Limited 26-Dec-01
603 Shantivijay Jewels Limited 26-Dec-01
604 Sharp Investments Limited 26-Dec-01
605 Sharp Trading & Finance Limited 26-Dec-01
606 Sharyans Resources Limited 26-Dec-01
607 Shayona Petrochem Limited 26-Dec-01
608 Sheetal Securities Finance Limited 26-Dec-01
609 Shervani Industrial Syndicate Limited 26-Dec-01
610 Shin Ho Petrochemical (India) Ltd 26-Dec-01
611 Shiva Paper Mills Limited 26-Dec-01
612 Shivaji Securities Ltd. (Formerly, Sainath Commercials Ltd. 26-Dec-01
613 Shivalik Bimetal Controls Limited 26-Dec-01
614 Shivam Apparel Exports Limited 26-Dec-01
615 Shree Ambeshwar Paper Mills Limited 26-Dec-01
616 Shree Bhawani Paper Mills Limited 26-Dec-01
617 Shree Hari Chemicals Export Limited 26-Dec-01
618 Shree Pacetronix Limited 26-Dec-01
619 Shree Rajeshwaranand Paper Mills Limited 26-Dec-01
620 Shree Steel Wire Ropes Limited 26-Dec-01
621 Shree Vatsaa Finance & Leasing Limited 26-Dec-01
622 Shricon Industries Limited 26-Dec-01
623 Silveroak Commercials Limited 26-Dec-01
624 Simmonds Marshall Limited 26-Dec-01
625 Simplex Castings Limited 26-Dec-01
626 Simran Farms Limited 26-Dec-01
627 Siporex India Limited 26-Dec-01
628 Siris Soft Limited 26-Dec-01
629 Sita Enterprises Limited 26-Dec-01
630 SM Energy Teknik & Electronics Limited 26-Dec-01
631 Somplast Leather Industries Limited 26-Dec-01
632 Soni Softech Limited 26-Dec-01
633 South Asian Petrochem Limited 26-Dec-01
634 Southern Ispat Limited 26-Dec-01
635 Sovereign Diamonds Limited 26-Dec-01
636 Sovika infotek Limited 26-Dec-01
637 Sowbhagya Exports Limited 26-Dec-01
638 Span Diagnostics Limited 26-Dec-01
639 Spenta International Limited 26-Dec-01
640 Spice Islands Apparels Limited 26-Dec-01
641 SPL Infoweb Ltd (formerly, Sheth Plastomers Ltd) 26-Dec-01
642 Sri Lakshmi Saraswathi Textiles (Arni) Limited 26-Dec-01
643 Stanpacks (India) Limited 26-Dec-01
644 State Trading Corporation of India Ltd 26-Dec-01
645 Stelco Strips Limited 26-Dec-01
646 Stenly Credit Capital Limited 26-Dec-01
647 Stenly Securities Limited 26-Dec-01
648 Stewarts and Lloyds of India Limited 26-Dec-01
649 Stocknet International Limited 26-Dec-01
650 Stovec Industries Limited 26-Dec-01
651 Subhash Silk Mills Limited 26-Dec-01
652 Sugal & Damani Finlease Limited 26-Dec-01
653 Sun Gold Capital Limited 26-Dec-01
654 Sun Infoways Limited 26-Dec-01
655 Suncity Synthetics Limited 26-Dec-01
656 Sundaram Multi Pap Limited 26-Dec-01
657 Sunflex Finance & Investments Limited 26-Dec-01
658 Sunil Agro Foods Limited 26-Dec-01
659 Sunraj Diamond Exports Limited 26-Dec-01
660 Super Syncotex (India) Limited 26-Dec-01
661 Super Tannery (India) Limited 26-Dec-01
662 Supraneet Finance & Consultants Limited 26-Dec-01
663 Supreme Telecom & Network India Limited 26-Dec-01
664 Suraj Holdings Limited 26-Dec-01
665 Surana Financial Corporation (India) Limited 26-Dec-01
666 Surana Metals & Steels (India) Limited 26-Dec-01
667 Suzlon Fibres Limited 26-Dec-01
668 Swastika Fin-Lease Limited 26-Dec-01
669 Swiss Glascoat Equipments Limited 26-Dec-01
670 Switching Technologies Gunther Ltd 26-Dec-01
671 Symphony Comfort Systems Limited 26-Dec-01
672 Syncom Formulations (India) Limited 26-Dec-01
673 Synfosys Business Solutions Limited 26-Dec-01
674 T T Limited 26-Dec-01
675 Tabassum International Limited 26-Dec-01
676 Tactfull Investments Limited 26-Dec-01
677 Tai Industries Limited 26-Dec-01
678 Taj GVK Hotels & Resorts Limited 26-Dec-01
679 Talbros Automotive Components Limited 26-Dec-01
680 Tasc Pharmaceuticals Limited 26-Dec-01
681 TCFC Finance Limited 26-Dec-01
682 TCP Limited 26-Dec-01
683 TechNest Solutions Ltd (formerly, Cirlacs Data Systems Ltd) 26-Dec-01
684 Teem Laboratories Limited 26-Dec-01
685 Tera Software Limited 26-Dec-01
686 Terai Tea Company Limited 26-Dec-01
687 Thambbi Modern Spinning Mills Limited 26-Dec-01
688 The Anil Starch Products Limited 26-Dec-01
689 The Central Provinces Railways Company Limited 26-Dec-01
690 The Dhanalakshmi Bank Limited 26-Dec-01
691 The Jam Shri Ranjitsinghji Spg. & Wvg. Mills Co. Limited 26-Dec-01
692 The Modern Mills Limited 26-Dec-01
693 The Right Address Limited 26-Dec-01
694 The Rubber Products Limited 26-Dec-01
695 The Silcal Metallurgic Limited 26-Dec-01
696 The Victoria Mills Limited 26-Dec-01
697 Tips Industries Limited 26-Dec-01
698 Tokyo Finance Limited 26-Dec-01
699 Trans Financial Resources Limited 26-Dec-01
700 Trans Freight Containers Limited 26-Dec-01
701 Transworld Infotech Limited (formerly, Transworld International Limited) 26-Dec-01
702 TRC Financial Services Limited 26-Dec-01
703 TRF Limited 26-Dec-01
704 Trimbak Industries Limited 26-Dec-01
705 Tulip Star Hotels Limited 26-Dec-01
706 Twenty First Century Printers Limited 26-Dec-01
707 Twin Cities Infotech Limited 26-Dec-01
708 Uni-Abex Alloy Products Limited 26-Dec-01
709 Uniroyal Textile Industries Limited 26-Dec-01
710 Unistar Multimedia Limited 26-Dec-01
711 Universal Luggage Manufacturing Company Limited 26-Dec-01
712 Universal Prime Aluminium Ltd (formerly, Universal Cans & Containers Ltd) 26-Dec-01
713 Uniworth International Limited 26-Dec-01
714 Unjha Formulations Limited 26-Dec-01
715 Usha Martin Infotech Limited 26-Dec-01
716 Ushdev International Limited 26-Dec-01
717 Uttam Commercial Company Limited 26-Dec-01
718 UTV Software Communications Limited 26-Dec-01
719 V and K Softech Limited 26-Dec-01
720 V B Desai Financial Services Limited 26-Dec-01
721 Vadilal Industries Limited 26-Dec-01
722 Valecha Engineering Limited 26-Dec-01
723 Vamshi Rubber Limited 26-Dec-01
724 Vapi Paper Mills Limited 26-Dec-01
725 Vas Animations and Entertainment Limited 26-Dec-01
726 Vasparr Containeurs Limited 26-Dec-01
727 Vasparr Fischer Limited 26-Dec-01
728 VBC Finance & Leasing Limited 26-Dec-01
729 Veejay Lakshmi Engineering Works Limited 26-Dec-01
730 Venkateshwar Vanijya India Ltd (formerly, Sarda Vanijya India Ltd) 26-Dec-01
731 Venlon Polyester Film Limited 26-Dec-01
732 Vertex Securities Limited 26-Dec-01
733 Vijay Industries & Projects Ltd (formerly, Vijay Fire Protection Systems Ltd) 26-Dec-01
734 Vijaya Bank 26-Dec-01
735 Vikrant Tyres Limited 26-Dec-01
736 Vimal Oil & Foods Limited 26-Dec-01
737 Vinay Cements Limited 26-Dec-01
738 Vindus Holdings Limited 26-Dec-01
739 Vippy Spinpro Limited 26-Dec-01
740 Vipul Dye Chem Limited 26-Dec-01
741 Virat Industries Limited 26-Dec-01
742 Virinchi Consultants Limited 26-Dec-01
743 VirtualSoft Systems Ltd (formerly, Suri Capital & Leasing Ltd) 26-Dec-01
744 Vishal Exports Overseas Limited 26-Dec-01
745 Vision Organics Limited 26-Dec-01
746 Vision Paints Limited 26-Dec-01
747 Volplast Limited 26-Dec-01
748 Vorin Laboratories Limited 26-Dec-01
749 VST Tillers Tractors Ltd 26-Dec-01
750 Vyapar.Com & Industries Ltd (formerly, Vyapar Rayon Ltd) 26-Dec-01
751 Walchand Capital Limited 26-Dec-01
752 Wall Street Finance Limited 26-Dec-01
753 Wallfort Financial Services Limited 26-Dec-01
754 Ways India Limited 26-Dec-01
755 Wellworth Overseas Limited ( Formerly Premier Fincaps Limited) 26-Dec-01
756 Welspun Cotton Yarn Limited 26-Dec-01
757 Western Outdoor Media Technologies Limited 26-Dec-01
758 White Lion Asia Ltd (formerly, Asianet Software & Multimedia Ltd) 26-Dec-01
759 Wires and Fabriks (S.A.) Limited 26-Dec-01
760 Worldwide Leather Exports Limited 26-Dec-01
761 Yash Papers Limited 26-Dec-01
762 Zenith Limited 26-Dec-01
763 Zenu Infotech Limited 26-Dec-01
764 21ST CENTURY MANAGEMENT 26-Dec-01
765 A B C INDIA LTD 26-Dec-01
766 A INFO CONSUMABLES LTD. 26-Dec-01
767 A J BROTHERS LTD 26-Dec-01
768 AAKAR ENGINE 26-Dec-01
769 AARTI DRUGS LIMITED 26-Dec-01
770 AARTI INDUSTRIES LIMITED 26-Dec-01
771 AASHEESH SECURITIES LTD 26-Dec-01
772 ABAN LOYD CHILES OFFSHORE LTD. 26-Dec-01
773 ABB ALSTOM POWER INDIA LIMITED 26-Dec-01
774 ABBOTT LABS. 26-Dec-01
775 ABG HEAVY INDUSTRIES LTD 26-Dec-01
776 ABHISHEK FINLEASE LTD 26-Dec-01
777 ABIR CHEMICALS LTD 26-Dec-01
778 ABM INTERNATIONAL 26-Dec-01
779 ABNER PHARMACEUTICALS LTD 26-Dec-01
780 ACC Ltd 26-Dec-01
781 Accurate Exports Limited 26-Dec-01
782 ACCURATE TRADERS 26-Dec-01
783 ACCURATE TRANSFORMERS 26-Dec-01
784 ACE SOFTWARE 26-Dec-01
785 ACI INFOTECH LTD. 26-Dec-01
786 ACKNIT KNITTING 26-Dec-01
787 ACTION FINANCIAL SERVICES LTD 26-Dec-01
788 ADAM COMSOF LTD. 26-Dec-01
789 ADANI EXPORTS LIMITED 26-Dec-01
790 ADARSH DERIV 26-Dec-01
791 ADDI INDUSTRIES LTD 26-Dec-01
792 ADD-LIFE PHARMA LTD 26-Dec-01
793 ADELPHIA VISION INDIA LTD
(for YASHODHAM COMMERCIAL ENTERPRISES LTD) 26-Dec-01
794 ADF FOODS LTD (FORMERLY AMERICAN DRY FRUITS LTD) 26-Dec-01
795 ADINATH TEXTILES LTD 26-Dec-01
796 ADITYA GLOBAL TECHNO CORPORATIONS LTD
(for ADITYA ISPAT LTD) 26-Dec-01
797 ADITYA INTERNATIONAL LTD 26-Dec-01
798 ADOR FONTECH LIMITED 26-Dec-01
799 ADTECH POWER SYSTEMS LTD 26-Dec-01
800 ADVANI HOTELS AND RESORTS LTD (for RAMADA HOTELS (I) LTD) 26-Dec-01
801 ADVANI OERLIKON LTD. 26-Dec-01
802 ADVENT COMPUTER SERVICES LTD 26-Dec-01
803 ADVIK LABORATORIES LTD 26-Dec-01
804 AEGIS CHEMICAL IND. LTD 26-Dec-01
805 AEKTA LTD 26-Dec-01
806 AFT INDUSTRIES LIMITED 26-Dec-01
807 Aftek Infosys Ltd. 26-Dec-01
808 AGK COMPUTER SECURE PRINTS LTD 26-Dec-01
809 AGRO DUTCH FOODS LTD 26-Dec-01
810 AHLCON PARENTERALS (I) LTD 26-Dec-01
811 AHLUWALIA CONTRACTS (I) LTD 26-Dec-01
812 AHMEDNAGAR FORGINGS LTD. 26-Dec-01
813 AIMCO PESTICIDES LIMITED 26-Dec-01
814 AJANTA PHARMA LIMITED 26-Dec-01
815 AJANTA SOYA 26-Dec-01
816 AJAY HOME PRODUCTS 26-Dec-01
817 AKANKSHA FINVEST LTD 26-Dec-01
818 AKS INTERNATIONAL LTD 26-Dec-01
819 AKSHAR FINANCE LTD 26-Dec-01
820 AKSHAY SOFTWARE LIMITED 26-Dec-01
821 ALACRITY ELECTRONICS LTD 26-Dec-01
822 ALBERT DAVID LIMITED 26-Dec-01
823 ALBRIGHT & WILSON CHEMICALS INDIA LIMITED 26-Dec-01
824 ALCHEMIE ORGANICS LIMITED 26-Dec-01
825 ALEMBIC LTD (formerly ALEMBIC CHEMICAL WORKS CO. LTD) 26-Dec-01
826 ALEXCON FOAM 26-Dec-01
827 ALFA LAVAL INDIA LTD. 26-Dec-01
828 ALFA TRANSFORMERS LTD 26-Dec-01
829 ALFA VISION 26-Dec-01
830 ALIPURDUAR TEA COMPANY LTD 26-Dec-01
831 Alka Spinners Limited 26-Dec-01
832 ALKYL AMINES 26-Dec-01
833 ALLIANCE MANAGEMENT & FISCAL SERVICES LTD 26-Dec-01
834 ALLIANZ CAPITAL 26-Dec-01
835 ALLIANZ SECURITIES 26-Dec-01
836 ALLSOFT CORP. LTD. 26-Dec-01
837 ALOK TEXTILE INDUSTRIES LTD. 26-Dec-01
838 ALPHA DRUG 26-Dec-01
839 ALPHA GRAPHICS LTD 26-Dec-01
840 ALPHAGEO (INDIA) LIMITED 26-Dec-01
841 ALPIC FINANCE LTD. 26-Dec-01
842 ALPS INDUSTRIES LTD 26-Dec-01
843 ALPS INFOSYS LTD. 26-Dec-01
844 ALSTOM LTD. 26-Dec-01
845 AMARA RAJA BATTERIES LTD 26-Dec-01
846 AMBALAL SARABHAI ENTERPRISES LTD. 26-Dec-01
847 AMBITIOUS PLASTOMAC LIMITED 26-Dec-01
848 AMBUJA CEMENT EASTERN LTD 26-Dec-01
849 AMBUJA SHIPYARDS AND SOFTWARE LTD (for Ambuja Securities Ltd) 26-Dec-01
850 AMCO VINYL LTD 26-Dec-01
851 AMERICAN REMEDIES LTD. 26-Dec-01
852 AMEX INFORMATION TECH LTD 26-Dec-01
853 AMFORGE INDUSTRIES LTD. 26-Dec-01
854 AMGF INTERCORP LTD (for ASHU MOTOR & GENERAL FINANCE LTD) 26-Dec-01
855 AMI COMPUTERS (I) LTD 26-Dec-01
856 AMICI INDIA LTD 26-Dec-01
857 AMIT SPINNNING INDUSTRIES LTD 26-Dec-01
858 AMOL DICALITE LTD 26-Dec-01
859 AMTEK AUTO LTD. 26-Dec-01
860 AMTEK INDIA LTD 26-Dec-01
861 AMTREX HITACHI APPLIANCES LIMITED 26-Dec-01
862 ANANT RAJ INDUSTRIES LTD (for ANANT RAJ CLAY PRODUCTS LTD) 26-Dec-01
863 ANCENT SOFTWARE LTD. 26-Dec-01
864 ANCO COMMUNICATIONS 26-Dec-01
865 ANDAMANS TIMBER INDUSTRIES LTD 26-Dec-01
866 ANDHRA PETROCHEMICALS LTD 26-Dec-01
867 ANDHRA PRADESH PAPER MILLS LTD. 26-Dec-01
868 ANDHRA SUGARS LTD 26-Dec-01
869 ANDREW YULE & CO. LTD 26-Dec-01
870 ANG EXPORTS LTD 26-Dec-01
871 ANIL PESTICIDES 26-Dec-01
872 ANKUR COMMERCIAL LTD 26-Dec-01
873 ANNAMALLAI FINANCE LTD 26-Dec-01
874 ANNAPURNA FOILS LTD 26-Dec-01
875 ANSAL BUILDWELL LTD 26-Dec-01
876 ANSAL HOUSING & CONSTRUCTION 26-Dec-01
877 ANSAL PROPERTIES & INDUS LTD 26-Dec-01
878 ANTARTICA LTD 26-Dec-01
879 ANUKUL INVESTMENTS LTD 26-Dec-01
880 APAR INDUSTRIES LTD. 26-Dec-01
881 APCOTEX LATTICES LTD. 26-Dec-01
882 APEX CAPITAL MARKETS LTD 26-Dec-01
883 APEX INTERTECH LTD (formerly INALSA LTD) 26-Dec-01
884 APLAB LTD. 26-Dec-01
885 APNO INDIA ONLINE.COM LTD
(forbAHUBALI COMMERCIAL COMPANY LTD) 26-Dec-01
886 APOLLO HOSPITALS ENTERPRISES LTD. 26-Dec-01
887 APOLLO INVESTMENTS LTD 26-Dec-01
888 APOLLO TYRES LTD 26-Dec-01
889 APPL.ELEC. 26-Dec-01
890 APPLE CREDIT CORPORATION LTD. 26-Dec-01
891 APPLE FINANCE LTD. 26-Dec-01
892 APR LTD. 26-Dec-01
893 APTECH LTD 26-Dec-01
894 ARADHANA INVESTMENTS LTD 26-Dec-01
895 ARAVALI INDUSTRIES LTD 26-Dec-01
896 ARAVALI SECURITIES AND FINANCE LTD 26-Dec-01
897 ARCHANA SOFTWARE 26-Dec-01
898 Archies Greetings & Gifts Ltd. 26-Dec-01
899 ARCUTTIPORE TEA COMPANY LTD 26-Dec-01
900 ARIDHI HI-TECH LIMITED 26-Dec-01
901 ARIHANT AVENUES & CREDIT LTD 26-Dec-01
902 ARIHANT CLASSIC FINANCE LTD 26-Dec-01
903 ARIHANT COTSYN LIMITED 26-Dec-01
904 ARIHANT ENTERPRISES LTD 26-Dec-01
905 ARIHANT INDUSTRIES LTD 26-Dec-01
906 ARIHANT THREADS LIMITED 26-Dec-01
907 ARMAN LEASE & FINANCE LTD 26-Dec-01
908 ARNIT INFOTECH LTD (for CHITALIA INFOTECH ( INDIA ) LTD.) 26-Dec-01
909 ARO GRANITE INDUSTRIES LTD 26-Dec-01
910 ARRAYCOM (INDIA) LIMITED 26-Dec-01
911 ARROW WEBTEX LTD. 26-Dec-01
912 ARTEFACT SOF 26-Dec-01
913 ARUNA SUNRISE HOTELS LTD
(for ARUNA SUGARS AND ENTERPRISES LTD) 26-Dec-01
914 ARVIND INTERNATIONAL LTD 26-Dec-01
915 ARVIND INTEX LTD.(merged With ARVIND PRODUCTS LTD) 26-Dec-01
916 ARVIND MILLS LTD 26-Dec-01
917 ARVIND POLYCOT LTD. 26-Dec-01
918 ARVIND PRODUCTS LIMITED (merged With ARVIND INTEX LTD) 26-Dec-01
919 ARVIND REMEDIES LTD 26-Dec-01
920 ASAHI INDIA SAFETY GLASS LTD. 26-Dec-01
921 Asea Brown Boveri Ltd 26-Dec-01
922 ASHAPURA MINECHEM LTD. 26-Dec-01
923 Ashika Credit Capital Limited 26-Dec-01
924 ASHIMA LTD (formerly ASHIMA SYNTEX LTD) 26-Dec-01
925 ASHIRWAD CAPITAL LTD 26-Dec-01
926 ASHIRWAD STEELS & INDUSTRIES LTD 26-Dec-01
927 ASHISH POLYPLAST LTD 26-Dec-01
928 Ashok Leyland Finance Ltd. 26-Dec-01
929 Ashok Leyland Ltd. 26-Dec-01
930 ASHRAM ONLINE.Com LTD (for TATIA SKYLINE & HEALTH FARMS LTD) 26-Dec-01
931 ASIAN BEARINGS 26-Dec-01
932 ASIAN ELECTRONICS LTD. 26-Dec-01
933 ASIAN HOTELS LTD 26-Dec-01
934 ASIAN INDEPENDENT NETWORK LTD 26-Dec-01
935 Asian Paints (India) Ltd 26-Dec-01
936 ASIAN TEA & EXPORTS 26-Dec-01
937 ASIATIC FOOD (EXPORTS) LTD 26-Dec-01
938 ASIL INDUSTRIES LTD 26-Dec-01
939 ASMAN INVESTMENTS LIMITED (merged With PINNACLE FINANCE LTD) 26-Dec-01
940 ASSAM BROOK LIMITED 26-Dec-01
941 ASSAM CARBON PRODUCTS LTD 26-Dec-01
942 ASSAM CO.LTD 26-Dec-01
943 Associated Infotech Limited 26-Dec-01
944 Associated Profiles & Aluminium Limited 26-Dec-01
945 ASTRA IDL LTD 26-Dec-01
946 Atco Healthcare Limited 26-Dec-01
947 ATCO TECHNOLOGIES LTD. 26-Dec-01
948 ATLANTIC SPG & WVG MILLS LTD 26-Dec-01
949 Atlas Copco Ltd. 26-Dec-01
950 ATLAS CYCLE INDUSTRIES LTD. 26-Dec-01
951 ATN INTERNATIONAL 26-Dec-01
952 ATN Telefilms Limited 26-Dec-01
953 ATUL LTD. 26-Dec-01
954 ATV PROJECTS INDIA LTD 26-Dec-01
955 AUCKLAND INTERNATIONAL LTD 26-Dec-01
956 AURANGABAD PAPER MILLS LTD 26-Dec-01
957 AURO LABORATORIES LIMITED 26-Dec-01
958 AUROBINDO PHARMA LTD. 26-Dec-01
959 AUTO PINS (INDIA) LTD 26-Dec-01
960 AUTOLEC INDUSTRIES LTD 26-Dec-01
961 AUTOLITE (INDIA) LIMITED 26-Dec-01
962 AUTOMOBILE CORP OF GOA LTD 26-Dec-01
963 AUTOMOTIVE AXLES LTD. 26-Dec-01
964 AUTORIDER IND. 26-Dec-01
965 AUTORIDERS FINANCE LTD. 26-Dec-01
966 AVANTEL SOFTECH LIMITED 26-Dec-01
967 AVENTIS CROP SCIENCE INDIA LTD (formerly AGREVO INDIA) 26-Dec-01
968 AVERY (I) LTD 26-Dec-01
969 AVON MERCANTILES LTD 26-Dec-01
970 AVON ORGANICS LTD 26-Dec-01
971 AXSYS HEALTHCARE LTD
(for Dr. RAMAYYA'S PRAMILA HOSPITALS LIMITED) 26-Dec-01
972 AXTEL INDUSTRIES LTD 26-Dec-01
973 B N K CAPITAL MARKETS LTD 26-Dec-01
974 B P CAPITAL LTD 26-Dec-01
975 B S L LTD 26-Dec-01
976 B S R FIN.& CONSTRUCTION LTD 26-Dec-01
977 B T W INDUSTRIES LTD 26-Dec-01
978 B. J. DUPLEX BOARDS LTD 26-Dec-01
979 B.K. DUPLEX BOARD LTD 26-Dec-01
980 B.S.HOLDINGS & CREDIT LTD 26-Dec-01
981 B.T. TECHNET LTD. 26-Dec-01
982 BAID MERCANTILES LTD. 26-Dec-01
983 BAJAJ AUTO FINANCE LTD. 26-Dec-01
984 Bajaj Auto Ltd 26-Dec-01
985 BAJAJ HINDUSTAN LTD. 26-Dec-01
986 BAJAJ HIRERS 26-Dec-01
987 BAJAJ PLASTICS LTD. 26-Dec-01
988 BAJWA AGRO INDUSTRIES LTD 26-Dec-01
989 BAKRA PRATISTHAN LTD 26-Dec-01
990 BALA TECHNO GLOBAL LTD (for BALA TECHNO FINANCE LTD) 26-Dec-01
991 BALA TECHNO SYNTHETICS LTD 26-Dec-01
992 BALAJI DISTILLERIES LTD. 26-Dec-01
993 BALAJI HOTELS & ENTERPRISES LTD 26-Dec-01
994 BALAJI INDUSTRIAL CORP. LTD 26-Dec-01
995 BALLARPUR INDUSTRIES LTD 26-Dec-01
996 BALMER LAWRIE & COMPANY LTD. 26-Dec-01
997 BALRAMPUR CHINI MILLS LTD 26-Dec-01
998 BALURGHAT TECHNOLOGIES LTD
(for BALURGHAT TRANSPORT LTD) 26-Dec-01
999 BALWAS E-COM INDIA (GLOBAL E-COM INDIA) 26-Dec-01
1000 BAMPSL SECURITIES LIMITED 26-Dec-01
1001 BANARAS BEADS LTD 26-Dec-01
1002 BANCO PRODUCTS (I) LTD. 26-Dec-01
1003 BANGALORE SOFTSELL LIMITED 26-Dec-01
1004 BANK OF BARODA LTD 26-Dec-01
1005 BANK OF INDIA 26-Dec-01
1006 BANK OF MADURA LTD 26-Dec-01
1007 BANK OF PUNJAB LTD. 26-Dec-01
1008 BANK OF RAJASTHAN LTD 26-Dec-01
1009 BANKA INDIA LTD 26-Dec-01
1010 BANKAM INVESTMENTS LTD 26-Dec-01
1011 BANNARI AMMAN SUGARS LTD. 26-Dec-01
1012 BARON INFOTECH LIMITED 26-Dec-01
1013 BASF Ltd 26-Dec-01
1014 BATA INDIA LTD 26-Dec-01
1015 BAUSCH & LOMB LTD 26-Dec-01
1016 BAYER ABS LTD. 26-Dec-01
1017 BAYER INDIA LTD 26-Dec-01
1018 BEEYU OVERSEAS LTD 26-Dec-01
1019 BELL CERAMICS LTD. 26-Dec-01
1020 BELLARY STEELS AND ALLOYS LTD 26-Dec-01
1021 BELLS CONTROLS LTD. 26-Dec-01
1022 BERGER PAINTS INDIA LTD 26-Dec-01
1023 BEST & CROMPTON ENGG. LTD. 26-Dec-01
1024 BESTA VISION ELECTRONICS LTD 26-Dec-01
1025 BESTCORP SECURITIES LTD 26-Dec-01
1026 BFL SOFTWARE LTD 26-Dec-01
1027 BHAGWANDAS AUTO FINANACE LTD 26-Dec-01
1028 BHAGWATI GASES LTD 26-Dec-01
1029 BHAGYANAGAR METALS LTD 26-Dec-01
1030 BHAGYANAGAR WOODPLAST LTD 26-Dec-01
1031 BHANDARI CONSULT. & FINANCE LTD 26-Dec-01
1032 BHANDARI INDUSTRIES LIMITED 26-Dec-01
1033 BHANDARI UDHYOG LIMITED 26-Dec-01
1034 BHANSALI ENGG POLYMERS LTD 26-Dec-01
1035 BHARAT BHUSHAN SHARE & STOCK BROK 26-Dec-01
1036 BHARAT BIJLEE LTD 26-Dec-01
1037 BHARAT COMMERCE AND IND. LTD 26-Dec-01
1038 BHARAT EARTH MOVERS LTD. 26-Dec-01
1039 BHARAT ELECTRONICS LTD. 26-Dec-01
1040 BHARAT FORGE LTD 26-Dec-01
1041 BHARAT GEARS LTD. 26-Dec-01
1042 BHARAT HEAVY ELECTRICALS LTD 26-Dec-01
1043 BHARAT HOTELS LIMITED 26-Dec-01
1044 BHARAT PETROLEUM CORPORATION LTD 26-Dec-01
1045 BHARAT RASAYAN LTD 26-Dec-01
1046 BHARAT STARCH INDUSTRIES LTD 26-Dec-01
1047 BHARATIYA INTERNATIONAL 26-Dec-01
1048 BHARATPUR NUTRITIONAL PRODUCTS LTD
(for DALMIA INDUSTRIES ) 26-Dec-01
1049 BHASKAR SHRACHI ALLOYS LTD 26-Dec-01
1050 BHILWARA SPINNERS LTD 26-Dec-01
1051 BHOR INDUSTRIES LTD 26-Dec-01
1052 BHUSHAN COMMERCIAL ENTERPRISES LTD 26-Dec-01
1053 BHUSHAN STEEL & STRIPS LTD 26-Dec-01
1054 BHUVAN TRIPURA INDUSTRIES LTD 26-Dec-01
1055 BHUWALKA STEEL INDUS. LTD 26-Dec-01
1056 BIHAR CAUSTICS AND CHEMICALS LTD 26-Dec-01
1057 BIHAR SPONGE IRON LTD. 26-Dec-01
1058 BIHAR TUBES LTD 26-Dec-01
1059 BIJCO HOLDINGS LTD 26-Dec-01
1060 BIJNI DOORS TEA COMPANY LTD 26-Dec-01
1061 BIMETAL BEARINGS LTD 26-Dec-01
1062 BINANI INDUSTRIES LTD 26-Dec-01
1063 BINARY SEMANTICS LIMITED 26-Dec-01
1064 BIOFIL CHEMICALS & PHARMA 26-Dec-01
1065 BIOPAC INDIA CORPORATION LTD 26-Dec-01
1066 BIRLA 3M LTD. 26-Dec-01
1067 BIRLA CENTURY FINANCE LTD 26-Dec-01
1068 BIRLA CORPORATION LTD. 26-Dec-01
1069 BIRLA ERICSSON OPTICAL LIMITED 26-Dec-01
1070 Birla Global Finance Ltd. 26-Dec-01
1071 BIRLA VXL INDIA LTD. 26-Dec-01
1072 BIRLA YAMAHA LTD. 26-Dec-01
1073 BIRMINGHAM THERMOTECH LTD 26-Dec-01
1074 BITS 26-Dec-01
1075 BLB LIMITED 26-Dec-01
1076 BLOOM DEKOR LTD 26-Dec-01
1077 BLOW PLAST LTD. 26-Dec-01
1078 BLUE CHIP INDIA LIMITED 26-Dec-01
1079 BLUE DART 26-Dec-01
1080 BLUE DIAMOND SECURITIES & FINANCE LTD 26-Dec-01
1081 Blue Star Ltd. 26-Dec-01
1082 BLUEPRINT SECURITIES LTD 26-Dec-01
1083 BOBSHELL ELECTRODES LTD 26-Dec-01
1084 BOC India Ltd. 26-Dec-01
1085 BOLTON PROPERTIES 26-Dec-01
1086 BOMBAY DRUGS & PHARMAS LTD
(amalgamated STRIDES ARCOLAB LTD) 26-Dec-01
1087 BOMBAY DYEING 26-Dec-01
1088 BOMMIDALA AQUAMARINE LTD 26-Dec-01
1089 BONGAIGAON REFINERY LTD. 26-Dec-01
1090 BPL - SANYO TECH LTD. 26-Dec-01
1091 BPL ENGINEERING LTD. 26-Dec-01
1092 BPL Ltd 26-Dec-01
1093 BPL REFRIGERATION LTD (for BPL ELECTRONICS LTD) 26-Dec-01
1094 BPL- SANYO UTILITIES & APPLIANCES LTD. 26-Dec-01
1095 BRADY & MORRIS ENGG. CO. LIMITED 26-Dec-01
1096 BRAWN PHARMACEUTICALS LTD 26-Dec-01
1097 BRELS INFOTECH LIMITED (formerly APPU INDUSTRIES LTD) 26-Dec-01
1098 BRIDGE SECURITIES LTD. 26-Dec-01
1099 Brittannia Industries Ltd 26-Dec-01
1100 BRUSHMAN (INDIA) LTD 26-Dec-01
1101 BSEL INFORMATION SYSTEMS LTD (Bell South Enterprises Ltd) 26-Dec-01
1102 BSES Ltd 26-Dec-01
1103 BUDGE BUDGE CO LTD 26-Dec-01
1104 BULLS AND BEARS PORTFOLIOS 26-Dec-01
1105 Burroughs Welcome Ltd 26-Dec-01
1106 C C A P LTD (for CENTRAL CONCRETE & ALLIED PRODUCTS LTD 26-Dec-01
1107 CABLE CORPORATION OF INDIA LTD. 26-Dec-01
1108 CABOT INDIA LTD. 26-Dec-01
1109 Cadbury India Ltd 26-Dec-01
1110 CADILA HEALTHCARE 26-Dec-01
1111 CALCOM VISION LTD 26-Dec-01
1112 CAMLIN LTD. 26-Dec-01
1113 CAMPHOR AND ALLIED PRODUCTS LTD 26-Dec-01
1114 CAN FIN HOMES LTD 26-Dec-01
1115 CANAAN INTERNATIONAL INFOTECH LTD. 26-Dec-01
1116 CANBANK M FUND - UNIT CANSTAR CG 26-Dec-01
1117 CANBANK MUTUAL FUND - CANSTAR 80L 26-Dec-01
1118 CANOPY SECURITIES 26-Dec-01
1119 CAPFIN INDIA LTD (for SINGHMAN MERCANTILE & INVESTMENT LTD) 26-Dec-01
1120 CAPITAL HOTELS & DEVELOPERS LTD 26-Dec-01
1121 CAPITAL TRUST LTD 26-Dec-01
1122 CAPRIHANS INDIA LTD. 26-Dec-01
1123 CARBON EVERFLOW LTD. 26-Dec-01
1124 CARBORUNDUM UNIVERSAL LTD 26-Dec-01
1125 CARNATION INDUSTRIES LTD 26-Dec-01
1126 CARNATION NUTRA-ANALOUGE FOODS LTD 26-Dec-01
1127 Carrier Aircon Ltd. 26-Dec-01
1128 Castrol India Ltd 26-Dec-01
1129 CAT TECHNOLOGIES 26-Dec-01
1130 CATVISION PR 26-Dec-01
1131 CAUVERY SOFTWARE ENGG.SYSTEMS 26-Dec-01
1132 CEAT FINANCIAL SERVICES LTD. 26-Dec-01
1133 CEAT LTD 26-Dec-01
1134 CENTAK CHEMICALS LTD. 26-Dec-01
1135 CENTURION BANK LIMITED 26-Dec-01
1136 CENTURY ENKA LTD 26-Dec-01
1137 CENTURY EXTRUSIONS 26-Dec-01
1138 CENTURY LAMINATING COMPANY LTD 26-Dec-01
1139 CENTURY PLYBOARDS (INDIA) LTD 26-Dec-01
1140 Century Textile 26-Dec-01
1141 CEPHAM MILK SPECIALITIES LTD 26-Dec-01
1142 CEREBRA INTEGRATED TECH 26-Dec-01
1143 CESC LTD. 26-Dec-01
1144 CG GLASS LTD 26-Dec-01
1145 CG IGARSHI M 26-Dec-01
1146 Chambal Fertilizers & Chem Ltd 26-Dec-01
1147 CHAMPDANY INDUSTRIES LTD 26-Dec-01
1148 CHARMS INDUSTRIES LTD (for CHARM CERAMICS LTD) 26-Dec-01
1149 CHARTERD CAP 26-Dec-01
1150 CHECONS LTD 26-Dec-01
1151 Cheminor Drugs Ltd. 26-Dec-01
1152 CHEMPLAST SANMAR LTD. 26-Dec-01
1153 CHESLIND TEXTILES LTD 26-Dec-01
1154 CHETTINAD CEMENT LTD. 26-Dec-01
1155 CHEVIOT COMPANY LTD 26-Dec-01
1156 CHICAGO PNEUMATIC INDIA LTD. 26-Dec-01
1157 CHICAGO SOFTWARE LTD (Chicago Futures and Finance Ltd) 26-Dec-01
1158 CHOICE INTL. 26-Dec-01
1159 CHOKSHI INFOTECH LTD (Choksh Securities Ltd) 26-Dec-01
1160 CHOKSI TUBE CO. LTD 26-Dec-01
1161 CHOLAMANDALAM INVEST AND FIN CO LTD. 26-Dec-01
1162 CHOWGULE STEAMSHIPS LTD. 26-Dec-01
1163 CIBA SPECIALITY CHEM LTD 26-Dec-01
1164 CIFCO FINANCE 26-Dec-01
1165 CIL SECURITIES LIMITED 26-Dec-01
1166 CIMMCO BIRLA LTD 26-Dec-01
1167 CINDRELLA HOTELS LTD 26-Dec-01
1168 CINERAD COMMUNICATIONS LTD 26-Dec-01
1169 CINEVISTA COMMUNICATIONS 26-Dec-01
1170 Cipla Ltd 26-Dec-01
1171 Citi Corp Securities Ltd 26-Dec-01
1172 CITURGIA BIOCHEMICALS LTD 26-Dec-01
1173 CITY UNION BANK LIMITED 26-Dec-01
1174 CITYMAN LTD (for CITYMAN CLOTHING INDIA LTD) 26-Dec-01
1175 CLARIANT (INDIA) LIMITED 26-Dec-01
1176 CLARITY FINANCIAL SERVICES 26-Dec-01
1177 CLASSIC BIOTECH & EXPORTS LTD 26-Dec-01
1178 CLASSIC GLOBAL IMPEX LTD 26-Dec-01
1179 CLASSIC GROWERS LTD 26-Dec-01
1180 CLASSIC LEASING & FINANCE LTD 26-Dec-01
1181 CLIO INFOTECH LTD. 26-Dec-01
1182 CLUTCH AUTO 26-Dec-01
1183 C-MAC CENTUM LTD (formerly Centum Electronics Ltd) 26-Dec-01
1184 CMC LTD 26-Dec-01
1185 CMI 26-Dec-01
1186 CMS INFOTECH LTD.(for INTERNATIONAL POWER FINANCE LTD) 26-Dec-01
1187 COATES OF INDIA LTD. 26-Dec-01
1188 Cochin Refineries Ltd 26-Dec-01
1189 Colgate Palmolive (India) Ltd 26-Dec-01
1190 COLINZ LABORATORIES LTD 26-Dec-01
1191 COLOUR CHEM LTD 26-Dec-01
1192 COLOUR CHIPS LTD 26-Dec-01
1193 COMBINE OVERSEAS LTD 26-Dec-01
1194 COMFORT FININVEST LIMITED 26-Dec-01
1195 COMMITMENT CAPITAL SERVICES LTD 26-Dec-01
1196 COMMITMENT FINANCE LTD 26-Dec-01
1197 COMPACT DISC INDIA LTD 26-Dec-01
1198 COMPDYNE WIN 26-Dec-01
1199 COMPETENT AUTOMOBILES CO.LTD 26-Dec-01
1200 COMPUCOM SOFTWARE LTD 26-Dec-01
1201 Comp-U-Learn Tech India Limited 26-Dec-01
1202 COMPUTECH INTERNATIONAL LTD. 26-Dec-01
1203 COMPUTER POINT LTD 26-Dec-01
1204 COMPUTER POWER LIMITED 26-Dec-01
1205 COMPUTER SKILL LTD 26-Dec-01
1206 CONSOLIDATED FIBRES AND CHEM. 26-Dec-01
1207 CONSORTEX KARL DOELITZSCH (I) LTD. 26-Dec-01
1208 Container Corporation of India Ltd 26-Dec-01
1209 CONTEC SOFTWARE 26-Dec-01
1210 CONTINENTAL CONSTRUCTIONS LTD 26-Dec-01
1211 CONTINENTAL FISCAL MANAGEMENT LTD 26-Dec-01
1212 CONTROL PRINT LTD 26-Dec-01
1213 CORCOMP INFOSYSTEMS LTD. 26-Dec-01
1214 CORE EMBALLAGE LTD 26-Dec-01
1215 CORE HEALTHCARE LTD. 26-Dec-01
1216 COROMANDEL FERTILISERS LTD. 26-Dec-01
1217 Corporation Bank Ltd 26-Dec-01
1218 COSCO (INDIA) LTD 26-Dec-01
1219 COSMO FERRITES LIMITED 26-Dec-01
1220 COSMO FILMS LIMITED 26-Dec-01
1221 CRANEX LTD (P 26-Dec-01
1222 CRAZY INFOT 26-Dec-01
1223 CREATIVE EYE LIMITED 26-Dec-01
1224 CREDENCE SOUND & VISION LTD 26-Dec-01
1225 CREST COMMUNICATION LIMITED 26-Dec-01
1226 CRISIL Ltd 26-Dec-01
1227 Crompton Greaves Ltd 26-Dec-01
1228 CROSS COUNTRY HOTELS 26-Dec-01
1229 CRYSTAL AUDIO LTD 26-Dec-01
1230 CRYSTAL CREDITS CORP LTD 26-Dec-01
1231 CS Software Enterprise Limited 26-Dec-01
1232 CT COTTON YARNS LTD 26-Dec-01
1233 CUBEX TUBINGS LTD 26-Dec-01
1234 Cummins India Ltd. 26-Dec-01
1235 CURE SPECTS LASER LTD 26-Dec-01
1236 CYBERMATE INFO. 26-Dec-01
1237 CYBERSPACE INFOSYS LTD (for Century Internat Fin Ltd) 26-Dec-01
1238 Cybertech System & Software Ltd. 26-Dec-01
1239 CYBERWAVE INTERNET SOLUTIONS LTD 26-Dec-01
1240 CYNAMID AGRO 26-Dec-01
1241 D B (INTERNATIONAL) STOCK BROKERS LTD 26-Dec-01
1242 D S KULKARNI DEVELOPERS LTD 26-Dec-01
1243 D S Q INDUSTRIES LTD 26-Dec-01
1244 D.R.SOFTECH AND INDUSTRIES LTD. 26-Dec-01
1245 Dabur India Ltd 26-Dec-01
1246 DAEWOO MOTORS INDIA LTD. 26-Dec-01
1247 DAGGER-FORST TOOLS LTD 26-Dec-01
1248 DAI ICHI KARKARIA LTD 26-Dec-01
1249 DAIKAFFIL CH 26-Dec-01
1250 Daisy Systems Limited 26-Dec-01
1251 DALMIA CEMENT (BHARAT) LTD. 26-Dec-01
1252 DAMANIA CAPITAL 26-Dec-01
1253 DANKUNI INVESTMENTS 26-Dec-01
1254 DATABASE FINANCE LIMITED 26-Dec-01
1255 Datamatics Technologies Limited 26-Dec-01
1256 Datanet Systems Limited 26-Dec-01
1257 DATAPRO INFORMATION TECH. 26-Dec-01
1258 Datasoft Application Software (India) Limited 26-Dec-01
1259 Datum Technologies (India) Limited 26-Dec-01
1260 DAULAT SECURITIES LTD 26-Dec-01
1261 DB MERCHANT BANKING SERVICES LTD 26-Dec-01
1262 DCL FINANCE LTD 26-Dec-01
1263 DCL POLYESTER LTD. 26-Dec-01
1264 DCM FINANCIAL SERVICES LTD 26-Dec-01
1265 DCM LIMITED 26-Dec-01
1266 DCM SHRIRAM CONSOLIDATED 26-Dec-01
1267 DCW LTD. 26-Dec-01
1268 DEAL (INDIA) LTD (for, DEEGVIJAY ELECTRONICS & LEASING LTD) 26-Dec-01
1269 DECCAN CEMENTS LTD 26-Dec-01
1270 DEEPAK FERTILIZERS & PETRO 26-Dec-01
1271 DEEPAK NITRATE. 26-Dec-01
1272 DEEPAK SPINNERS LTD 26-Dec-01
1273 Deldot Sysytems Limited 26-Dec-01
1274 DENA BANK 26-Dec-01
1275 Denim Enterprises Limited 26-Dec-01
1276 DENSO INDIA LTD. 26-Dec-01
1277 DESIGN AUTO SYSTEMS LTD 26-Dec-01
1278 DEVIKA PROTEINS LTD 26-Dec-01
1279 DEVKI LEASING & FINANCE LTD 26-Dec-01
1280 DEWAN HSG. FIN. 26-Dec-01
1281 DFM FOODS LTD 26-Dec-01
1282 DGP WINDSOR INDIA LTD. 26-Dec-01
1283 DHAMPUR INVERTOS LTD 26-Dec-01
1284 DHANALAXMI ROTO SPINNERS LTD 26-Dec-01
1285 DHANKARI INVESTMENTS LTD 26-Dec-01
1286 DHARA PACKAG 26-Dec-01
1287 DHARAMSI MORARJI CHEMICAL CO.LTD. 26-Dec-01
1288 DHARANI SUGARS & CHEMICALS LTD 26-Dec-01
1289 DHUNSERI TEA & INDUSTRIES LTD 26-Dec-01
1290 DIAMOND CABLES LTD 26-Dec-01
1291 DIAMOND SHIPPING COMPANY LTD 26-Dec-01
1292 Digital Equipment (India) Ltd 26-Dec-01
1293 DIGITAL MULTIFORMS LTD 26-Dec-01
1294 Divi's Laboratories Limited 26-Dec-01
1295 DIVYA JYOTI 26-Dec-01
1296 DLF Cement Ltd 26-Dec-01
1297 DLF UNIVERSAL LTD 26-Dec-01
1298 DOLAT INVESTMENTS LTD 26-Dec-01
1299 DOLPHIN LABORATORIES LTD 26-Dec-01
1300 DOLPHIN OFFSHORE ENTERP (INDIA) LTD 26-Dec-01
1301 DOOGAR & ASSOCIATES LTD 26-Dec-01
1302 DOVER SECURITIES LTD 26-Dec-01
1303 DPIL LTD (for DARJEELING PLANTATIONS INDUSTRIES LTD) 26-Dec-01
1304 DR. M. SOY AND GENERAL FOOD 26-Dec-01
1305 DR. Reddy's Laboratories Ltd 26-Dec-01
1306 DREDGING CORPORATION 26-Dec-01
1307 DSJ COMMNUNICATION LTD 26-Dec-01
1308 DSM AGRO PRODUCTS LTD. 26-Dec-01
1309 DSQ BIOTECH LTD. 26-Dec-01
1310 DSQ Software Ltd. 26-Dec-01
1311 DUJOHN LABORATORIES LTD 26-Dec-01
1312 DUNCANS INDUSTRIES LTD 26-Dec-01
1313 DUPHAR 26-Dec-01
1314 DUROPACK 26-Dec-01
1315 DUTRON POLYMERS LTD 26-Dec-01
1316 Dwarikesh Sugar Inds Ltd 26-Dec-01
1317 DYNACONS SYSTEMS & SOLUTIONS LTD 26-Dec-01
1318 DYNAMATIC TECHNOLOGIES LTD 26-Dec-01
1319 DYNAMIC INDUSTRIES LTD 26-Dec-01
1320 DYNAMIC PORTFOLIO MGMT & SERVICES LTD 26-Dec-01
1321 E.COM INFOTE 26-Dec-01
1322 E.I.D PARRY (INDIA) LTD. 26-Dec-01
1323 EASTERN DOOARS TEA CO LTD 26-Dec-01
1324 EASTERN FIBRE & INDUSTRIES LTD 26-Dec-01
1325 EASTERN GASES LTD 26-Dec-01
1326 EASTERN SUGAR & INDUSTRIES LTD 26-Dec-01
1327 EASUN CAPITAL MARKETS LTD 26-Dec-01
1328 EASUN REYROLLE LTD 26-Dec-01
1329 ECE INDUSTRIES LTD
(for ELECTRIC CONSTRUCTION & EQUIPMENT CO. LTD) 26-Dec-01
1330 ECLAT INFOWAY LIMITED 26-Dec-01
1331 ECOBOARD LIMITED 26-Dec-01
1332 EICHER LIMITED 26-Dec-01
1333 EICHER MOTORS LTD 26-Dec-01
1334 EIDER INFOTECH LTD. 26-Dec-01
1335 EIDER TECHNOLOGIES LTD 26-Dec-01
1336 EIH ASSOCIATED HOTELS LTD 26-Dec-01
1337 EIH Limited 26-Dec-01
1338 EIMCO ELECON 26-Dec-01
1339 ELBEE SERVICES 26-Dec-01
1340 ELDER PHARMACEUTICALS LIMITED 26-Dec-01
1341 ELECON ENGINEERING CO. LTD. 26-Dec-01
1342 ELECTRIC CONTROL GEAR LTD 26-Dec-01
1343 ELECTRICAL MANUFACTURING CO. 26-Dec-01
1344 ELECTROLUX KELVINATOR LTD
(formerly MAHARAJA INTERNATIONAL) 26-Dec-01
1345 Electrosteel Castings Ltd. 26-Dec-01
1346 ELEGANT MARBLES & GRANI IND. LTD. 26-Dec-01
1347 ELGI EQUIPMENTS LTD. 26-Dec-01
1348 ELGITREAD INDS. 26-Dec-01
1349 ELITE CAPITAL & MANAGEMENT SER LTD 26-Dec-01
1350 ELNET TECHNOLOGIES LTD 26-Dec-01
1351 ELPRO INTERNATIONAL LTD 26-Dec-01
1352 EMAMI PAPER MILLS LTD 26-Dec-01
1353 EMCO TRANSFORMERS LTD. 26-Dec-01
1354 E-Merck India Ltd. 26-Dec-01
1355 EMERGY PHAARMA LTD 26-Dec-01
1356 EMKAY CONSULTANTS LTD 26-Dec-01
1357 EMMESSAR CHEMICALS 26-Dec-01
1358 EMMSONS INTERNATIONAL LTD 26-Dec-01
1359 EMTEX INDUSTRIES (INDIA) LTD 26-Dec-01
1360 ENARAI FINANCE 26-Dec-01
1361 ENCHANTE JEWELLERY LTD 26-Dec-01
1362 ENCORE INFOSYS LTD. 26-Dec-01
1363 ENCORE SOFTWARE LTD. 26-Dec-01
1364 ENERGY DEVELOPMENT CO.LTD. 26-Dec-01
1365 ENGINEERS INDIA LIMITED 26-Dec-01
1366 ENKAY TEXOFOOD INDUSTRIES LTD 26-Dec-01
1367 ENRICH INDUSTRIES 26-Dec-01
1368 ENSA STEEL INDUSTRIES LTD (for ENSA STEEL & DEVELOPERS LTD) 26-Dec-01
1369 EPIC ENZYMES, PHARMA & INDU.CHEM LTD. 26-Dec-01
1370 ERI - TECH LIMITED (for J J H INDUSTRIES LTD) 26-Dec-01
1371 ERP SOFTSYSTEMS 26-Dec-01
1372 Esab India Ltd. 26-Dec-01
1373 ESCORT MUTUAL FUND 26-Dec-01
1374 ESCORTS FINANCE LTD. 26-Dec-01
1375 Escorts Ltd 26-Dec-01
1376 ESI LTD (for EASTERN SILK INDUSTRIES LTD) 26-Dec-01
1377 ESJAY COMMERCE LTD 26-Dec-01
1378 ESSAR OIL LTD. 26-Dec-01
1379 ESSAR SHIPPING LTD. 26-Dec-01
1380 Essar Steel Ltd 26-Dec-01
1381 Essel Packaging Ltd 26-Dec-01
1382 ESSKAY TELECOM LTD 26-Dec-01
1383 ESTEEM CAPITAL 26-Dec-01
1384 ESTER INDUSTRIES LTD 26-Dec-01
1385 ETERNIT EVEREST LTD 26-Dec-01
1386 ETP CORPORATION LTD. 26-Dec-01
1387 EUPHARMA LABORATORIES LTD. 26-Dec-01
1388 EUROPEAN SOFTWARE ALLIANCES LTD 26-Dec-01
1389 EUROTEX INDUSTRIES & EXPORTS LTD 26-Dec-01
1390 EVEREADY INDUSTRIES INDIA LTD. 26-Dec-01
1391 EVEREST ORGANICS LTD 26-Dec-01
1392 EVERGO CAPITAL LTD 26-Dec-01
1393 EVERRIGHT COMMERCIAL COMPANY LTD 26-Dec-01
1394 Excel Indsustries Ltd. 26-Dec-01
1395 Exide Industries Ltd. 26-Dec-01
1396 EZ-COMMERCE TRADE TECHNOLOGIES LTD. 26-Dec-01
1397 FAG PRECISION BEARINGS LTD. 26-Dec-01
1398 FAZE THREE EXPORTS LTD 26-Dec-01
1399 FDC LTD. 26-Dec-01
1400 FEDDERS LLOYDS CORPORATION LTD 26-Dec-01
1401 Federal Bank Ltd 26-Dec-01
1402 FEDERAL TECHNOLOGIES LTD. 26-Dec-01
1403 FENOPLAST LTD 26-Dec-01
1404 FGP LTD. 26-Dec-01
1405 FI SOFEX LIMITED 26-Dec-01
1406 FICOM ORGANICS LTD 26-Dec-01
1407 FILAMENTS INDIA LTD 26-Dec-01
1408 FILATEX IND. 26-Dec-01
1409 FILMCITY MED 26-Dec-01
1410 FINANCE EXCHANGE (INDIA) LTD 26-Dec-01
1411 FINANCIAL EYES (INDIA) LTD 26-Dec-01
1412 FINE DRUGS & CHEMICALS LTD 26-Dec-01
1413 Finolex Cables Ltd. 26-Dec-01
1414 FINOLEX INDUSTRIES LTD. 26-Dec-01
1415 FINTECH COMM 26-Dec-01
1416 FIRST CUSTODIAN FUND INDIA 26-Dec-01
1417 FIRST LEASING COMPANY OF INDIA LTD 26-Dec-01
1418 FIZZA TRADING LTD 26-Dec-01
1419 FLAMOUR FIN & SEC. LTD 26-Dec-01
1420 FLAT PRODUCTS EQUIPMENTS (INDIA) LTD. 26-Dec-01
1421 FLEX CHEMICALS LIMITED 26-Dec-01
1422 FLEX ENGINEERING LTD 26-Dec-01
1423 FLEX FOODS LTD 26-Dec-01
1424 FLEX INDUSTRIES LTD. 26-Dec-01
1425 FLEXO FILM WRAPS (I) LTD 26-Dec-01
1426 FLOATGLASS(I) LTD. 26-Dec-01
1427 FORBES GOKAK LTD. 26-Dec-01
1428 FORE C SOFTWARE LIMITED 26-Dec-01
1429 FORT GLOSTER INDUSTRIES LIMITED 26-Dec-01
1430 FORT WILLIAM INDUSTRIES LTD 26-Dec-01
1431 FORTIS FINANCIAL SERVICES LTD 26-Dec-01
1432 FORTUNE INFORMATICS LIMITED 26-Dec-01
1433 FORTUNE INVESTORS & TRADERS LTD 26-Dec-01
1434 FOSECO INDIA LTD. 26-Dec-01
1435 FOUNDRY FUEL PRODUCTS 26-Dec-01
1436 FRAMATONE CONNECTORS Oen 26-Dec-01
1437 FREEDOM INDUSTRIES LTD 26-Dec-01
1438 FRICK INDIA LTD 26-Dec-01
1439 FRONTIER INF 26-Dec-01
1440 FRONTLINE LIMITED 26-Dec-01
1441 FRONTLINE SECURITIES LTD 26-Dec-01
1442 FRONTLINE TRANSPORT LTD 26-Dec-01
1443 FUJITSU ICIM LTD 26-Dec-01
1444 FULFORD (INDIA) LTD 26-Dec-01
1445 G I S LTD. 26-Dec-01
1446 G K INVESTMENTS LTD 26-Dec-01
1447 G K S HOLDING LTD 26-Dec-01
1448 G M BREWERIES LTD 26-Dec-01
1449 G R MAGNETS LTD 26-Dec-01
1450 G S B FINANCE LTD 26-Dec-01
1451 G.D. GOENKA INDIA LTD 26-Dec-01
1452 G.K.CONSULTANTS LTD 26-Dec-01
1453 G.P. ELECTRONICS 26-Dec-01
1454 G.R.CABLES LTD 26-Dec-01
1455 G.V.FILMS 26-Dec-01
1456 GABRIEL INDIA LTD 26-Dec-01
1457 GALADA POWER & TELECOMMUNICATION LTD 26-Dec-01
1458 GALAXY INFO-SOFT LTD (for GALAXY APPLIANCES LTD) 26-Dec-01
1459 GALAXY MULTIMEDIA LIMITED 26-Dec-01
1460 GAMMA INFOWAY EXALT LTD. 26-Dec-01
1461 GAMMON INDIA 26-Dec-01
1462 GANESH ANHYDRIDE LTD. 26-Dec-01
1463 GANESH BENZOPLAST LTD. 26-Dec-01
1464 GANESH HOUSING CORPORATION LTD 26-Dec-01
1465 GANGOTRI TEXTILES LTD 26-Dec-01
1466 GANODAYA FINLEASE LTD 26-Dec-01
1467 GARDEN SILK MILLS LIMITED 26-Dec-01
1468 GARUDA FINANCE LTD 26-Dec-01
1469 GARWARE POLYESTER LTD. 26-Dec-01
1470 GARWARE SHIPPING CORP. LTD 26-Dec-01
1471 GARWARE WALLROPES LTD. 26-Dec-01
1472 Gas Authority of India Ltd 26-Dec-01
1473 GATI CORPORATION LIMITED 26-Dec-01
1474 GAUTAM RESOURCES LTD. 26-Dec-01
1475 GCCL CONSTRUCTION & REALITIES LTD 26-Dec-01
1476 GDR SOFTWARE 26-Dec-01
1477 GDR TELEFILMS LTD (for VALUELINE SECURITIES LTD) 26-Dec-01
1478 GE Shipping Ltd 26-Dec-01
1479 GEI HAMON 26-Dec-01
1480 GEM CABLE 26-Dec-01
1481 GENUS COMMU-TRADE LTD (for GANPATHI HI-TECH LTD) 26-Dec-01
1482 GEOJIT SECURITIES 26-Dec-01
1483 GEOMETRIC SOFTWARE SOLUTIONS CO. LTD 26-Dec-01
1484 GEORG FISCHER DISA LTD 26-Dec-01
1485 GEORGE WILLIAMSON (ASSAM) LTD. 26-Dec-01
1486 GERMAN GARDENS LTD 26-Dec-01
1487 German Remedies Ltd. 26-Dec-01
1488 GESCO CORPORATION 26-Dec-01
1489 GESTETNER (INDIA) LTD 26-Dec-01
1490 GIC HOUSING 26-Dec-01
1491 GILADA FINANCE & INVESTMENTS LTD 26-Dec-01
1492 GILLANDERS ARBUTHNOT & CO. LTD 26-Dec-01
1493 GINNI FILAMENTS LTD 26-Dec-01
1494 GINNI INTERNATIONAL LTD 26-Dec-01
1495 GIVO LTD. 26-Dec-01
1496 GKN INVEL TRANSMISSION LIMITED 26-Dec-01
1497 GKW LTD. 26-Dec-01
1498 Glaxo India Ltd 26-Dec-01
1499 GLEITLAGER (INDIA) LTD 26-Dec-01
1500 GLENMARK PHARMACEUTICALS LTD 26-Dec-01
1501 GLITTEK GRANITES LTD 26-Dec-01
1502 GLOBAL CAPITAL LIMITED 26-Dec-01
1503 GLOBAL CORPORATION LTD 26-Dec-01
1504 GLOBAL ELEC. COMM. SRV. 26-Dec-01
1505 GLOBAL FINANCE & SECURITIES 26-Dec-01
1506 GLOBAL INFRASTRUCTURE AND
TECHNOLOGIES LTD (for MANTRI HOUSING & CONST LTD) 26-Dec-01
1507 GLOBAL SOFTWARE LTD 26-Dec-01
1508 Global Tele-systems Ltd. 26-Dec-01
1509 Global Trust Bank Ltd 26-Dec-01
1510 GLOBE (INDIA) LTD 26-Dec-01
1511 GLOBE STOCKS & SECURITIES 26-Dec-01
1512 GLOSTER JUTE MILLS LTD 26-Dec-01
1513 GMR TECHNOLOGIES & IND. LTD (formerly GMR VASAVI IND. LTD) 26-Dec-01
1514 GMR VASAVI INFO LTD. 26-Dec-01
1515 GMS COMPUTERS (INDIA) LTD (Ganesh Management Services Ltd) 26-Dec-01
1516 GNFC Ltd 26-Dec-01
1517 GODAVARI DRUGS LTD 26-Dec-01
1518 GODAVARI FERTILISERS & CHEMICALS LTD 26-Dec-01
1519 GODFREY PHILLIPS INDIA LTD. 26-Dec-01
1520 GODREJ FOODS LTD. 26-Dec-01
1521 GODREJ SOAPS LTD 26-Dec-01
1522 GOENKA BUSINESS & FINANCE LTD 26-Dec-01
1523 GOETZE (I) LIMITED 26-Dec-01
1524 GOGIA CAP.COM LTD (for GOGIA CAPITAL SERVICES LTD) 26-Dec-01
1525 GOLDEN CAPITAL SERVICES LTD 26-Dec-01
1526 GOLDEN LAMINATES LTD 26-Dec-01
1527 GOLDEN PROPERTIES & TRADERS LTD 26-Dec-01
1528 GOLDEN SECURITIES LTD 26-Dec-01
1529 GOLDIAM INTERNATIONAL 26-Dec-01
1530 GOLDSTONE TECHNOLOGIES LIMITED 26-Dec-01
1531 GONTERMANN-PEIPERS (I) LTD 26-Dec-01
1532 GOODLASS NEROLAC PAINTS LTD. 26-Dec-01
1533 GOODRICKE GROUP LTD 26-Dec-01
1534 GOODYEAR INDIA LTD. 26-Dec-01
1535 GOPALA POLYPLAST LTD 26-Dec-01
1536 GOPLEE LEASE &FINANCE LTD. 26-Dec-01
1537 GORDON HERBERT (INDIA) LTD 26-Dec-01
1538 GOVIND RUB(P 26-Dec-01
1539 GOYAL ASSOCIATES LTD. 26-Dec-01
1540 GRAND FOUNDRY LTD 26-Dec-01
1541 GRANULES INDIA LTD 26-Dec-01
1542 GRAPHIC FINANCE LTD 26-Dec-01
1543 GRAPHITE INDIA LIMITED 26-Dec-01
1544 Grasim Industries Ltd 26-Dec-01
1545 GRAVITY INDIA LTD (formerly GRAVITY SILK MILLS LTD) 26-Dec-01
1546 GREAVES LTD. 26-Dec-01
1547 GREENPLY INDUSTRIES LTD 26-Dec-01
1548 GRINDWELL NORTON LTD. 26-Dec-01
1549 GROVER LEASING LTD 26-Dec-01
1550 GROVY EXPORTS & MARKETING LTD 26-Dec-01
1551 GROW-TECH SOFTWARE SERVICES LTD. 26-Dec-01
1552 GROWTH TECHNO PROJECTS LTD 26-Dec-01
1553 GTC INDUSTRIES LTD 26-Dec-01
1554 GTCL MOBILE.COM TECHNOLOGY LTD 26-Dec-01
1555 GTN TEXTILES LTD. 26-Dec-01
1556 GUJ OPTICAL COMMUNICATION LTD 26-Dec-01
1557 GUJARAT ALKALIES & CHEMICAL 26-Dec-01
1558 Gujarat Ambuja Exports Limited 26-Dec-01
1559 GUJARAT APOLLO EQUIPMENTS LTD 26-Dec-01
1560 GUJARAT ARTH LTD 26-Dec-01
1561 GUJARAT BOROSIL LTD 26-Dec-01
1562 GUJARAT BULK PACKS LTD 26-Dec-01
1563 GUJARAT CARBON & INDUSTRIES 26-Dec-01
1564 Gujarat Credit Corporation Limited 26-Dec-01
1565 GUJARAT CYCLES LTD 26-Dec-01
1566 GUJARAT CYPROMET LTD 26-Dec-01
1567 GUJARAT FISCON LTD 26-Dec-01
1568 GUJARAT FLUOROCHEMICALS LTD. 26-Dec-01
1569 Gujarat Gas Company Ltd. 26-Dec-01
1570 GUJARAT HEAVY CHEMICALS LTD 26-Dec-01
1571 GUJARAT INCTL. 26-Dec-01
1572 GUJARAT INDUSTRIES POWER COMPANY LTD. 26-Dec-01
1573 GUJARAT LEASE FINANCING LTD. 26-Dec-01
1574 GUJARAT MINERAL DEV CORP. LTD. 26-Dec-01
1575 GUJARAT NARMADA VALLEY FERTILIZERS 26-Dec-01
1576 GUJARAT NRE COKE LTD 26-Dec-01
1577 GUJARAT OVERSEAS DRUGS LTD 26-Dec-01
1578 GUJARAT RAFFIA INDUSTRIES LTD 26-Dec-01
1579 GUJARAT SIDHI CEMENT 26-Dec-01
1580 Gujarat State Fert & Chemicals Ltd. 26-Dec-01
1581 GUJARAT THEMIS BIOSYN LTD 26-Dec-01
1582 Gujrat Ambuja Cement Ltd 26-Dec-01
1583 GUJRAT CAPITAL 26-Dec-01
1584 GULF OIL INDIA LIMITED 26-Dec-01
1585 GUNJA INTERNATIONAL LTD
(for GUNJA INVESTMENT & TRADING LTD)26-Dec-01
1586 H G I INDUSTRIES 26-Dec-01
1587 H.B. ESTATE DEVELOPERS 26-Dec-01
1588 H.B. PORTFOLIO LTD 26-Dec-01
1589 H.B.LEASING & FINANCE COMPANY LTD 26-Dec-01
1590 H.P.COTTON TEXTILE MILLS LTD 26-Dec-01
1591 HANIL ERA TEXTILES LTD 26-Dec-01
1592 HANUMAN TEA CO LTD 26-Dec-01
1593 HANUMANT ISPAT LTD
(for DEVDHAN INFRASTRUCTURES & DEVELOPERS LTD) 26-Dec-01
1594 HARBOUR NETWORK SYSTEMS LTD(for DIGITAL LEA & FIN LTD) 26-Dec-01
1595 HARIG CRANKSHAFTS LTD 26-Dec-01
1596 HARITA FINANCE LIMITED 26-Dec-01
1597 HARRISONS MALAYALAM LTD. 26-Dec-01
1598 HARSHA CAPITAL SERVICES LTD 26-Dec-01
1599 HARYANA FIBRES LTD 26-Dec-01
1600 HARYANA PETROCHEMICALS LTD 26-Dec-01
1601 HARYANA SHEET GLASS LTD 26-Dec-01
1602 HARYANA STEEL & ALLOYS LTD 26-Dec-01
1603 HAVELLS INDIA LTD 26-Dec-01
1604 HAWKINS COOKERS LTD 26-Dec-01
1605 HB STOCKHOLDINGS LIMITED 26-Dec-01
1606 HBC FLEXTECH LTD 26-Dec-01
1607 HCL Infosystems Ltd 26-Dec-01
1608 HCL OFFICE AUTOMATION LTD 26-Dec-01
1609 HCL TECHNOLOGIES LTD. 26-Dec-01
1610 HDFC Bank Ltd 26-Dec-01
1611 HDFC Ltd 26-Dec-01
1612 HEG LTD 26-Dec-01
1613 HENKEL SPIC INDIA LTD. 26-Dec-01
1614 HERALD COMMERCE LTD 26-Dec-01
1615 HERDILLIA UNIMERS LTD 26-Dec-01
1616 HERITAGE FOODS (INDIA) LTD 26-Dec-01
1617 HERITAGE HOUSING FINANCE LTD 26-Dec-01
1618 Hero Honda Motors Ltd 26-Dec-01
1619 HEXAGON ENGINEERS LTD 26-Dec-01
1620 HIKAL CHEMICALS LTD 26-Dec-01
1621 Hilltone Software & Gases Ltd (form Hilltone Industrial Gases Ltd) 26-Dec-01
1622 Himachal Futerstic Comm Ltd. 26-Dec-01
1623 HIMADRI CHEMICALS AND IND. LTD 26-Dec-01
1624 HIMADRI CREDIT & FINANCE LTD 26-Dec-01
1625 HIMALAYA GRANITES LTD 26-Dec-01
1626 HIMALAYA INTL 26-Dec-01
1627 HIMATSINGKA SEIDE LTD 26-Dec-01
1628 HIND INDUSTRIES LTD 26-Dec-01
1629 HIND SYNTEX LTD. 26-Dec-01
1630 Hindalco Ltd 26-Dec-01
1631 HINDOOSTAN SPINNING & WEAWING MILLS LTD 26-Dec-01
1632 HINDUJA FINANCE LTD 26-Dec-01
1633 HINDUSTAN ADHESIVES LTD 26-Dec-01
1634 HINDUSTAN COMPOSITES LTD (formerly, HINDUSTAN FERODO LTD) 26-Dec-01
1635 HINDUSTAN CONSTRUCTION CO. LTD. 26-Dec-01
1636 HINDUSTAN DEVELOPMENT CORPORATION LTD.(HDC)
merged with Hindustan Eng & Ind Ltd). 26-Dec-01
1637 HINDUSTAN DORR OLIVER LTD 26-Dec-01
1638 HINDUSTAN FINANCIAL MANAGEMENT LTD 26-Dec-01
1639 HINDUSTAN INKS AND RESINS LTD. 26-Dec-01
1640 Hindustan Lever Chemicals Ltd. 26-Dec-01
1641 Hindustan Lever Ltd 26-Dec-01
1642 Hindustan Motors Ltd. 26-Dec-01
1643 HINDUSTAN NATIONAL GLASS LIMITED 26-Dec-01
1644 HINDUSTAN OIL EXPLORATIONS COMPANY LTD. 26-Dec-01
1645 HINDUSTAN ORGANIC CHEMICAL 26-Dec-01
1646 Hindustan Petroleum Corp Ltd 26-Dec-01
1647 HINDUSTAN POWERPLUS LTD. 26-Dec-01
1648 HINDUSTAN SANITARYWARE & INDUSTRIES LTD 26-Dec-01
1649 HINDUSTAN SEALS LTD 26-Dec-01
1650 HINDUSTAN VIDYUT PRODUCTS LTD
(for, THE INDIAN ALUMINIUM CABLES LTD) 26-Dec-01
1651 Hindustan Zinc Ltd 26-Dec-01
1652 HISAR METALS INDUSTRIES LTD 26-Dec-01
1653 Hitech Drilling Services Ltd. 26-Dec-01
1654 HITECH ENTERTAINMENT LTD 26-Dec-01
1655 HI-TECH GEARS LIMITED 26-Dec-01
1656 HITECH JEWELLERY 26-Dec-01
1657 HITTCO ONLINE TECHNOLOGIES LTD
(for HITTCO PRECS TOOLS TECHNOLOGIES LTD) 26-Dec-01
1658 HK AGROCHEM LIMITED 26-Dec-01
1659 HMT LTD. 26-Dec-01
1660 Hoechst Marion Roussel 26-Dec-01
1661 HOGANAS INDIA LTD. 26-Dec-01
1662 HOME TRADE LIMITED 26-Dec-01
1663 HONDA SIEL POWER PRODUCTS LIMITED
(formerly SHRIRAM HONDA ) 26-Dec-01
1664 HOTEL LEELAVENTURE LTD. 26-Dec-01
1665 HOTEL SILVER PLAZA LTD 26-Dec-01
1666 HOTLINE GLASS LTD 26-Dec-01
1667 HOTLINE TELETUBE & COMPONENTS 26-Dec-01
1668 HOWARD HOTELS LTD 26-Dec-01
1669 HOWRAH MILLS COM. LTD 26-Dec-01
1670 HUGHES SOFTWARE SYSTEMS LIMITED 26-Dec-01
1671 HYDERABAD INDUSTRIES LTD. 26-Dec-01
1672 HYPERSOFT TECHNOLOGIES LTD (for V V CIRCUITS LTD) 26-Dec-01
1673 I F B AGRO INDUSTRIES LTD 26-Dec-01
1674 I F B SECURITIES LTD 26-Dec-01
1675 IBP CO. LTD. 26-Dec-01
1676 ICCON OIL & SPECIALITIES LIMITED 26-Dec-01
1677 ICDS LTD 26-Dec-01
1678 ICES SOFTWARE LTD (International Computech Engineering Services Ltd). 26-Dec-01
1679 ICI India Ltd. 26-Dec-01
1680 ICICI Banking Corporation Ltd 26-Dec-01
1681 ICICI Ltd 26-Dec-01
1682 ICICI PREMIER MF 26-Dec-01
1683 IDBI BANK LTD. 26-Dec-01
1684 IDBI Ltd 26-Dec-01
1685 IDEAL CARPETS LTD 26-Dec-01
1686 IDI LIMITED 26-Dec-01
1687 IEC SOFTWARE LTD.(Indian Education Centre Ltd) 26-Dec-01
1688 IFB INDUSTRIES LTD. 26-Dec-01
1689 IFCI Ltd 26-Dec-01
1690 IFGL REFRACTORIES 26-Dec-01
1691 IG PETROCHEMICALS LTD. 26-Dec-01
1692 IIT CAPITAL SERVICES LTD 26-Dec-01
1693 IL&FS VENTURE CORPORATION LIMITED 26-Dec-01
1694 IMP POWER LTD 26-Dec-01
1695 INANI SECURITIES LTD 26-Dec-01
1696 INCAP LTD 26-Dec-01
1697 IND SWIFT LABS LTD 26-Dec-01
1698 IND TRA DECO LTD 26-Dec-01
1699 IND.TONERS 26-Dec-01
1700 INDAIN ACRYLICS LTD 26-Dec-01
1701 INDBANK MERCHANT BANKING 26-Dec-01
1702 INDCAP FINANCIAL LTD 26-Dec-01
1703 INDIA CARBON LTD 26-Dec-01
1704 India Cements Ltd. 26-Dec-01
1705 INDIA FOILS LTD 26-Dec-01
1706 INDIA GLYCOLS LTD. 26-Dec-01
1707 INDIA GYPSUM LTD. 26-Dec-01
1708 INDIA INTERNATIONAL MARKETING CENTRE LTD 26-Dec-01
1709 INDIA LEASE DEVELOPMENT LTD 26-Dec-01
1710 INDIA NIPPON ELECTRICALS LTD 26-Dec-01
1711 INDIA POLYFIBRES LTD. 26-Dec-01
1712 INDIA SECURITIES LTD. 26-Dec-01
1713 INDIA STEAMSHIP COMPANY LTD 26-Dec-01
1714 INDIAN ALUMINIUM COMPANY LTD. 26-Dec-01
1715 INDIAN BEVERAG 26-Dec-01
1716 Indian Hotels Ltd 26-Dec-01
1717 INDIAN HUME PIPE CO. LTD. 26-Dec-01
1718 INDIAN INFOTECH AND SOFTWARE LTD.(India Leasers Ltd) 26-Dec-01
1719 INDIAN LEAD LIMITED 26-Dec-01
1720 Indian Oil Corporation Ltd. 26-Dec-01
1721 INDIAN ORGANIC CHEMICALS LTD. 26-Dec-01
1722 Indian Overseas Bank 26-Dec-01
1723 Indian Petrochemical Corp. Ltd 26-Dec-01
1724 Indian Rayon Industries Ltd 26-Dec-01
1725 INDIAN ROPEWAYS & ENGG.COMPANT LTD 26-Dec-01
1726 INDIAN SEAMLESS METAL TUBES LTD. 26-Dec-01
1727 Indian Shaving Products Ltd. 26-Dec-01
1728 INDICARB LTD 26-Dec-01
1729 INDITALA REFCON LTD 26-Dec-01
1730 INDO ASIAN FIANANCE LIMITED 26-Dec-01
1731 INDO BRITAIN AGRO FARMS LTD 26-Dec-01
1732 INDO COUNT FINANCE LTD 26-Dec-01
1733 INDO COUNT INDUSTRIES LTD 26-Dec-01
1734 INDO FRENCH BIOTECH ENTR LTD 26-Dec-01
1735 INDO MATSUSHITA APPLIANCES CO LTD 26-Dec-01
1736 INDO NATIONAL 26-Dec-01
1737 Indo Rama Synthetics Ltd 26-Dec-01
1738 INDO-BIOTECH FOODS LTD 26-Dec-01
1739 INDO-CAS MUL 26-Dec-01
1740 INDO-CONTINENTAL HOTELS & RESORTS LTD 26-Dec-01
1741 INDOCREDIT CAPITAL LTD 26-Dec-01
1742 INDOGULF CORPORATION 26-Dec-01
1743 Indogulf Fertilizers Corp. Ltd 26-Dec-01
1744 INDRAPRASTHA MEDICAL CORPORATION LTD 26-Dec-01
1745 INDRAYANI BIOTECH LTD 26-Dec-01
1746 IND-SWIFT LIMITED 26-Dec-01
1747 INDU NISSAN OXO CHEM INDUSTRIES LTD 26-Dec-01
1748 INDUS E SOLUTIONS LTD. 26-Dec-01
1749 INDUS NETWORKS LTD 26-Dec-01
1750 Indusind Bank Ltd 26-Dec-01
1751 INDUSTRIAL INVESTMENT TRUST LTD. 26-Dec-01
1752 INDUSTRIAL OXYGEN LTD. 26-Dec-01
1753 INERTIA INDUSTRIES LTD 26-Dec-01
1754 INFAR (INDIA) LTD 26-Dec-01
1755 INFOQUEST SO 26-Dec-01
1756 INFORMATION TECHNOLOGY (I) LTD 26-Dec-01
1757 Infosys Techonologies Ltd 26-Dec-01
1758 INFOTECH ENT 26-Dec-01
1759 INFRAGRO INDUSTRIES LTD 26-Dec-01
1760 Ingersoll Rand (India) Ltd. 26-Dec-01
1761 INNA REDDY COMP SOFTWARE ASSO (I) LTD. 26-Dec-01
1762 INNOSOFT TECHNOLOGIES LTD. 26-Dec-01
1763 INNOVATION MEDI EQUIP LTD 26-Dec-01
1764 INNOVATION SOFTWARE & EXPORTS LTD 26-Dec-01
1765 INNOVATIONS INTERNATIONAL EXIM 26-Dec-01
1766 INNOVATIVE MARINE FOODS LTD 26-Dec-01
1767 INNOVATIVE TECH PACK LTD 26-Dec-01
1768 INSILCO LIMITED 26-Dec-01
1769 INSUTECH IND 26-Dec-01
1770 INTEGR TECHN 26-Dec-01
1771 INTEGRATED CAPITAL SERVICES LTD 26-Dec-01
1772 INTEGRATED DATA SYSTEMS LTD 26-Dec-01
1773 INTEGRATED ENTERPRISES (INDIA) LTD. 26-Dec-01
1774 INTEGRATED FINANCIAL SERVICES LTD 26-Dec-01
1775 INTEGRATED HITECH LTD 26-Dec-01
1776 INTENSIVE AIR SYSTEMS LTD 26-Dec-01
1777 INTER STATE FINANCE LTD 26-Dec-01
1778 INTER STATE OIL CARRIER 26-Dec-01
1779 INTERFACE FINANCIAL SERVICES LTD 26-Dec-01
1780 INTERFIT TECHNO PRODUCTS LTD 26-Dec-01
1781 INTERNATIONAL BEST FOODS LTD. 26-Dec-01
1782 INTERNATIONAL COMBUSTION (I) LTD 26-Dec-01
1783 INTERNATIONAL CONSTRUCTIONS LTD 26-Dec-01
1784 INTERNATIONAL CONVEYORS LTD 26-Dec-01
1785 INTERNATIONAL TRAVEL HOUSE LTD. 26-Dec-01
1786 INTERTEC COMMUNICATIONS 26-Dec-01
1787 INTRON LTD 26-Dec-01
1788 INVESTMENT TRUST of INDIA LTD 26-Dec-01
1789 INVINEX LABORATORIES LTD 26-Dec-01
1790 ION EXCHANGE [INDIA] LIMITED 26-Dec-01
1791 IP RINGS LTD. 26-Dec-01
1792 IPCA LABORATORIES LTD 26-Dec-01
1793 IRMAC SERVICES (INDIA) LIMITED 26-Dec-01
1794 ISHWAR MEDICAL SERVICES LTD 26-Dec-01
1795 ISIBARS LTD. 26-Dec-01
1796 ISL CONSULTING LTD (for INNOVATION SECURITIES LTD) 26-Dec-01
1797 ISPAT ALLOYS LTD. 26-Dec-01
1798 ISPAT FINANCE LTD 26-Dec-01
1799 ISPAT INDUSTRIES LTD. 26-Dec-01
1800 ISPAT PROFILES INDIA LIMITED 26-Dec-01
1801 IST LTD 26-Dec-01
1802 IT MICROSYSTEMS INDIA LTD. 26-Dec-01
1803 ITC AGRO - TECH LTD. 26-Dec-01
1804 ITC Bhadrachalam Paperboards Ltd 26-Dec-01
1805 ITC HOTELS LTD. 26-Dec-01
1806 ITC Ltd 26-Dec-01
1807 ITI LTD. 26-Dec-01
1808 ITW Signode India Ltd. 26-Dec-01
1809 IVP LTD 26-Dec-01
1810 IVRCL INFRASTRUCTURES & PROJECTS LTD. 26-Dec-01
1811 J A FINANCE LTD 26-Dec-01
1812 J J AUTOMOTIVES LTD 26-Dec-01
1813 J J FINANCE CORPORATION LTD 26-Dec-01
1814 J J SPECTRUM SILK LTD 26-Dec-01
1815 J K INDUSTRIES LIMITED 26-Dec-01
1816 J K PHARMACHEM LTD 26-Dec-01
1817 J. J. EXPORTERS LIMITED 26-Dec-01
1818 J.B.CHEMICALS & PHARMA LTD 26-Dec-01
1819 J.R.FABRICATORS LTD. 26-Dec-01
1820 JAGAN LAMPS LTD 26-Dec-01
1821 JAGATJIT INDUSTRIES LTD. 26-Dec-01
1822 JAGSON AIRLINES LTD 26-Dec-01
1823 JAGSONPAL FINANCE & LEASING LTD 26-Dec-01
1824 JAGSONPAL PHARMACEUTICALS 26-Dec-01
1825 JAI CORP LIMITED 26-Dec-01
1826 JAI MATA GLASS LTD 26-Dec-01
1827 JAI PARABOLIC SPRINGS LTD 26-Dec-01
1828 JAIN IRRIGATION SYSTEMS LTD. 26-Dec-01
1829 JAIN MARBLE UDHYOG LTD 26-Dec-01
1830 JAIN STUDIOS 26-Dec-01
1831 JAINCO PROJECTS (I) LTD 26-Dec-01
1832 Jaiprakash Industries Ltd. 26-Dec-01
1833 JAIPUR POLYSPIN 26-Dec-01
1834 JALPAC INDIA LTD 26-Dec-01
1835 JAMNA AUTO INDUSTRIES LTD 26-Dec-01
1836 JANKI SECURITIES LTD 26-Dec-01
1837 JASCH INDUSTRIES LTD 26-Dec-01
1838 JAY BHARAT MARUTI LTD 26-Dec-01
1839 JAY KAY DEE INDUSTRIES LTD 26-Dec-01
1840 JAY SHREE TEA & INDUSTRIES LTD. 26-Dec-01
1841 JAYANT (INDIA) LTD 26-Dec-01
1842 JAYANT AGRO-ORGANIC LTD. 26-Dec-01
1843 JAYANTI COMMERCIAL LTD 26-Dec-01
1844 JAYASWALS NECO LTD 26-Dec-01
1845 JAYCEE INDUSTRIES LTD 26-Dec-01
1846 JAYPEE HOTELS LIMITED 26-Dec-01
1847 JAYSYNTH DYECHEM LTD. 26-Dec-01
1848 JAYSYNTH DYESTUFF (I) LTD 26-Dec-01
1849 JBF INDUSTRIES LTD. 26-Dec-01
1850 JBM TOOLS LIMITED 26-Dec-01
1851 JCT ELECTRONICS LTD. 26-Dec-01
1852 JCT LTD. 26-Dec-01
1853 JECO EXPORTS & FINANCE LTD 26-Dec-01
1854 JEEVAN SOFTECH LIMITED 26-Dec-01
1855 JENSON & NICHOLSON (INDIA) LTD 26-Dec-01
1856 JENSON & NICHOLSON FIN.SERVICES LTD 26-Dec-01
1857 JF LABORATORIES LTD 26-Dec-01
1858 JIK INDUSTRIES 26-Dec-01
1859 JINDAL DRILLING & INDUSTRIES LTD 26-Dec-01
1860 Jindal Iron & Steel Co. Ltd 26-Dec-01
1861 Jindal Online.com Limited 26-Dec-01
1862 JINDAL PHOTO FILMS LTD. 26-Dec-01
1863 JINDAL STEEL & POWER LTD. 26-Dec-01
1864 Jindal Strips Ltd. 26-Dec-01
1865 JINDAL VIJAYANAGAR STEEL LTD. 26-Dec-01
1866 JK CORP LIMITED 26-Dec-01
1867 JK DAIRY AND FOODS LTD 26-Dec-01
1868 JK SYNTHETICS LTD. 26-Dec-01
1869 JK UDAIPUR UDYOG LTD 26-Dec-01
1870 JM BASIC FUND 26-Dec-01
1871 JMC PROJECTS (INDIA) LIMITED 26-Dec-01
1872 JOG ENGG.LTD 26-Dec-01
1873 JOINDRE CAPITAL 26-Dec-01
1874 JOLLY RIDES LTD 26-Dec-01
1875 JPT SECURITIES LTD 26-Dec-01
1876 JULLUNDUR MOTOR AGENCY (DELHI) LTD 26-Dec-01
1877 JUPITER ORGA LTD 26-Dec-01
1878 JYOTI COSMETICS (EXIM) LTD 26-Dec-01
1879 JYOTI STRUCTURES LTD 26-Dec-01
1880 K. G. DENIM LTD. 26-Dec-01
1881 K.G.KHOSLA COMPRESSORS LIMITED 26-Dec-01
1882 K.Z. LEASING & FINANCE LTD 26-Dec-01
1883 Kaashap Radiant Systems Limited 26-Dec-01
1884 KABRA EXTRUSION TECHNIK LTD 26-Dec-01
1885 KABSONS INDUSTRIES LTD 26-Dec-01
1886 KAJARIA CERAMICS LTD. 26-Dec-01
1887 KAJARIA IRON CASTINGS LTD 26-Dec-01
1888 KAKATIYA CEMENT SUGAR & INDUSTRIES LTD 26-Dec-01
1889 KALE CONSULTANTS LIMITED 26-Dec-01
1890 KALPA.POWER 26-Dec-01
1891 KALPANA INDUSTRIES LTD 26-Dec-01
1892 KALPTARU PAPERS LTD 26-Dec-01
1893 Kals Information Systems Limited 26-Dec-01
1894 Kalyani Brakes Limited 26-Dec-01
1895 KALYANI SHARP 26-Dec-01
1896 KALYANI STEELS LIMITED 26-Dec-01
1897 KAMAT HOTELS (I) LTD 26-Dec-01
1898 KANEL OILS & EXPORTS INDUSTRIES LTD 26-Dec-01
1899 KANHA VANASPATI LTD 26-Dec-01
1900 Kanika Infotech Limited 26-Dec-01
1901 KANOI PAPER & INDUSTRIES LTD 26-Dec-01
1902 KANORIA CHEMICALS & INDUS LTD 26-Dec-01
1903 Kanoria Petroproducts Limited 26-Dec-01
1904 KARAN WOO-SIN LTD 26-Dec-01
1905 KARNATAKA BANK LTD 26-Dec-01
1906 KARNATAKA FINANCIAL 26-Dec-01
1907 KARUNA CABLES LTD 26-Dec-01
1908 KARUNADHI INVESTMENT & TRADING CO LTD 26-Dec-01
1909 KARUR VYSYA BANK LTD 26-Dec-01
1910 KARUTURI.COM LIMITED 26-Dec-01
1911 KARWA SECURITIES LTD 26-Dec-01
1912 KAVERI TELECOMS LTD 26-Dec-01
1913 KAY PULP & PAPER MILLS LTD 26-Dec-01
1914 KAY VEE AAR LTD 26-Dec-01
1915 KCC SOFTWARE LTD 26-Dec-01
1916 KCP LTD 26-Dec-01
1917 KCP SUGAR INDUSTRIES CORP LTD. 26-Dec-01
1918 KEC INTERNATIONAL LIMITED 26-Dec-01
1919 KEI INDUSTRIES 26-Dec-01
1920 KEMICARE PRODUCTS LTD 26-Dec-01
1921 KEMROCK INDUSTRIES & EXPORTS LTD 26-Dec-01
1922 KERALA AYURVEDA PHARMACY LTD 26-Dec-01
1923 KERALA CHEMICALS & PROTEINS LTD. 26-Dec-01
1924 KESAR ENTERPRISES 26-Dec-01
1925 KESAR PETROPRODUCTS LTD 26-Dec-01
1926 Kesoram Industries Ltd 26-Dec-01
1927 Kesoram Textile Mills Ltd 26-Dec-01
1928 KEYNOTE CORPORATE SERVICES LTD 26-Dec-01
1929 KHAITAN (INDIA)LTD. 26-Dec-01
1930 KHAITAN CHEMICALS & FERTILIZERS LTD 26-Dec-01
1931 KHAITAN ELECTRICALS LIMITED 26-Dec-01
1932 KHANDWALA SECURITIES LTD 26-Dec-01
1933 KHATOD INVESTMENTS & FINANCE CO LTD 26-Dec-01
1934 KHEMKA CONTAINERS LTD 26-Dec-01
1935 KHODAY INDIA LTD 26-Dec-01
1936 KHODIYAR INDUSTRIES LTD. 26-Dec-01
1937 KHYATI MULTIMEDIA
ENTERTAINMENT LTD (for KHYATI RESORTS LTD) 26-Dec-01
1938 KIDUJA INDUSTRIES 26-Dec-01
1939 KILBURN CHEMICALS LTD 26-Dec-01
1940 KINETIC ENGINEERING LTD. 26-Dec-01
1941 KINETIC INVESTMENTS LTD 26-Dec-01
1942 KINETIC MOTOR COMPANY LTD
(formerly KINETIC HONDA MOTOR LTD) 26-Dec-01
1943 KIRLOSKAR BROTHERS LTD. 26-Dec-01
1944 KIRLOSKAR ELECTRIC COMPANY 26-Dec-01
1945 KIRLOSKAR FERROUS 26-Dec-01
1946 KIRLOSKAR INVESTMENTS 26-Dec-01
1947 KIRLOSKAR MULTIMEDIA LIMITED 26-Dec-01
1948 KIRLOSKAR OIL ENGINES LTD 26-Dec-01
1949 KIRLOSKAR PNEUMATIC COMPANY LTD. 26-Dec-01
1950 KITPLY INDUSTRIES LTD. 26-Dec-01
1951 KJMC FINANCIAL SERVICES LTD 26-Dec-01
1952 KLG CAPITAL SERVICES LTD 26-Dec-01
1953 KLG Systems Ltd. 26-Dec-01
1954 KNITWORTH EXPORTS LTD 26-Dec-01
1955 Knoll Pharmaceuticals Ltd. 26-Dec-01
1956 KODAK INDIA LTD. 26-Dec-01
1957 KOLAR INFORMATION TECHNOLOGIES LTD.(Kolar Security Services Ltd) 26-Dec-01
1958 KOLMAK CHEMICALS LTD 26-Dec-01
1959 KOME-ON COMMUNICATION LTD 26-Dec-01
1960 KOPRAN DRUGS LTD. 26-Dec-01
1961 KOPRAN LTD 26-Dec-01
1962 Kotak Mahindra Finance Ltd. 26-Dec-01
1963 KOTAWALA SECURITIES 26-Dec-01
1964 KOTHARI FERMENTATION & BIOCHEM 26-Dec-01
1965 KOTHARI INDUSTRIAL CORPORATION LTD 26-Dec-01
1966 KOTHARI PETROCHEMICALS LTD. 26-Dec-01
1967 KOTHARI PRODUCTS LTD 26-Dec-01
1968 KOTHARI SUGARS AND CHEMICALS LTD. 26-Dec-01
1969 KPIT SYSTEMS LTD 26-Dec-01
1970 KRBL LTD 26-Dec-01
1971 KREBS BIOCHEMICALS 26-Dec-01
1972 KRISHNA CAP. & SEC. LTD. 26-Dec-01
1973 KRISHNA ENGINEERING WORKS LTD. 26-Dec-01
1974 Krishna Filaments Ltd 26-Dec-01
1975 KRISHNA TEXPORTS INDUSTRIES LTD. 26-Dec-01
1976 Krisn Information Technologies Limited 26-Dec-01
1977 KRONE COMMUNICATIONS LIMITED 26-Dec-01
1978 KRYPTON INDUSTRIES LTD 26-Dec-01
1979 KSB PUMPS LTD. 26-Dec-01
1980 KSHEMYA INVESTMENTS LTD 26-Dec-01
1981 KTL INFOSYS LTD. 26-Dec-01
1982 KUNAL OVERSEAS 26-Dec-01
1983 KUSHAGRA SOFTWARE LTD. 26-Dec-01
1984 KUSHAL SOFTWARE LIMITED 26-Dec-01
1985 KUSUM INDUSTRIAL GASES LTD 26-Dec-01
1986 KVAERNER CEMENTATION INDIA LTD. 26-Dec-01
1987 KWALITY CREDIT & LEASING LTD 26-Dec-01
1988 KWALITY DAIRY (I) LTD 26-Dec-01
1989 L & T Ltd 26-Dec-01
1990 L.G.BALKRISHNAN & BROS. LTD. 26-Dec-01
1991 LA OPALA RG LTD 26-Dec-01
1992 LAFFANS PETROCHEMICALS LTD 26-Dec-01
1993 LAHOTI OVERSEAS LTD. 26-Dec-01
1994 LAKHANPAL NATIONAL 26-Dec-01
1995 LAKSHMI AUTO COMPONENTS LIMITED 26-Dec-01
1996 LAKSHMI ELECT CONTROL SYSTEMS LTD 26-Dec-01
1997 LAKSHMI MACHINE WORKS LTD. 26-Dec-01
1998 LAKSHMI MILLS COMPANY LTD 26-Dec-01
1999 LAKSHMI OVER 26-Dec-01
2000 LAKSHMI VILAS BANK LTD 26-Dec-01
2001 LALBHAI FINANCE 26-Dec-01
2002 LAN ESEDA INDUSTRIES LTD 26-Dec-01
2003 LANCING INVESTMENT LTD 26-Dec-01
2004 Lanco Global Systems Limited 26-Dec-01
2005 LANCO INDUSTRIES LTD 26-Dec-01
2006 LANDMARC LEISURE CORPORATION LTD
(for S KUMARS INFRASTRUCTURE DEVELOPMENT CORPORATION LTD) 26-Dec-01
2007 Laser Eye Care Limited 26-Dec-01
2008 LAXMI PRECISION SCREWS LTD 26-Dec-01
2009 LCC INFOTECH LTD (for Arihant Housing Finance Ltd) 26-Dec-01
2010 LEADING EDGE SYSTEMS LTD 26-Dec-01
2011 LEAFIN INDIA 26-Dec-01
2012 LEASEMEN FIN. INVEST(INDIA) LTD 26-Dec-01
2013 LEDO TEA CO 26-Dec-01
2014 LEE&NEE SOFT 26-Dec-01
2015 LEO INDUSTRIES LTD 26-Dec-01
2016 LIBORD INFOTECH LTD. 26-Dec-01
2017 LIC Housing Finance Ltd 26-Dec-01
2018 LIMTEX INVESTMENTS LTD 26-Dec-01
2019 LINAKS MICROELECTRONICS LTD 26-Dec-01
2020 LINC PEN PLA 26-Dec-01
2021 LINCOLN PHARMACEUTICLS LTD 26-Dec-01
2022 LINK INTERNATIONAL 26-Dec-01
2023 LIPPI SYSTEM 26-Dec-01
2024 LITAKA PHA(P 26-Dec-01
2025 LIVEWELL HOME FINANCE LTD 26-Dec-01
2026 LKP MERCHANT FINANCING LTD. 26-Dec-01
2027 LLOYD ELECTRIC & ENGG LTD 26-Dec-01
2028 LLOYD STEEL INDUSTRIES LTD. 26-Dec-01
2029 LLOYDS FINANCE LTD. 26-Dec-01
2030 LLOYDS METALS & ENGINEERS LTD. 26-Dec-01
2031 LML Ltd. 26-Dec-01
2032 LN POLYSTERS LTD 26-Dec-01
2033 LOGIX MICROSYSTEMS LIMITED 26-Dec-01
2034 LOK HOUSING & CONSTRUCTIONS LTD 26-Dec-01
2035 LORDS CHEMICALS LTD 26-Dec-01
2036 LOTUS CHOCOLATE COMPANY LTD 26-Dec-01
2037 LUMAX INDUSTRIES LTD. 26-Dec-01
2038 LUPIN CHEMICAL LTD. 26-Dec-01
2039 Lupin Laboratories Ltd. 26-Dec-01
2040 LYKA LABS LIMITED 26-Dec-01
2041 LYONS INDUST. 26-Dec-01
2042 M B COMMERCIAL CO LTD 26-Dec-01
2043 M C C INVEST. & LEASING CO. LTD 26-Dec-01
2044 M F L HOUSING FINANCE LTD 26-Dec-01
2045 M M FORGINGS LTD 26-Dec-01
2046 M P TELELINKS LTD 26-Dec-01
2047 M WOMENINFOLINE.COM (formerly MUDRA CONSULTANTS) 26-Dec-01
2048 M.P INVESTMENT & CONSULTANCY SERVICES LTD 26-Dec-01
2049 MAARS Software International Ltd. 26-Dec-01
2050 MACHINO PLASTICS LIMITED 26-Dec-01
2051 MADHU INTRA LTD 26-Dec-01
2052 MADHUMILAN FINANCE 26-Dec-01
2053 MADHUR CAP. & FIN.LTD. 26-Dec-01
2054 MADHUR FOOD PROD. LTD. 26-Dec-01
2055 MADHUSUDAN IND. LTD. 26-Dec-01
2056 MADHYA PRADESH GLYCHEM LIMITED 26-Dec-01
2057 MADRAS ALUMINIUM 26-Dec-01
2058 Madras Cements Ltd. 26-Dec-01
2059 MADRAS FERTILISERS LTD. 26-Dec-01
2060 Madras Refineries Ltd 26-Dec-01
2061 MADURA COATS LTD. 26-Dec-01
2062 MAFATLAL FINANCE LTD 26-Dec-01
2063 MAFATLAL INDUSTRIES LTD. 26-Dec-01
2064 Magan Industries Limited (for Shekawat Industries Limited) 26-Dec-01
2065 MAGMA LEASING LTD 26-Dec-01
2066 MAGNUM LTD. 26-Dec-01
2067 MAHADEV CORPORATION 26-Dec-01
2068 MAHALAXMI RUBTECH LTD. 26-Dec-01
2069 Mahanagar Telephone Nigam Ltd 26-Dec-01
2070 MAHARAJA SHREE UMAID MILLS LTD 26-Dec-01
2071 MAHARASHTRA APEX COPR. LTD 26-Dec-01
2072 MAHARASHTRA SCOOTERS LTD. 26-Dec-01
2073 MAHARASHTRA SEAMLESS LTD. 26-Dec-01
2074 MAHAVEER INFOWAY LTD (for MAHAVEER LEAFIN & HOLDINGS LTD) 26-Dec-01
2075 MAHAVIR IMPEX LTD 26-Dec-01
2076 MAHAVIR SPINNING MILLS LIMITED 26-Dec-01
2077 Mahindra & Mahindra Ltd 26-Dec-01
2078 MAHINDRA UGINE STEEL CO.LTD 26-Dec-01
2079 MAIKAAL FIBRES LTD 26-Dec-01
2080 MAITHAN ALLOYS LTD. 26-Dec-01
2081 MAJ. AUTO. 26-Dec-01
2082 MAJESTIC SECURITIES 26-Dec-01
2083 MAKERS LABORATORIES LTD 26-Dec-01
2084 MALAR HOSPITALS LTD 26-Dec-01
2085 MALLCOM (INDIA) LIMITED 26-Dec-01
2086 MALVIKA STEEL LTD. 26-Dec-01
2087 MALWA COTTON SPINNING MILLS LTD. 26-Dec-01
2088 MAN INDUSTRIES (INDIA) LTD 26-Dec-01
2089 MANALI PETROCHEMICALS LTD. 26-Dec-01
2090 MANDYA FINANCE CO LTD 26-Dec-01
2091 MANGALAM CEMENT LTD. 26-Dec-01
2092 MANGALAM INDUSTRIAL FINANCE LTD 26-Dec-01
2093 MANGALAM TIMBER PRODUCTS LTD 26-Dec-01
2094 MANGALORE CHEM 26-Dec-01
2095 Mangalore Refineries Petrochem. Ltd 26-Dec-01
2096 MANGALYA SOFT-TECH LTD. 26-Dec-01
2097 MANJEERA CONSTRUCTIONS LTD 26-Dec-01
2098 MANNA GLASS-Tech INDUSTRIES LTD 26-Dec-01
2099 MANPHOOL EXPORTS LTD 26-Dec-01
2100 MANTRA ONLINE LTD (for SHUBH AUTOMOBILES) 26-Dec-01
2101 MANUGRAPH INDUSTRIES LIMITED 26-Dec-01
2102 MARAL OVERSEAS LTD 26-Dec-01
2103 MARDA COMMERCIAL & HOLDINGS LTD 26-Dec-01
2104 MARDIA CHEMICALS LIMITED 26-Dec-01
2105 MARDIA STEEL LTD 26-Dec-01
2106 Marico Industries Ltd. 26-Dec-01
2107 MARSON'S LTD. 26-Dec-01
2108 MARSON'S POWER & INFRASTRUCTUR DEVELOPMENT LTD 26-Dec-01
2109 MARTIN BURN LTD 26-Dec-01
2110 MARUDHAR FOOD & CREDIT LTD 26-Dec-01
2111 MARUTI SECURITIES LTD 26-Dec-01
2112 MASCON GLOBAL 26-Dec-01
2113 MASCOT ONLINE.COM LTD (for SBP (INDIA) LTD) 26-Dec-01
2114 MASCOT SYSTEMS LIMITED 26-Dec-01
2115 MASTEK LIMITED 26-Dec-01
2116 MATHER & PLATT (I) LTD. 26-Dec-01
2117 MATHEW EASOW RESEARCH SEC LTD 26-Dec-01
2118 MATSUSHI TV 26-Dec-01
2119 MAX INDIA LTD 26-Dec-01
2120 MAYO HOSPITALS LTD 26-Dec-01
2121 MAYUR UNIQUOTERS LTD 26-Dec-01
2122 McDowell & Company Ltd. 26-Dec-01
2123 MCNALLY BHARAT ENGG COMPANY LTD. 26-Dec-01
2124 MCS Limited 26-Dec-01
2125 MEDHAWI TRADERS LTD 26-Dec-01
2126 MEDIA VIDEO 26-Dec-01
2127 MEDICAMEN BIOTECH LTD 26-Dec-01
2128 MEDICORP TECHNOLOGIES (I) LTD 26-Dec-01
2129 MEDILINE EQUIP & COMPUTER SYS (I) LTD 26-Dec-01
2130 MEDINOVA DIAGNOSTICS SERVICES LTD 26-Dec-01
2131 MEFCOM CAPITAL MARKETS LTD 26-Dec-01
2132 MEFCOMS AGRO INDUSTRIES LTD 26-Dec-01
2133 Mega Channel Computers Limited 26-Dec-01
2134 MEGA CORPORATION LTD 26-Dec-01
2135 MELSTAR INFORMATION TECHNOLOGY LTD 26-Dec-01
2136 MERCURY FORGG & CASTING LTD 26-Dec-01
2137 MERCURY FUND MANAGEMENT CO LTD 26-Dec-01
2138 MERIT CREDIT CORPORATION LTD 26-Dec-01
2139 METALMAN INDUSTRIES LTD. 26-Dec-01
2140 METROCHEM INDUSTRIES LTD 26-Dec-01
2141 MEWAR INDUSTRIES LTD 26-Dec-01
2142 MICRO TECHNOLOGIES 26-Dec-01
2143 MICROCON INTERNATIONAL LIMITED 26-Dec-01
2144 MID INDIA INDUSTRIES LTD. 26-Dec-01
2145 MIDPOINT SOFTWARE & ELECRTO SYS LTD 26-Dec-01
2146 MIHIJAM VANASPATI LTD 26-Dec-01
2147 MILLENNIUM INFOCOM TECHNOLOGIES LTD. 26-Dec-01
2148 MILTON PLASTICS LTD. 26-Dec-01
2149 MINAXI TEXTILES LTD. 26-Dec-01
2150 MINDA HUF LTD 26-Dec-01
2151 MINDTECK INDIA LTD (formerly Hinditron Informatics Ltd) 26-Dec-01
2152 MINISOFT LTD (Gurshant Rotary Compressors) 26-Dec-01
2153 MINOLTA FINANCE LTD 26-Dec-01
2154 MINTAGE ELECTRO EQUIPMENTS LTD 26-Dec-01
2155 MIRC ELECTRONICS LIMITED 26-Dec-01
2156 MIRZA TANNERS LIMITED 26-Dec-01
2157 MOBILE TELECOMMUNICATIONS LTD 26-Dec-01
2158 MODEL FINANCIAL CORP LTD 26-Dec-01
2159 MODERN DAIRIES LTD 26-Dec-01
2160 MODERN FINANCIAL SERVICES LTD 26-Dec-01
2161 MODERN HOME CREDIT & CAPITAL LTD. 26-Dec-01
2162 MODEX INTERNATIONAL SECURITIES 26-Dec-01
2163 MODI HOOVER INTERNATIONAL LTD 26-Dec-01
2164 MODI LUFT LIMITED 26-Dec-01
2165 MODI RUBBER LIMITED 26-Dec-01
2166 MODIPON LTD. 26-Dec-01
2167 MOH Granites Limited 26-Dec-01
2168 MOHAN MEAKIN LTD 26-Dec-01
2169 MOHIT PAPER MILLS LTD 26-Dec-01
2170 MOLD-TEK PLASTICS 26-Dec-01
2171 MONALISA INFOTECH LTD. 26-Dec-01
2172 MONICA ELECTRONICS LTD 26-Dec-01
2173 MONNET ISPAT LTD 26-Dec-01
2174 MONOTONE EXP 26-Dec-01
2175 MONSANT.CHEM 26-Dec-01
2176 MONTARI INDUSTRIES LTD 26-Dec-01
2177 MOON DRUGS LTD. 26-Dec-01
2178 Morarka Finance Ltd. 26-Dec-01
2179 Morepan Laboratories Ltd. 26-Dec-01
2180 MOREPEN HOTELS LIMITED 26-Dec-01
2181 Morgan Stanley Growth Fund 26-Dec-01
2182 Moser-Bayer India Ltd. 26-Dec-01
2183 MOTHERSON SUMI SYSTEMS LIMITED 26-Dec-01
2184 MOTOR & GENERAL FINANCE LTD 26-Dec-01
2185 MOTOR INDUSTRIES COMPANY LTD. 26-Dec-01
2186 MOTOROL SPEC 26-Dec-01
2187 MOUNT EVEREST MINERAL WATER LTD 26-Dec-01
2188 MOUNT SHIVALIK INDUSTRIES LTD 26-Dec-01
2189 MOVILEX IRRIGATION LIMITED 26-Dec-01
2190 MRF Ltd. 26-Dec-01
2191 MRO - TEK Limited 26-Dec-01
2192 MSL INDUSTRIES LTD 26-Dec-01
2193 MTZ POLYESTERS LIMITED 26-Dec-01
2194 MTZ(INDIA) LIMITED 26-Dec-01
2195 MUDRA ISPAT LTD 26-Dec-01
2196 MUKAND ENGINEERS 26-Dec-01
2197 MUKAND LTD. 26-Dec-01
2198 MUKAT PIPES LTD 26-Dec-01
2199 MUKERIAN PAPER LTD. 26-Dec-01
2200 Mukesh Babu Financial Services Limited 26-Dec-01
2201 MUKUNDA INDUSTRIAL FINANCE LTD 26-Dec-01
2202 MULTI-ARC INDIA LTD 26-Dec-01
2203 MULTIPLUS RESOURCES LTD 26-Dec-01
2204 MUNJAL SHOWA LTD. 26-Dec-01
2205 MURARI INVESTMENT & TRADING CO LTD 26-Dec-01
2206 MURLI AGRO 26-Dec-01
2207 MURUDESHWAR CERAMICS LTD 26-Dec-01
2208 MUSK EXPORTS MARKETING 26-Dec-01
2209 MY FAIR LADY LTD 26-Dec-01
2210 MYSORE BREWERIES LTD 26-Dec-01
2211 MYSORE CEMENTS LTD 26-Dec-01
2212 MYSORE PETRO 26-Dec-01
2213 N C L INDUSTRIES LTD 26-Dec-01
2214 N G INDUSTRIES LTD 26-Dec-01
2215 N R I INVESTMENTS LTD 26-Dec-01
2216 NACHMO KNITEX LTD. 26-Dec-01
2217 NAGA DHUNSERI GROUP LTD 26-Dec-01
2218 NAGARJU DRUGS LTD 26-Dec-01
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2222 NAGPUR FOUNDARIES 26-Dec-01
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2250 Navneet Publications (India) Ltd. 26-Dec-01
2251 NCC FINANCE 26-Dec-01
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2253 NDA SECURITIES 26-Dec-01
2254 NEDUGANDI BANK LTD 26-Dec-01
2255 NEELACHAL TECHNOLOGIES LTD (for SHREE NEELACHAL LAB LTD) 26-Dec-01
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2257 NEIL INDUSTRIES LTD 26-Dec-01
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2264 Nestle (India) Ltd 26-Dec-01
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LTD
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2326 OMNI AX'S SOFTWARE LIMITED 26-Dec-01
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2328 ONIDA FINANCE 26-Dec-01
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2370 Paras Pharmaceuticals Limited 26-Dec-01
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2486 PUNJAB LAMPS 26-Dec-01
2487 PUNJAB ALKALIES AND CHEMICALS LTD. 26-Dec-01
2488 PUNJAB CHEMICALS & PHARMACEUTICALS LTD. 26-Dec-01
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2490 Punjab Tractors Ltd. 26-Dec-01
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2498 R C A LTD (for THE RANEEGUNGE COAL ASSOCIATION LTD) 26-Dec-01
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2500 R M MOHITE TEXTILES LIMITED 26-Dec-01
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2514 RAGHUNATH TOBACCO COMPANY LTD 26-Dec-01
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2521 RAJ PACKAGING INDUSTRIES LTD 26-Dec-01
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2523 RAJASTHAN POLYESTERS LTD 26-Dec-01
2524 RAJASTHAN SPINN & WEAV MILLS LTD. 26-Dec-01
2525 RAJDARSHAN INDUSTRIES LTD 26-Dec-01
2526 RAJESH EXPORTS 26-Dec-01
2527 RAJESH GLOBAL SOLUTIONS LTD 26-Dec-01
2528 RAJESWARI GRAPHICS LTD 26-Dec-01
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2530 RAJRATAN SYNTHETICS LTD 26-Dec-01
2531 RAJSHREE SUGAR & CHEMICAL LTD 26-Dec-01
2532 RALLIS INDIA LIMITED (PREF. SHARES) 26-Dec-01
2533 RAM INFORMATICS LIMITED 26-Dec-01
2534 RAMA NEWSPRI 26-Dec-01
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2536 RAMA PHOSPHATES LIMITED 26-Dec-01
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2539 Ramco Systems Limited 26-Dec-01
2540 RANA SUGARS LTD 26-Dec-01
2541 Ranbaxy laboratories Ltd 26-Dec-01
2542 RANE (MADRAS) LTD. 26-Dec-01
2543 RANE BRAKE LININGS 26-Dec-01
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2548 RAS PROPACK 26-Dec-01
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2550 RATHI GRAPHIC TECHNOLOGIES LTD 26-Dec-01
2551 RATHI ISPAT LTD 26-Dec-01
2552 RATHI UDYOG LTD 26-Dec-01
2553 RATNABALI CAPITAL MARKETS LTD 26-Dec-01
2554 RATNAJYOT METCAST LTD 26-Dec-01
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2556 RATTAN VANASPATI LTD 26-Dec-01
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2558 RAUNAQ FINANCE 26-Dec-01
2559 RAVAL FINANCE LTD 26-Dec-01
2560 RAVALGAON SUGAR FARM LTD 26-Dec-01
2561 RAVILEELA FIANANCE 26-Dec-01
2562 RAYMED LABS LTD 26-Dec-01
2563 Raymond Ltd. 26-Dec-01
2564 RCS FINANCIAL TECHNOLOGY LTD 26-Dec-01
2565 REAL STRIPS LTD 26-Dec-01
2566 REAL VALUE APPLIANCES LTD 26-Dec-01
2567 Reckitt & Coleman of India Ltd 26-Dec-01
2568 RECRON SYNTHETICS LTD (formerly RAYMOND SYNTHETICS LTD) 26-Dec-01
2569 Recursion Software Limited 26-Dec-01
2570 REFNOL RESINS & CHEMICALS LTD 26-Dec-01
2571 REGENCY CERAMICS LTD. 26-Dec-01
2572 REGENCY LEASING LTD 26-Dec-01
2573 REI AGRO LIMITED 26-Dec-01
2574 RELAXO FOOTWEAR 26-Dec-01
2575 RELIABLEI PLASTICS LTD 26-Dec-01
2576 Reliance Capital Ltd 26-Dec-01
2577 RELIANCEINDUSTRIAL INFRASTRUCTURE LTD. 26-Dec-01
2578 Reliance Industries Ltd 26-Dec-01
2579 Reliance Petroleum Ltd 26-Dec-01
2580 RELISH PHARMACEURICALS LTD 26-Dec-01
2581 REMSONS INDUSTRIES LTD 26-Dec-01
2582 REPL ENGINEERING LTD 26-Dec-01
2583 Repro India Limited 26-Dec-01
2584 REVATHI CP 26-Dec-01
2585 Rhone Poulene (India) Ltd. 26-Dec-01
2586 RICHFIELD FINANCIAL SERVICES LTD 26-Dec-01
2587 RICHIRICH AGRO LTD 26-Dec-01
2588 RICO AUTO INDUSTRIES LTD. 26-Dec-01
2589 RICOH INDIA 26-Dec-01
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2591 RIGA SUGAR COMPANY LTD 26-Dec-01
2592 RINKI PETRO 26-Dec-01
2593 RLF LTD 26-Dec-01
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2597 Rolta India Ltd. 26-Dec-01
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2617 RUSODAY & CO. 26-Dec-01
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2621 S KUMARS SYNFABS LIMITED 26-Dec-01
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2624 S.E. INVESTMENTS LTD 26-Dec-01
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2628 SAARC NET LTD. 26-Dec-01
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2654 SANMAC MOTOR 26-Dec-01
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2656 SANVAN SOFTWARE LTD. 26-Dec-01
2657 SANYO IMPEX 26-Dec-01
2658 SARASWATI INDUSTRIAL SYNDICATE LTD 26-Dec-01
2659 SARDA INFORMATION TECHNOLOGY LTD (for SARDA FASHIONS LTD) 26-Dec-01
2660 Sark Systems India Limited 26-Dec-01
2661 Saroh Infotech Limited 26-Dec-01
2662 SARVODAYA LABS LIMITED 26-Dec-01
2663 SATELLITE ENGINEERING LTD 26-Dec-01
2664 Sathavahana Ispat Limited 26-Dec-01
2665 SATIN CREDITCARE NETWORK LTD (for SATIN LEASING & FINANCE LTD) 26-Dec-01
2666 SATNAM OVERSEAS LTD. 26-Dec-01
2667 Satyam Computer Services Ltd 26-Dec-01
2668 SAUMYA CONSULTANTS LTD 26-Dec-01
2669 SAURASHTRA CEMENT LTD. 26-Dec-01
2670 SAVITA CHEMICALS LTD 26-Dec-01
2671 SAVITRI OVERSEAS LTD 26-Dec-01
2672 SAW PIPES LTD. 26-Dec-01
2673 SAWACA COMMUNICATIONS 26-Dec-01
2674 SAWACA FINANCE 26-Dec-01
2675 SAYAJI HOTELS LTD 26-Dec-01
2676 SBI HOME FINANCE LTD 26-Dec-01
2677 SCANPOINT GRAPHICS LTD 26-Dec-01
2678 SCHABLONA INDIA LTD 26-Dec-01
2679 SCHENECTADY - BECK INDIA LTD. 26-Dec-01
2680 SCINTILLA SOFTWARE TECHNOLOGY LIMITED 26-Dec-01
2681 SEAGULL LEAFIN LTD 26-Dec-01
2682 SEARCH CHEM. 26-Dec-01
2683 SEASONS TEXTILES LTD 26-Dec-01
2684 SECUNDERABAD HEALTHCARE LTD 26-Dec-01
2685 SEKURIT SAINT-GOBIAN INDIA 26-Dec-01
2686 SELAN EXPLOR 26-Dec-01
2687 SELVAS PHOTO 26-Dec-01
2688 SENBO INDUSTRIES LTD 26-Dec-01
2689 Sesa Goa Ltd 26-Dec-01
2690 SESHASAYEE PAPER & BOARDS LIMITED 26-Dec-01
2691 SGN TELECOMS LTD (for SGN CABLES INDUSTRIES LTD) 26-Dec-01
2692 SHAH ALLOYS LTD 26-Dec-01
2693 SHALIBHADRA INFOSEC LTD.(Shalibhadra Securities) 26-Dec-01
2694 SHALIMAR PAINTS LTD 26-Dec-01
2695 SHAMBHU MERCANTILE LTD 26-Dec-01
2696 SHAMKEN MULTIFAB LTD 26-Dec-01
2697 SHAMKEN SPINNERS LTD 26-Dec-01
2698 SHANTHI GEARS LTD 26-Dec-01
2699 SHAPRE GLOBAL SERVICES LIMITEED 26-Dec-01
2700 SHARDARAJ TRADEFIN LTD 26-Dec-01
2701 SHARON PHARMA 26-Dec-01
2702 SHARP INDUSTRIES LIMITED 26-Dec-01
2703 SHARPSCAN & PRINTS LTD 26-Dec-01
2704 SHASUN CHEMICALS & DRUGS LTD. 26-Dec-01
2705 SHAW WALLACE & COMPANY LTD. 26-Dec-01
2706 SHAW WALLACE GELATINES LIMITED 26-Dec-01
2707 SHETRON LTD 26-Dec-01
2708 SHIKHAR CONS 26-Dec-01
2709 SHILP GRAVUERS LTD 26-Dec-01
2710 SHILPA SOFTWARE CORPORATION LTD. 26-Dec-01
2711 SHIMOGA TECHNOLOGIES LTD (for SHIMOGA FORGE LTD) 26-Dec-01
2712 Shine Computech Limited 26-Dec-01
2713 SHIVA CEMENT LTD 26-Dec-01
2714 SHIVGARH RESORTS LIMITED 26-Dec-01
2715 SHIV-VANI UN 26-Dec-01
2716 SHOPPERS INVESTMENTS 26-Dec-01
2717 SHRACHI SECURITIES LTD 26-Dec-01
2718 SHREE AJIT PULP AND PAPER LTD 26-Dec-01
2719 Shree Cements Ltd. 26-Dec-01
2720 SHREE DIGVIJAY CEMENT COMPANY LTD. 26-Dec-01
2721 SHREE KRISHNA PAPER MILLS & IND. LTD 26-Dec-01
2722 SHREE KRISHNA PETRO YARNS LTD. 26-Dec-01
2723 SHREE KRISHNA POLYESTER LTD. 26-Dec-01
2724 SHREE RAJASTHAN SYNTEX LTD 26-Dec-01
2725 SHREE RAMA MULTI-TECH LIMITED 26-Dec-01
2726 SHREE SECURITIES LTD 26-Dec-01
2727 SHREE SHUBHLABH INFOLINE.COM 26-Dec-01
2728 SHREE SYNTH. 26-Dec-01
2729 SHREE TULSI ONLINE.COM LTD (for OSWAL COMMERCIALS LTD) 26-Dec-01
2730 SHREE VINDHYA PAPER MILLS LTD 26-Dec-01
2731 SHREEJI PHOSPHATE LTD (for SATYAM CEMENT LTD) 26-Dec-01
2732 SHRENUJ & CO. LTD. 26-Dec-01
2733 SHREYANS INDUSTRIES LTD 26-Dec-01
2734 SHREYAS SHIPPING LTD 26-Dec-01
2735 SHRI DINESH MILLS LTD 26-Dec-01
2736 SHRI GANESH SPINNERS 26-Dec-01
2737 SHRI MM SOFTECH 26-Dec-01
2738 SHRI NIRANJAN AYURVED BHAVAN LTD 26-Dec-01
2739 SHRI SHAKTI 26-Dec-01
2740 SHRIRAM CITY UNION FINANCE 26-Dec-01
2741 SHRIRAM INVESTMENTS LTD. 26-Dec-01
2742 SHRIRAM TRANSPORT FIN COMPANY LTD. 26-Dec-01
2743 Shriyam Securities & Finance Limited 26-Dec-01
2744 SHUBHAM INDUSTRIES LTD 26-Dec-01
2745 SHYAM SOFTWARE LTD.(Matrix Software Systems) 26-Dec-01
2746 SHYAM STAR GEMS LTD 26-Dec-01
2747 SHYAM TELECOM LIMITED 26-Dec-01
2748 SIBAR AUTOPARTS LTD 26-Dec-01
2749 SIBAR MEDIA AND ENTERTAINMENT 26-Dec-01
2750 SIBAR SOFTWARE SERVICES 26-Dec-01
2751 SIDDHARTHA TUBES LTD 26-Dec-01
2752 SIDDHESWARI GARMENTS LTD 26-Dec-01
2753 SIDH INDUSTRIES LTD 26-Dec-01
2754 Siemens Ltd. 26-Dec-01
2755 SIERRA OPTIM 26-Dec-01
2756 SILICON VALLEY INFOTECH LTD.(Prashant Global Finance) 26-Dec-01
2757 SILKTEX LIMITED 26-Dec-01
2758 SILTAP CHEMICALS LTD. 26-Dec-01
2759 SILVER SMITH INDIA LTD 26-Dec-01
2760 Silverline Industries Ltd. 26-Dec-01
2761 SIMBHAOLI SUGAR MILLS LTD 26-Dec-01
2762 SIMPLEX CONCRETE PILES (I) LTD 26-Dec-01
2763 SINCLAIRS HOTELS & TRANSPORTATION LTD 26-Dec-01
2764 SINDHU TRADE LINKS LTD 26-Dec-01
2765 SINGER INDIA LTD 26-Dec-01
2766 SINGHAL OVERSEAS LTD 26-Dec-01
2767 SINTEX INDUSTRIES LTD 26-Dec-01
2768 SIP INDUSTRIES 26-Dec-01
2769 SIP Technologies & Exports Limited 26-Dec-01
2770 SIRCO Software India Limited 26-Dec-01
2771 SIRPUR PAPER MILLS LTD 26-Dec-01
2772 SIV INDUSTRIES LIMITED 26-Dec-01
2773 SIYARAM SILK MILLS LTD 26-Dec-01
2774 SKF BEARINGS (INDIA) LTD 26-Dec-01
2775 SKM EGG PRODUCTS EXPORT(INDIA) LTD 26-Dec-01
2776 SKN INDUSTRIES LTD 26-Dec-01
2777 SKY INDUSTRIES LTD 26-Dec-01
2778 SKYLARK INDIA LTD 26-Dec-01
2779 SKYLID TELECOMMUNICATIONS LTD (formerly BROADVIEW CREDIT 26-Dec-01
2780 SKYLINE NEPC LTD 26-Dec-01
2781 SM DYECHEM LTD. 26-Dec-01
2782 SM TELESYS LTD (for SM ELECTRONICS & SERVICES ) 26-Dec-01
2783 SMC GLOBEL SECURITIES LTD 26-Dec-01
2784 SMIFS CAPITAL MARKETS LTD 26-Dec-01
2785 Smithkline Beech Cons Healthcare Lt 26-Dec-01
2786 Smithkline Beech Pharma (India) Ltd. 26-Dec-01
2787 SMZS CHEMICALS LTD 26-Dec-01
2788 SNOWCEM INDIA LTD. 26-Dec-01
2789 SNOWTEX UDYOG LTD 26-Dec-01
2790 SOFFIA SOFTWARE 26-Dec-01
2791 SOFTPRO COMPUTER 26-Dec-01
2792 SOFTSOL INDIA LIMITED 26-Dec-01
2793 SOLID CARBIDE TOOLS LTD 26-Dec-01
2794 SOLITAIRE MACHINE TOOLS LTD. 26-Dec-01
2795 SOM CONSTRUCTION AND DEVELOPERS LTD (for AXOM PIPES N TUBES) 26-Dec-01
2796 SOM DATT FINANCE CORPORATION LTD 26-Dec-01
2797 SOM DISTILLERIES & BREWERIES LTD 26-Dec-01
2798 SOMA TEXTILES & INDUST LTD 26-Dec-01
2799 SONA KOYO STEERING SYSTEMS LTD. 26-Dec-01
2800 SONATA SOFTWARE LTD 26-Dec-01
2801 SONI INFOSYS LTD.(Sony Corp. India) 26-Dec-01
2802 SOUND CRAFT INDUSTRIES LTD. 26-Dec-01
2803 South Asian Enterprises Limited 26-Dec-01
2804 SOUTH INDIA CORPORATION (AGENCY) LTD 26-Dec-01
2805 SOUTHERN HERBALS LTD 26-Dec-01
2806 SOUTHERN INFOSYS LTD (Disha Financial Services) 26-Dec-01
2807 SOUTHERN IRON 26-Dec-01
2808 Southern Online Services Limited 26-Dec-01
2809 Southern Petrochem Industries Ltd 26-Dec-01
2810 SPACE COMPUTER AND SYSTEMS LTD 26-Dec-01
2811 Spanco Telesystems & Solutions Limited 26-Dec-01
2812 SPARC SYSTEM 26-Dec-01
2813 SPARTEK CERAMICS (I) LTD 26-Dec-01
2814 SPECTRA INDU 26-Dec-01
2815 SPECTRUM FOODS LTD 26-Dec-01
2816 SPENTEX INDUSTRIES LTD 26-Dec-01
2817 SPIC ELECTRONICS & SYSTEMS LTD. 26-Dec-01
2818 SPL LIMITED 26-Dec-01
2819 SPS INTL LTD. 26-Dec-01
2820 SQL STAR INTERNATIONAL LTD. 26-Dec-01
2821 SREE RAYALASEEMA ALKALI & ALLIED CHEMICALS LIMITED 26-Dec-01
2822 SREE RAYALSEEMA HI-STRENGTH HYPO LTD 26-Dec-01
2823 SREI INTERNATIONAL LIMITED 26-Dec-01
2824 SRF LIMITED 26-Dec-01
2825 SRG INFOTEC LTD. 26-Dec-01
2826 SRH SYNTHETICS LTD 26-Dec-01
2827 Sri Adhikari Brothers TV Network Ltd 26-Dec-01
2828 SRI CHAKRA REMEDIES 26-Dec-01
2829 SRI GOPAL INVESTMENTS LTD 26-Dec-01
2830 SRI KRISHNA DRUGS LTD 26-Dec-01
2831 SRI SARITA SYNTHETICS LTD 26-Dec-01
2832 SRI VISHNU CEMENT LTD. 26-Dec-01
2833 SRINIVASA SHIPPING AND PROPERTY DEVELOPMENT LTD 26-Dec-01
2834 SRIVEN MULTI-TECH LIMITED 26-Dec-01
2835 SRU KNITTERS LTD 26-Dec-01
2836 SSI Ltd. 26-Dec-01
2837 STANDARD BATTERIES LTD 26-Dec-01
2838 STANDARD INDUSTRIES LTD. 26-Dec-01
2839 STAR LIGHT CREDIT (INDIA) LTD 26-Dec-01
2840 STAR PAPER MILLS LTD. 26-Dec-01
2841 STARCHIK SPECIALITIES LTD 26-Dec-01
2842 STARLITE COMPONENTS LTD 26-Dec-01
2843 State Bank of India 26-Dec-01
2844 Steel Authority of India Ltd 26-Dec-01
2845 STEEL STRIPS LEASING LTD 26-Dec-01
2846 STEEL STRIPS WHEELS LTD 26-Dec-01
2847 STEEL TUBES OF INDIA LIMITED 26-Dec-01
2848 STEELCO GUJARAT LTD 26-Dec-01
2849 STENCIL APPAREL BRANDS LTD 26-Dec-01
2850 STERLING HOLIDAY RESORTS (INDIA) LIMITED 26-Dec-01
2851 STERLING TEA AND INDS LTD 26-Dec-01
2852 STERLING TOOLS LTD. 26-Dec-01
2853 Sterlite Industries Ltd 26-Dec-01
2854 STG INTERNATIONAL 26-Dec-01
2855 STI INDIA LTD 26-Dec-01
2856 STL EXPORTS 26-Dec-01
2857 STONE INDIA LTD 26-Dec-01
2858 STRESSCRETE INDIA LTD 26-Dec-01
2859 STRIDES ARCOLAB LTD 26-Dec-01
2860 SUASHISH DIAMONDS LTD 26-Dec-01
2861 SUBEX SYSTEMS LTD. 26-Dec-01
2862 SUBHASH CAPITAL MARKETS LTD 26-Dec-01
2863 SUBHASH PROJECTS & MKT.LTD. 26-Dec-01
2864 SUBROS LTD. 26-Dec-01
2865 Suchinfotech Limited 26-Dec-01
2866 SUDEV INDUSTRIES LTD 26-Dec-01
2867 SUDHA COMMERCIAL CO LTD 26-Dec-01
2868 SULZER INDIA LTD 26-Dec-01
2869 SUMA FINANCE & INVESTMENT LTD 26-Dec-01
2870 SUMAN MOTELS LTD. 26-Dec-01
2871 SUMEDHA FISCAL SERVICES 26-Dec-01
2872 SUMERU LEASING & FINANCE LTD 26-Dec-01
2873 SUN BEAM INFOTECH LTD. 26-Dec-01
2874 SUN EARTH CERAMICS LIMITED 26-Dec-01
2875 SUN FINLEASE (GUJARAT) LTD 26-Dec-01
2876 SUN FLOWER COMMERCE LTD 26-Dec-01
2877 Sun Pharmaceutical Industries Ltd. 26-Dec-01
2878 SUNDARAM BRAKE LININGS LTD 26-Dec-01
2879 Sundaram Clayton Ltd. 26-Dec-01
2880 SUNDARAM FASTENERS LTD 26-Dec-01
2881 SUNDARAM FINANCE LIMITED 26-Dec-01
2882 SUNEHARI EXPORTS 26-Dec-01
2883 SUNFLAG IRON & STEEL CO.LTD 26-Dec-01
2884 SUNIL SYNCHEM LTD 26-Dec-01
2885 SUNITEE CHEMICALS LTD 26-Dec-01
2886 SUNKU AUTO LTD 26-Dec-01
2887 SUNSTAR LUBRICANTS LTD 26-Dec-01
2888 SUNSTAR SOFTWARE SYSTEMS LTD (for Aashi Leasing & Finance Ltd) 26-Dec-01
2889 SUPER BAKERS (INDIA) LTD 26-Dec-01
2890 SUPER FORGINGS AND STEELS LTD 26-Dec-01
2891 SUPER SALES AGENCIES LTD 26-Dec-01
2892 SUPER SPINNING MILLS LTD 26-Dec-01
2893 SUPER TEX. 26-Dec-01
2894 SUPERHOUSE LEATHERS LTD (for AMINSONS LTD) 26-Dec-01
2895 SUPERSTAR LEAFIN LTD 26-Dec-01
2896 SUPRAJIT ENGINEERING LTD 26-Dec-01
2897 SUPREME PETROCHEM LIMITED 26-Dec-01
2898 SUPRIYA PHARMACEUTICALS LTD 26-Dec-01
2899 SU-RAJ DIAMONDS (INDIA) LTD. 26-Dec-01
2900 SURAJ STAINLESS LTD 26-Dec-01
2901 SURANA STRIPS LTD 26-Dec-01
2902 SURANA TELE. 26-Dec-01
2903 SURAT ELECTRICITY COMPANY LTD 26-Dec-01
2904 SURAT TEXTILE MILLS LTD. 26-Dec-01
2905 SURPRISE TRADERS LTD 26-Dec-01
2906 SURYA AGROILS LTD 26-Dec-01
2907 SURYA JYOTI SPINNING MILLS LTD 26-Dec-01
2908 SURYA ROSHNI LTD. 26-Dec-01
2909 SURYACHAKRA SEAFOODS LTD 26-Dec-01
2910 SURYALAKSHMI COTTON MILLS LTD 26-Dec-01
2911 SURYALATA SPINNING MILLS LTD 26-Dec-01
2912 SURYANAGRI FINLEASE LTD 26-Dec-01
2913 SURYAVANSHI SPINNING MILLS LTD 26-Dec-01
2914 SURYODAY ALLO-METAL POWDERS LTD 26-Dec-01
2915 SURYODAYA PL 26-Dec-01
2916 SUTLEJ INDUSTRIES LTD (formerly, SUTLEJ COTTON MILLS LTD) 26-Dec-01
2917 SUVEN PHARMACEUTICALS LTD 26-Dec-01
2918 SUVRIDHI FINANCIAL SERVICES LTD 26-Dec-01
2919 SVAM SOFTWARE LTD 26-Dec-01
2920 SVC Superchem Limited 26-Dec-01
2921 SWAL COMPUTERS 26-Dec-01
2922 SWARAJ ENGINES LTD 26-Dec-01
2923 SWARAJ MAZDA 26-Dec-01
2924 SWASTI VINAYAKA SYNTHETICS LIMITED 26-Dec-01
2925 SWASTIK SECURITIES & FINANCE LTD 26-Dec-01
2926 SWIL LIMITED 26-Dec-01
2927 SWOJAS ENERG 26-Dec-01
2928 SWORD & SHIELD PHARMA LTD 26-Dec-01
2929 SYBLY INDUSTRIES LTD (for SYBLY SPINNING MILLS LTD) 26-Dec-01
2930 SYNDICATE BANK 26-Dec-01
2931 SYNERGY LOGIN SYSTEMS LTD.(Synergy Credit Corporation) 26-Dec-01
2932 SYNTHETICS & CHEMICALS LTD. 26-Dec-01
2933 Systematix Corporate Services Limited 26-Dec-01
2934 T & I GLOBAL LTD 26-Dec-01
2935 TAI CHONBANG TEXTILE INDUSTRIES LTD 26-Dec-01
2936 TAINWALA CHEMICAL AND PLASTICS 26-Dec-01
(I) LTD
2937 Tamil Nadu Petro Products Ltd. 26-Dec-01
2938 TAMILNADU NEWSPRINT & PAPER LTD. 26-Dec-01
2939 TAMILNADU TELECOMMUNICATIONS LTD 26-Dec-01
2940 TANEJA AEROSPACE AND AVIATION LTD 26-Dec-01
2941 TANFAC INDUSTRIES LTD 26-Dec-01
2942 TANLA SOLUTIONS LTD (for Prism Foods Ltd) 26-Dec-01
2943 TANU HEALTHCARE LTD 26-Dec-01
2944 TARAI FOODS LTD 26-Dec-01
2945 TATA ADVANCED MATERIALS LTD 26-Dec-01
2946 Tata Chemicals Ltd 26-Dec-01
2947 TATA DONNELY LTD 26-Dec-01
2948 Tata Elexi Ltd. 26-Dec-01
2949 TATA FINANCE LTD. 26-Dec-01
2950 TATA HONEYWELL LTD. 26-Dec-01
2951 Tata Infotech Ltd. 26-Dec-01
2952 TATA INVESTMENTS CORP LIMITED 26-Dec-01
2953 TATA METALIKS LTD 26-Dec-01
2954 Tata Power Co. Ltd 26-Dec-01
2955 TATA SPONGE IRON LTD. 26-Dec-01
2956 TATA SSL LTD. 26-Dec-01
2957 Tata Tea Ltd 26-Dec-01
2958 TATA TELECOM LTD. 26-Dec-01
2959 TATA TIMKEN LTD. 26-Dec-01
2960 TATA YODOGAWA LTD 26-Dec-01
2961 TCI FINANCE LTD 26-Dec-01
2962 TCI INDUSTRIES LTD. 26-Dec-01
2963 TEAGE LTD. 26-Dec-01
2964 TECHDNA SOLUTIONS LTD (for CRABTREE SECURITIES & CREDITS LTD) 26-Dec-01
2965 TECHNO ELECTRIC & ENGINEERING CO LTD 26-Dec-01
2966 TECHTRN POLYLENSES LTD 26-Dec-01
2967 TEJ INFOWAYS LTD (formerly, SITCO FINE PHARMACEUTICALS LTD) 26-Dec-01
2968 TELCO Ltd 26-Dec-01
2969 Tele Data Informatics Limited 26-Dec-01
2970 TELEPHONE CABLES LTD 26-Dec-01
2971 Telephoto Entertainments Limited 26-Dec-01
2972 Telesys Software Limited 26-Dec-01
2973 TELEVISION EIGHTEEN INDIA LIMITED 26-Dec-01
2974 TERRYGOLD (INDIA) LTD 26-Dec-01
2975 TEXMACO INDIA LTD 26-Dec-01
2976 TEXTOOL CO. LTD. 26-Dec-01
2977 TEZPORE TEA COMPANY LTD 26-Dec-01
2978 THE AHMEDABAD ELECTRICITY CO. LTD. 26-Dec-01
2979 THE ANDHRA VALLEY POWER SUPPLYCO. LTD. 26-Dec-01
2980 THE ANTIFRICTION BEARING CORP LIMITED 26-Dec-01
2981 THE ASSAM COMPANY LIMITED 26-Dec-01
2982 THE BISHNAUTH TEA CO. LTD 26-Dec-01
2983 THE BOMBAY BURMAH TRADING CORPN LTD. 26-Dec-01
2984 THE DHAMPUR SUGAR MILLS LTD. 26-Dec-01
2985 THE DHAR TEXTILE MILLS 26-Dec-01
2986 THE FACT LTD. 26-Dec-01
2987 THE GRAMAPHONE COMP OF INDIA LTD 26-Dec-01
2988 THE GROB TEA COMPANY LTD 26-Dec-01
2989 THE INDIAN CARD CLOTHING CO. LTD. 26-Dec-01
2990 THE JAMMU AND KASHMIR BANK LTD. 26-Dec-01
2991 THE MORARJEE GOCULDAS SPG. & WEAVING LTD. 26-Dec-01
2992 THE PREMIER AUTOMOBILES LTD. 26-Dec-01
2993 THE SHIPPING CORPORATION OF INDIA LTD. 26-Dec-01
2994 THE SOUTH INDIAN BANK LTD 26-Dec-01
2995 The Supreme Industries Ltd. 26-Dec-01
2996 THE TATA HYDRO ELEC POWER SUPPLY CO. LTD. 26-Dec-01
2997 THE UNITED WESTERN BANK LTD. 26-Dec-01
2998 The West Coast Paper Mills Limited 26-Dec-01
2999 THEMIS CHEMICALS LIMITED 26-Dec-01
3000 Thermax Ltd 26-Dec-01
3001 THIRANI PROJECTS LTD 26-Dec-01
3002 THIRDWAVE FINANCIAL INTERMEDIARIES LTD 26-Dec-01
3003 THIRU AROORAN SUGARS LTD 26-Dec-01
3004 THIRUMALAI CHEMICALS LTD 26-Dec-01
3005 Thomas Cook (India) Ltd. 26-Dec-01
3006 TICKWELL COMMERCIAL LTD 26-Dec-01
3007 TIDE WATER OIL CO. (INDIA) LTD 26-Dec-01
3008 TIL INFOTECH 26-Dec-01
3009 TIL LTD 26-Dec-01
3010 TIMES GUARANTY LTD 26-Dec-01
3011 TIMEX WATCHES LTD. 26-Dec-01
3012 TINNA OVERSEAS LTD 26-Dec-01
3013 TINPLATE COMPANY OF INDIA 26-Dec-01
3014 TIRUMALA SEUNG HAN TEXTILES LTD 26-Dec-01
3015 TIRUPATI SHELTERS LTD. 26-Dec-01
3016 TISCO Ltd 26-Dec-01
3017 TITAGARH INDUSTRIES LIMITED 26-Dec-01
3018 TITAN BIO-TECH LTD (formerly TITAN MEDICARE LTD) 26-Dec-01
3019 Titan Industries Ltd. 26-Dec-01
3020 TITANOR COMPONENTS LTD. 26-Dec-01
3021 TODAYS WRITING LTD 26-Dec-01
3022 TOKYO PLAST INTERNATIONAL LTD 26-Dec-01
3023 TOLANI BULK CARRIERS LTD 26-Dec-01
3024 TOP CASSETTES LTD 26-Dec-01
3025 TOP MEDIA ENTERTAINMENT LTD (formerly NAVYUG ELECTRIC LTD) 26-Dec-01
3026 TOPLIGHT COMMERCIAL 26-Dec-01
3027 TORRENT CABLES LTD 26-Dec-01
3028 TORRENT GUJARAT BI0TECH LTD 26-Dec-01
3029 Torrent Pharmaceuticals Ltd. 26-Dec-01
3030 TOUBRO INFOTECH & INDUSTRIES LTD 26-Dec-01
3031 TOURISM FINANCE CORPORATION OF INDIA LTD. 26-Dec-01
3032 TOYAMA ELECTRIC LTD 26-Dec-01
3033 TPI INDIA LTD 26-Dec-01
3034 TRANS TECHNO FOODS LTD 26-Dec-01
3035 TRANSCHEM 26-Dec-01
3036 TRANSCON RESEARCH AND INFOTECH LTD 26-Dec-01
3037 TRANSMATIC SYSTEMS LTD 26-Dec-01
3038 TRANSPEK INDUSTRY LTD. 26-Dec-01
3039 TRANSPORT CORP.OF INDIA (Formerly TCI Industries Limited) 26-Dec-01
3040 Trent Ltd. 26-Dec-01
3041 TRICOM FINAN 26-Dec-01
3042 TRIDENT PROJ 26-Dec-01
3043 TRILLIENIUM TECHNOLOGIES LTD. 26-Dec-01
3044 TRISHANKTI ELECTRONICS & INDUS LTD 26-Dec-01
3045 TRIUMPH INTERNATIONAL FINANCE LIMITED 26-Dec-01
3046 TRIVENI ENGG & IND LTD 26-Dec-01
3047 TRIVENI GLASS LTD. 26-Dec-01
3048 TTK HEALTHCARE LTD (for TTK PHARMA LTD) 26-Dec-01
3049 TTK PRESTIGE 26-Dec-01
3050 TUBE INVESTMENTS OF INDIA LTD. 26-Dec-01
3051 TUDOR INDIA LIMITED 26-Dec-01
3052 TULIP FINANCE LTD 26-Dec-01
3053 TUTICORN ALKALI CHEMICALS & FERT. LTD. 26-Dec-01
3054 TVS ELECTRONICS LTD. 26-Dec-01
3055 TVS SRICHAKRA LTD. 26-Dec-01
3056 TVS Suzuki Ltd 26-Dec-01
3057 TWINSTAR SOFTWARE EXPORTS LIMITED 26-Dec-01
3058 TYCHE PERIPHERALS LIMITED 26-Dec-01
3059 TYROON TEA COMPANY LTD 26-Dec-01
3060 U T LTD 26-Dec-01
3061 U.P.ASBESTOS LTD 26-Dec-01
3062 UB ENGINEERING LTD 26-Dec-01
3063 UCAL FUEL SYSTEMS LTD. 26-Dec-01
3064 ULTRAMARINE & PIGMENTS LTD. 26-Dec-01
3065 UMA PETROPRODUCTS INDIA LTD 26-Dec-01
3066 Unichem Laboratories Ltd. 26-Dec-01
3067 UNIFLEX CABLE 26-Dec-01
3068 UNIMIN INDIA LTD 26-Dec-01
3069 UNIPORT COMP 26-Dec-01
3070 UNIPRODUCTS (INDIA) LTD 26-Dec-01
3071 UNIQUE MANUFACTURING & MARKETING LTD 26-Dec-01
3072 UNISON METALS LTD 26-Dec-01
3073 UNISYS SOFTWARES & HOLDING LTD (Classic Housing Finance Ltd) 26-Dec-01
3074 UNITECH LTD. 26-Dec-01
3075 UNITED BREWERIES LTD. 26-Dec-01
3076 UNITED CREDIT LTD 26-Dec-01
3077 United Phosphoros Ltd. 26-Dec-01
3078 UNIVERSAL CABLES LTD. 26-Dec-01
3079 UNIVERSAL PLASTICS LTD 26-Dec-01
3080 UNIWORTH (WOOLWORTH INDIA) LTD. 26-Dec-01
3081 UNIWORTH TEXTILES LTD ( for FABWORTH (I) LTD) 26-Dec-01
3082 UNO METALS LTD 26-Dec-01
3083 UPPER GANGES SUGAR & INDUSTRIES 26-Dec-01
3084 UPSURGE INVE 26-Dec-01
3085 USHA (INDIA) LTD. 26-Dec-01
3086 USHA BELTRON LTD 26-Dec-01
3087 USHA INTERNATIONAL LTD 26-Dec-01
3088 USHA ISPAT LTD. 26-Dec-01
3089 USHAKIRAN FINANCE LTD 26-Dec-01
3090 UTI BANK LTD 26-Dec-01
3091 UTI GRANDMASTER UNIT SCHEME 93 26-Dec-01
3092 UTI Master Share 86. 26-Dec-01
3093 UTI MASTERGAIN 92 26-Dec-01
3094 UTI MASTERGROWTH 93 26-Dec-01
3095 UTI MASTERPLUS 91 26-Dec-01
3096 UTI UNIT '64 SCHEME 26-Dec-01
3097 UTKAL SOAP PRODUCTS LTD 26-Dec-01
3098 UTTAM COMMERCIAL LTD 26-Dec-01
3099 UTTAM STEELS LTD. 26-Dec-01
3100 V C K CAPITAL MARKETS SERVICES 26-Dec-01
3101 V.I.P. INDUSTRIES LTD. 26-Dec-01
3102 VAIBHAV GEMS LIMITED 26-Dec-01
3103 VAJRA BEARINGS LTD 26-Dec-01
3104 VAKRANGEE SOFTWARES LTD. 26-Dec-01
3105 VALIANT COMM 26-Dec-01
3106 VALSON INDUSTRIES LIMITED 26-Dec-01
3107 VAM ORGANIC CHEMICALS LIMITED 26-Dec-01
3108 VANAVIL DYES 26-Dec-01
3109 VANS INFO AND INV. 26-Dec-01
3110 Vantage Corprate Services Limited 26-Dec-01
3111 VANTEL TECHNOLOGIES 26-Dec-01
3112 VARANASI COMMERCIAL LTD 26-Dec-01
3113 VARDHAMAN POLYTEX LIMITED 26-Dec-01
3114 VARDHAMAN SPINNING & GEN MILLS LTD 26-Dec-01
3115 VARUN SHIPPING CO. LTD. 26-Dec-01
3116 VASHISTI DETERGENTS LTD. 26-Dec-01
3117 VATICAN COMMERCIALS LTD 26-Dec-01
3118 VATSA CORP0RATION LTD 26-Dec-01
3119 VATSA EDUCATION LIMITED 26-Dec-01
3120 VATSA INFOTECH LTD.(Dharisons Enterprises Ltd) 26-Dec-01
3121 VATSA MUSIC 26-Dec-01
3122 VAX HOUSING FINANCE CORPORATION LTD 26-Dec-01
3123 VBC INDSUSTRIES LTD 26-Dec-01
3124 VENTRON POLYMERS LTD 26-Dec-01
3125 VENUS LEASING & FINANCE LTD 26-Dec-01
3126 VENUS REMEDIES LTD 26-Dec-01
3127 VENUS SUGAR LTD 26-Dec-01
3128 VERA LABORATORIES LTD 26-Dec-01
3129 VERONICA LABORATORIES LTD 26-Dec-01
3130 VESUVIUS INDIA LTD 26-Dec-01
3131 VICKERS SYSTEMS INTL LTD 26-Dec-01
3132 VIDEOCON APPLIANCES LTD. 26-Dec-01
3133 Videocon International Ltd. 26-Dec-01
3134 VIDEOCON LEASING & INDUSTRIAL FINANCE LTD 26-Dec-01
3135 Videsh Sanchar Nigam Ltd 26-Dec-01
3136 VIDHI DYESTUFF MANUFACTURING LTD 26-Dec-01
3137 VIJAY GROWTH FINANCIAL SERVICES LTD 26-Dec-01
3138 VIKAS LAMINATOR LTD 26-Dec-01
3139 VIKAS LEASING LIMITED 26-Dec-01
3140 VIKAS WSP LTD. 26-Dec-01
3141 VIKASJYOTI COMMERCE LTD 26-Dec-01
3142 Vikram Software Limited 26-Dec-01
3143 VIMTA LABS LTD 26-Dec-01
3144 VINATI ORGANICS LIMITED 26-Dec-01
3145 VINCENT COMMERCIAL Co. Ltd 26-Dec-01
3146 VINDHYA TELELINKS LTD. 26-Dec-01
3147 VINITRON INFORMATICS LTD. 26-Dec-01
3148 VINTAGE CARDS & CREATIONS LIMITED 26-Dec-01
3149 VINTAGE SECURITIES LTD 26-Dec-01
3150 VINYL CHEMICALS (INDIA) LTD. 26-Dec-01
3151 VIRAL SYNTEX LTD 26-Dec-01
3152 VIRAT CRANE IND. LTD 26-Dec-01
3153 Virtual Dynamics Software Limited 26-Dec-01
3154 VISAKA INDS 26-Dec-01
3155 VISHESH INFOSYSTEMS LTD 26-Dec-01
3156 VISHWAS STEELS LTD 26-Dec-01
3157 VISION TECNOLOGIES LTD 26-Dec-01
3158 VISTA PHARMACEUTICALS LTD 26-Dec-01
3159 VISU CYBERTECH LTD 26-Dec-01
3160 Visualsoft (India) Ltd. 26-Dec-01
3161 Vital Communications Limited 26-Dec-01
3162 VIVID CHEMICALS LTD 26-Dec-01
3163 VJIL CONSULTING LTD 26-Dec-01
3164 VLS FINANCE LTD. 26-Dec-01
3165 VMC SOFTWARE LTD.(Vidhan Mercantile Co. Ltd) 26-Dec-01
3166 VMF SOFTECH LTD. 26-Dec-01
3167 VOLGA AIRTECHNICS LTD 26-Dec-01
3168 Voltas Ltd. 26-Dec-01
3169 VST INDUSTRIES LIMITED 26-Dec-01
3170 VULCAN ENGINEERS LTD 26-Dec-01
3171 VXL INSTRUMENTS 26-Dec-01
3172 VYSYA BANK LTD 26-Dec-01
3173 W H BRADY & CO LIMITED 26-Dec-01
3174 W S INDUSTRIES (INDIA) LTD 26-Dec-01
3175 WALCHANDNAGAR INDUSTRIES LTD 26-Dec-01
3176 WARNER MULTIMEDIA LTD (For CLASSIC GLOBAL SECURITIES LTD) 26-Dec-01
3177 WARREN TEA LTD. 26-Dec-01
3178 Wartsila NSD Ltd 26-Dec-01
3179 WASHINGTON SOFTWARE 26-Dec-01
3180 Weal Infotech Limited 26-Dec-01
3181 WEBCITY INFOSYS LTD.(Sunrise Securities Ltd) 26-Dec-01
3182 WEBEL-SL ENERGY SYSTEMS LTD 26-Dec-01
3183 WEBPULSE CONSULTING (INDIA).COM LTD
(for SACHDEV INTERNATIONAL LTD) 26-Dec-01
3184 WEIZMANN LTD. 26-Dec-01
3185 WELCOME COIR INDUSTRIES LTD 26-Dec-01
3186 WELCURE DRUGS & PHARMACEUTICAL LTD 26-Dec-01
3187 WELLMAN INCANDESCENT (I) LTD 26-Dec-01
3188 WELLWIN INDUSTRY LIMITED 26-Dec-01
3189 WELSPUN FINANCE LTD (for KAVERI LEASING LTD) 26-Dec-01
3190 Welspun Gujarat Stahl Rohren Limited 26-Dec-01
3191 Welspun India Limited 26-Dec-01
3192 WELSPUN STAH 26-Dec-01
3193 Welspun Syntex Limited 26-Dec-01
3194 WENDT (INDIA) LTD 26-Dec-01
3195 WESTERN HATCHERIES LTD. 26-Dec-01
3196 WESTERN INDIA SHIPYARD LTD 26-Dec-01
3197 WESTERN INDUSTRIES LTD 26-Dec-01
3198 WHEELS INDIA LTD 26-Dec-01
3199 WHIRLPOOL OF INDIA LTD 26-Dec-01
3200 WHITE DIAMOND INDUSTRIES LTD 26-Dec-01
3201 WIDIA (INDIA) LTD. 26-Dec-01
3202 WILLARD INDIA LTD 26-Dec-01
3203 WILLIAMSON MAGOR & CO. LTD. 26-Dec-01
3204 WIM PLAST LTD 26-Dec-01
3205 WIMCO 26-Dec-01
3206 WINSOME BREWERIES LTD 26-Dec-01
3207 WINSOME TEXTILE INDUSTRIES LTD 26-Dec-01
3208 WINSOME YARNS LTD 26-Dec-01
3209 WINTAC LTD (for RECON LTD) 26-Dec-01
3210 WINY COMMERCIAL & FISCAL SERVICES LTD 26-Dec-01
3211 WIPRO Ltd 26-Dec-01
3212 WISEC GLOBAL LTD 26-Dec-01
3213 WOCKHARDT LIFE SCIENCES LTD 26-Dec-01
3214 WOCKHARDT LTD 26-Dec-01
3215 WORLDWIDE TEL 26-Dec-01
3216 WYETH LEDERLE LTD. 26-Dec-01
3217 XEDD TELECOM LTD 26-Dec-01
3218 XO INFOTECH LTD (formerly XO TRONICS LTD) 26-Dec-01
3219 XPRO INDIA LTD. 26-Dec-01
3220 YARN SYNDICATE LTD 26-Dec-01
3221 YASH MANAGEMENT 26-Dec-01
3222 YATISH SECURITIES LTD 26-Dec-01
3223 YOGI SUNGWON 26-Dec-01
3224 YOKOGAWA BLUE STAR LTD. 26-Dec-01
3225 YUKEN INDIA LTD 26-Dec-01
3226 YULE FINANCING & LEASING CO. LTD 26-Dec-01
3227 Z F STEERING GEAR (I) LTD 26-Dec-01
3228 ZANDU PHARMACEUTICAL WORKS LTD. 26-Dec-01
3229 Zee Telefilms Ltd 26-Dec-01
3230 Zen Soft Solutions Limited 26-Dec-01
3231 Zen Technologies Limited 26-Dec-01
3232 ZEN YARNS LTD. 26-Dec-01
3233 ZENERGY LTD 26-Dec-01
3234 ZENITH COMPUTERS LTD 26-Dec-01
3235 ZENITH EXPORTS LTD 26-Dec-01
3236 ZENITH FIBRES LTD 26-Dec-01
3237 ZENITH GLOBAL CONSULTANTS 26-Dec-01
3238 ZENITH HEALTH CARE LTD. 26-Dec-01
3239 ZENITH INFOTECH LIMITED 26-Dec-01
3240 ZICOM ELECT. 26-Dec-01
3241 ZIGMA SOFTWARE LTD 26-Dec-01
3242 ZODIAC CLOTHNG 26-Dec-01
3243 ZODIAC-JRD-MKJ LIMITED 26-Dec-01
3244 ZUARI INDUSTRIES LTD. 26-Dec-01
3245 Amit Securities Limited 26-Dec-01
3246 Anil Starch Specialities Ltd 26-Dec-01
3247 Anod Plasma Spray Limited 26-Dec-01
3248 Arihant Finance (India) Ltd 26-Dec-01
3249 Arpan Leasing Company Ltd 26-Dec-01
3250 Ascent Exim (India) Limited 26-Dec-01
3251 Bajaj Electricals Ltd 26-Dec-01
3252 Beekay Engineering & Castings Ltd. 26-Dec-01
3253 Bombay Baroda Roadways (India) Limited 26-Dec-01
3254 Brilliant Securities Limited 26-Dec-01
3255 Castron Technologies Limited 26-Dec-01
3256 Chitrakut Holdings Limited 26-Dec-01
3257 Creative Castings Ltd 26-Dec-01
3258 Elegant Floriculture & Agrotech (India) Ltd. 26-Dec-01
3259 Flawless Diamonds (India) Limited 26-Dec-01
3260 Garg Furnace Ltd 26-Dec-01
3261 Global e-Solutions Ltd (For Southern Peninsula Housing Ltd) 26-Dec-01
3262 Haryana Suraj Maltings Limited 26-Dec-01
3263 Havmore Financial Services (India) Ltd 26-Dec-01
3264 Hindustan Stockland Ltd. 26-Dec-01
3265 Horizon Multiprojects Limited 26-Dec-01
3266 Indiana Current Control Ltd 26-Dec-01
3267 Infrastructure Leasing & Financial Services Limited (IL&FS) 26-Dec-01
3268 Jaju Enterprises Limited 26-Dec-01
3269 Jindal Hotels Limited 26-Dec-01
3270 K V Foundations India Ltd 26-Dec-01
3271 Kakatiya Textiles Limited 26-Dec-01
3272 Ketki India Ltd 26-Dec-01
3273 KFA Corporation Ltd. 26-Dec-01
3274 Kishco Cutlery Ltd 26-Dec-01
3275 Krishna Industrial Corporation Ltd. 26-Dec-01
3276 Krishna Knitwear Technology Limited 26-Dec-01
3277 Liberty Oil Mills Limited 26-Dec-01
3278 Libords Securities Limited 26-Dec-01
3279 Manoj Housing Finance Company Limited 26-Dec-01
3280 Mansi Finance (Chennai) Limited 26-Dec-01
3281 Mardia Extrusions Limited 26-Dec-01
3282 Mather & Platt Fire Systems Ltd (formerly, Veedip Financial Services Pvt. Ltd) 26-Dec-01
3283 Mather & Platt Pumps Ltd (formerly, Datum Trading Pvt. Ltd) 26-Dec-01
3284 Metal Coatings (India) Limited 26-Dec-01
3285 Minda Finance Ltd 26-Dec-01
3286 Parsharti Investment Limited 26-Dec-01
3287 Ram Ratna Wires Limited 26-Dec-01
3288 Rock Hard Petro Chemical Industries Limited 26-Dec-01
3289 Sakthi Finance Limited 26-Dec-01
3290 Shakti Pumps (India) Limited 26-Dec-01
3291 Shripet Cybertech Systems Limited 26-Dec-01
3292 Shukra Jewellery Limited 26-Dec-01
3293 Sonia Textiles Ltd 26-Dec-01
3294 Steelcast Ltd 26-Dec-01
3295 Subuthi Finance Ltd 26-Dec-01
3296 Sunshield Chemicals Ltd 26-Dec-01
3297 Supreme Oriented Films Limited 26-Dec-01
3298 The Dawn Mills Company Limited 26-Dec-01
3299 The Jeypore Sugar Company Ltd. 26-Dec-01
3300 The Moran Tea Company (India) Limited 26-Dec-01
3301 The Ruby Mills Limited 26-Dec-01
3302 The Ugar Sugar Works Limited 26-Dec-01
3303 Tilaknagar Industries Ltd 26-Dec-01
3304 Vallabh Steels Limited 26-Dec-01
3305 Vardhman Industries Limited 26-Dec-01
3306 Bacchhat Investment & Finance Limited 26-Dec-01
3307 Balaji Amines Limited 26-Dec-01
3308 Balmer Lawrie-Van Leer Limited 26-Dec-01
3309 Basant Agro Tech (India) Limited 26-Dec-01
3310 Capman Financials Limited 26-Dec-01
3311 Chemfab Alkalis Limited 26-Dec-01
3312 Country Credit Capital Ltd 26-Dec-01
3313 Cravatex Limited 26-Dec-01
3314 Delhi Merchant Bankers Limited 26-Dec-01
3315 DFL Finance Ltd 26-Dec-01
3316 Endo Labs Limited 26-Dec-01
3317 Galada Finance Limited 26-Dec-01
3318 Gobind Sugar Mills Limited 26-Dec-01
3319 Grauer & Weil (India) Limited 26-Dec-01
3320 Hillock Agro Foods India Limited 26-Dec-01
3321 Kamar Chemicals & Industries Limited 26-Dec-01
3322 Ken Financial Services Limited 26-Dec-01
3323 Kothari Plantations & Industries Limited 26-Dec-01
3324 LMJ Services Limited 26-Dec-01
3325 Mewar Polytex Limited 26-Dec-01
3326 Minda Industries Ltd 26-Dec-01
3327 Nice Papers Limited 26-Dec-01
3328 Overseas Cables Ltd 26-Dec-01
3329 Overseas Finlease Ltd 26-Dec-01
3330 Peirce Leslie India Limited 26-Dec-01
3331 Prime Textiles Limited 26-Dec-01
3332 Ranisati Commercial Company Ltd 26-Dec-01
3333 Rasoi Limited 26-Dec-01
3334 Safari Industries (India) Limited 26-Dec-01
3335 Shalimar Agro Products Limited 26-Dec-01
3336 Shree Nidhi Trading Company Limited 26-Dec-01
3337 SI Property Development Ltd 26-Dec-01
3338 Sri Nachammai Cotton Mills Limited 26-Dec-01
3339 Srinivasa Hatcheries Limited 26-Dec-01
3340 Swastik Spintex Limited 26-Dec-01
3341 The Pratappur Sugar & Industries Limited 26-Dec-01
3342 Transcorp International Limited 26-Dec-01
3343 Trident Alco-Chem Limited 26-Dec-01
3344 Trijal Industries Limited 26-Dec-01
3345 Universal Starch-Chem Allied Limited 26-Dec-01
3346 Vanasthali Textile Industries Limited 26-Dec-01
3347 VBC Ferro Alloys Limited 26-Dec-01
3348 Veerprabhu Marketing Limited 26-Dec-01
3349 WPIL Ltd (formerly, Worthington Pump India Ltd) 26-Dec-01
3350 Zim Laboratories Limited 26-Dec-01
3351 Akar Laminators Limited 31-Jan-02
3352 Bajaj Tempo Limited 31-Jan-02
3353 Hitkari China Limited 31-Jan-02
3354 Monozyme India Limied 31-Jan-02
3355 Polar Pharma India Limited (formerly Polar Latex Limited) 31-Jan-02
3356 Tata Coffee Limited (formerly Consolidated Coffee Ltd) 31-Jan-02
3357 The Rai Saheb Rekhchand Mohata Spinning and Weaving Mills Ltd 31-Jan-02
3358 TSL Industries Limited 31-Jan-02
3359 Anglo-French Drugs & Industries Ltd 31-Jan-02
3360 Arihant Ltd 31-Jan-02
3361 Arunoday Mills Ltd. 31-Jan-02
3362 Ask Financial Services Ltd. 31-Jan-02
3363 Associated Pigments Ltd 31-Jan-02
3364 Associated Transrail Structures Ltd. 31-Jan-02
3365 Betala Global Securities Ltd 31-Jan-02
3366 Bhaktwatsal Investments Ltd 31-Jan-02
3367 Bhandari Hosiery Exports Ltd. 31-Jan-02
3368 Bhilwara Holdings Ltd. 31-Jan-02
3369 Bigoo Investments Ltd. 31-Jan-02
3370 Birla Capital & Financial Services Ltd (formerly, Dolphin International Ltd) 31-Jan-02
3371 Birla Kennametal Ltd 31-Jan-02
3372 Carbon Specialities Ltd 31-Jan-02
3373 Chemcaps Ltd. 31-Jan-02
3374 Classique Trade Holdings Ltd 31-Jan-02
3375 Coral India Finance and Housing Ltd. 31-Jan-02
3376 Coral Laboratories Ltd 31-Jan-02
3377 Datt Mediproducts Ltd 31-Jan-02
3378 Dazzel Confindive Ltd 31-Jan-02
3379 Delta Paper Mills Ltd. 31-Jan-02
3380 Denison Hydraulics India Ltd 31-Jan-02
3381 Express Leasing Ltd 31-Jan-02
3382 Finalysis Credit & Guarantee Co Ltd. 31-Jan-02
3383 Focus Industrial Resources Ltd. 31-Jan-02
3384 GDL Leasing & Finance Ltd 31-Jan-02
3385 Gemini Tradelinks Ltd 31-Jan-02
3386 Globe Soya Products Ltd. 31-Jan-02
3387 Graceful Properties Ltd 31-Jan-02
3388 Gruh Finance Limited 31-Jan-02
3389 Hasimara Industries Ltd. 31-Jan-02
3390 Hercules Hoists Ltd 31-Jan-02
3391 Himatsingka Auto Enterprises Ltd 31-Jan-02
3392 Hiran Orgochem Ltd 31-Jan-02
3393 Incon Engineers Ltd 31-Jan-02
3394 India Motor Parts & Accessories Ltd 31-Jan-02
3395 Indian Wood Products Company Ltd 31-Jan-02
3396 Inox Leasing and Finance Ltd. 31-Jan-02
3397 Integra Hindustan Control Ltd 31-Jan-02
3398 Investment & Precision Castings Ltd. 31-Jan-02
3399 Jupiter Biotech Ltd (formerly, Gujarat Vita Pharma Ltd) 31-Jan-02
3400 Kanpur Plastipack Ltd 31-Jan-02
3401 Katwa Udyog Ltd 31-Jan-02
3402 Keswani Synthetics Industries Ltd. 31-Jan-02
3403 Madhucon Projects Ltd 31-Jan-02
3404 Minal Engineering Ltd. 31-Jan-02
3405 Monnet Industries Ltd. 31-Jan-02
3406 Munoth Investments Ltd 31-Jan-02
3407 Nakoda Textile Industries Ltd 31-Jan-02
3408 Paco Exports Ltd. 31-Jan-02
3409 Permanent Magnets Ltd. 31-Jan-02
3410 Poddar Heritage Investments Ltd 31-Jan-02
3411 Prajeev Investments Ltd. 31-Jan-02
3412 Prashant Investments Ltd. 31-Jan-02
3413 Precision Paper Industries Ltd 31-Jan-02
3414 Premier Auto Finance Ltd 31-Jan-02
3415 Premier Tyres Ltd 31-Jan-02
3416 Priya International Ltd. 31-Jan-02
3417 PSTS Heavy Lift & Shift Ltd (formerly, PSTS Heavy Equipments Ltd) 31-Jan-02
3418 Rajapalayam Mills Ltd. 31-Jan-02
3419 Rathi Mercantile Industries Ltd 31-Jan-02
3420 Reliance Commercial Company Ltd. 31-Jan-02
3421 Riverdale Foods LTD. 31-Jan-02
3422 Rochees Breweries Ltd. 31-Jan-02
3423 Roopacherra Tea Company Ltd. 31-Jan-02
3424 Rose Merc Ltd (formerly Rose Patel Mercantile Company Ltd) 31-Jan-02
3425 Ruby Traders & Exporters Ltd 31-Jan-02
3426 Salona Cotspin Ltd. 31-Jan-02
3427 Seymour Technologies Ltd 31-Jan-02
3428 Shalimar Agencies Ltd. 31-Jan-02
3429 Shauma Vanijya Pratisthan Ltd. 31-Jan-02
3430 Sidh Leasing Ltd. 31-Jan-02
3431 Smruthi Organics Ltd. 31-Jan-02
3432 Softrak Venture Investment Ltd 31-Jan-02
3433 Spencer and Company Ltd. 31-Jan-02
3434 Sri Vasavi Industries Ltd 31-Jan-02
3435 Sumeet Industries Ltd (formerly, Sumeet Synthetics Ltd) 31-Jan-02
3436 Surya India Ltd. 31-Jan-02
3437 The Ramaraju Surgical Cotton Mills Ltd. 31-Jan-02
3438 Tulsyan NEC Ltd. 31-Jan-02
3439 Twenty First Century (India) Ltd 31-Jan-02
3440 U P Hotels Ltd 31-Jan-02
3441 Vadilal EnterprisesLtd. 31-Jan-02
3442 AARSREE AGRA LIMITED 6-Jun-02
3443 ABHYUDYA TRADING LIMITED 6-Jun-02
3444 AKAR TOOLS LIMITED 6-Jun-02
3445 AMAR SHAKTI COMMERCE & INDUSTRIES LIMITED 6-Jun-02
3446 AMLUCKIE INVESTMENT COMPANY LIMITED 6-Jun-02
3447 BHAGHEERATHA ENGINEERING LIMITED 6-Jun-02
3448 BODHTREE CONSULTING LIMITED 6-Jun-02
3449 BRIJLAXMI LEASING AND FINANCE LIMITED 6-Jun-02
3450 CAPRICORN SYSTEMS GLOBAL SOLUTIONS LIMITED 6-Jun-02
3451 ELDER HEALTH CARE LIMITED 6-Jun-02
3452 EURO LEDER FASHION LIMITED 6-Jun-02
3453 FOODS AND INNS LIMITED 6-Jun-02
3454 GUJARAT HOTELS LTD 6-Jun-02
3455 HIGH ENERGY BATTERIES (INDIA) LIMITED 6-Jun-02
3456 HIND ISPAT LIMITED 6-Jun-02
3457 ICDS SECURITIES LIMITED 6-Jun-02
3458 INDO GREEN PROJECTS LIMITED 6-Jun-02
3459 INDUS SOFTWARE PRIVATE LIMITED 6-Jun-02
3460 INTEGRATED FINANCE COMPANY LIMITED 6-Jun-02
3461 IPISTEEL LIMITED 6-Jun-02
3462 IRC LEASING & FINANCE LIMITED 6-Jun-02
3463 IRC WORLDWIDE COURIERS LIMITED 6-Jun-02
3464 JAYSHREE NIRMAN LIMITED 6-Jun-02
3465 JAYSHREE POLYTEX LIMITED 6-Jun-02
3466 JMT AUTO LIMITED 6-Jun-02
3467 JUPITER ASSOCIATES LIMITED 6-Jun-02
3468 KOHINOOR CAPITAL & SECURITIES LIMITED 6-Jun-02
3469 KSE LIMITED 6-Jun-02
3470 LANYARD FOODS LIMITED 6-Jun-02
3471 LIKHAMI COMMERCIAL COMPANY LIMITED 6-Jun-02
3472 MANAVTA HOLDINGS LIMITED 6-Jun-02
3473 MAZDA LIMITED (FOR MAZDA CONTROLS LTD) 6-Jun-02
3474 MORGAN INDUSTRIES LIMITED 6-Jun-02
3475 NAGESHWAR INVESTMENT LTD 6-Jun-02
3476 NGL-FINE CHEM LIMITED 6-Jun-02
3477 OBJECTONE INFORMATION SYSTEM LIMITED 6-Jun-02
3478 PANTALOON INDUSTRIES LIMITED 6-Jun-02
3479 PEARL ORGANICS LIMITED 6-Jun-02
3480 PEBCO MOTORS LIMITED 6-Jun-02
3481 PRESSURE SENSITIVE SYSTEMS (INDIA) LIMITED 6-Jun-02
3482 SHIVA FERTLIZERS LIMITED 6-Jun-02
3483 SHONKH TECHNOLOGIES INTERNATIONAL LTD 6-Jun-02
3484 SINGLE WINDOW SECURITIES LIMITED 6-Jun-02
3485 SPARTAN TRADE HOLDINGS LIMITED 6-Jun-02
3486 SUBHSREE PATROCHEM INDUSTRIAL INVESTMENTS LIMITED 6-Jun-02
3487 SYNTHETIC MOULDERS LIMITED 6-Jun-02
3488 SYSTEL INFOTECH LIMITED 6-Jun-02
3489 TALBROS ENGINEERING LIMITED 6-Jun-02
3490 TATIA FINAANCIAL SERVICES LIMITED 6-Jun-02
3491 TCG URBAN INFRASTRUCTURE HOLDINGS LIMITED
(FORMERLY SHABYA TRADES & INVESTMENTS LIMITED) 6-Jun-02
3492 TRADE WINGS LIMITED 6-Jun-02
3493 UNIQUE ORGANICS LIMITED 6-Jun-02
3494 UNIVERSAL ENTERPRISES LIMITED 6-Jun-02
3495 VICTORY PAPER AND BOARDS (INDIA) LIMITED 6-Jun-02
3496 WILLIAMSON FINANCIAL SERVICES LIMITED 6-Jun-02
3497 ABHA PROPERTY PROJECT LIMITED 6-Jun-02
3498 AMRUTANJAN LIMITED 6-Jun-02
3499 APTECH TRAINING LIMITED 6-Jun-02
3500 ASIATIC OXYGEN LIMITED 6-Jun-02
3501 ASSOCIATED CERAMICS LIMITED 6-Jun-02
3502 HINAFIL INDIA LIMITED 6-Jun-02
3503 IDL INDUSTRIES LIMITED 6-Jun-02
3504 IVEE INJECTAA LIMITED 6-Jun-02
3505 MMTC LIMITED 6-Jun-02
3506 MULLER & PHIPPS (INDIA) LIMITED 6-Jun-02
3507 PANKAJ INVESTMENTS LIMITED 6-Jun-02
3508 RSL TEXTILES (INDIA) LIMITED 6-Jun-02
3509 SHREYAS INTERMEDIATES LIMITED 6-Jun-02
3510 SHUBH EXIM LIMITED 6-Jun-02
3511 SIKKIM SECURITIES LIMITED 6-Jun-02
3512 SSTELLA SILKS LIMITED 6-Jun-02
3513 THE WESTERN INDIA COTTONS LIMITED 6-Jun-02
3514 VGR CONSTRUCTION LIMITED 6-Jun-02
3515 VIDEOCON COMMUNICATIONS LIMITED 6-Jun-02
3516 ANJANI PORTLAND CEMENT LIMITED 6-Jun-02
3517 APRO BIOCHEM & ENGINEERING LIMITED 6-Jun-02
3518 ARAMUSK INFRASTRUCTURE INVESTMENTS LIMITED 6-Jun-02
3519 ARUNACHAL PLYWOOD INDUSTRIES LIMITED 6-Jun-02
3520 ARVIND CHEMICALS LIMITED 6-Jun-02
3521 ASHOKA MERCANTILE LIMITED 6-Jun-02
3522 ATUL AUTO LIMITED 6-Jun-02
3523 AXON INFOTECH LTD 6-Jun-02
3524 BEEKAY NIRYAT LIMITED (FOR GIRI FINANCE AND TRADING LTD) 6-Jun-02
3525 BHARAT NIDHI LIMITED 6-Jun-02
3526 BIHARIJI ISPAT UDYOG LIMITED 6-Jun-02
3527 BLUE GREEN CONSTRUCTIONS & INVESTMENTS LIMITED 6-Jun-02
3528 DHANPRAYOG INVESTMENTS CO. LIMITED 6-Jun-02
3529 DIRC INVESTMENTS LTD 6-Jun-02
3530 ELECTRONICA MACHINE TOOLS LIMITED 6-Jun-02
3531 ENGLISH INDIAN CLAYS LIMITED 6-Jun-02
3532 GENESYS SECURITIES LIMITED 6-Jun-02
3533 GLOBAL CREDIT CAPITAL LIMITED 6-Jun-02
3534 HINDUSTAN EQUITY FUND LIMITED 6-Jun-02
3535 KAR MOBILES LIMITED 6-Jun-02
3536 LINK PHARMA CHEM LIMITED 6-Jun-02
3537 MAHALAXMI SEAMLESS LIMITED 6-Jun-02
3538 MOTIKA FINANCE LIMITED 6-Jun-02
3539 PEE CEE COSMA SOPE LIMITED 6-Jun-02
3540 QUALITY SYNTHETIC INDUSTRIES LIMITED 6-Jun-02
3541 SANGOTRI CONSTRUCTIONS LIMITED 6-Jun-02
3542 SER INDUSTRIES LIMITED 6-Jun-02
3543 SHAKTI PRESS LIMITED 6-Jun-02
3544 SHAMROCK INDUSTRIAL COMPANY LIMITED 6-Jun-02
3545 SHREE YAAX PHARMA & COSMETICS LIMITED 6-Jun-02
3546 SRF POLYMERS LIMITED (FORMERLY SRF CHEMICALS LIMITED 6-Jun-02
3547 SRI NARAYAN RAJ KUMAR MERCHANTS LIMITED 6-Jun-02
3548 SRI RAMAKRISHNA MILLS (COIMBATORE) LIMITED 6-Jun-02
3549 SUBHADRA TRADE & FINANCE LIMITED 6-Jun-02
3550 SUN SOURCE (INDIA) LIMITED 6-Jun-02
3551 THE INDO-ASAHI GLASS COMPANY LIMITED 6-Jun-02
3552 TV TODAY NETWORK LIMITED 6-Jun-02
3553 VALLEY MAGNESITE COMPANY LIMITED 6-Jun-02
3554 VALOUR CONSTRUCTION LTD 6-Jun-02
3555 VDO INDIA LIMITED 6-Jun-02
3556 VIRUDHUNAGAR TEXTILE MILLS LIMITED 6-Jun-02
3557 Aeonian Investments Company Limited 15-Nov-02
3558 AGS Infotech Limited 15-Nov-02
3559 Ankur Marketing Limited 15-Nov-02
3560 Ankush Finstock Ltd 15-Nov-02
3561 Ashoka Commercials Limited 15-Nov-02
3562 Bagrrys Finance Limited 15-Nov-02
3563 Bagrrys India Limited 15-Nov-02
3564 Balmer Lawrie Investments Limited 15-Nov-02
3565 Bharat Explosives Limited 15-Nov-02
3566 Bharat Immunological & Biologicals Corporation Limited 15-Nov-02
3567 Bharti Telenet Limited 15-Nov-02
3568 Bihar Hotels Limited 15-Nov-02
3569 Ceejay Finance Limited 15-Nov-02
3570 Cheviot International Limited 15-Nov-02
3571 Cranes Software International Limited
(formerly Eider Commercials Limited) 15-Nov-02
3572 Datum Securities Limited 15-Nov-02
3573 Dhruv Estates Limited 15-Nov-02
3574 Ekdant Capital Markets Limited 15-Nov-02
3575 Ennore Foundries Limited 15-Nov-02
3576 Essar Power Limited 15-Nov-02
3577 Falcon Tyres Limited 15-Nov-02
3578 Flair Investment and Finance Limited 15-Nov-02
3579 Future Communications Limited 15-Nov-02
3580 Futuristic Solutions Limited 15-Nov-02
3581 Gandhimathi Appliances Limited 15-Nov-02
3582 Greaves Morganite Crucible Limited 15-Nov-02
3583 Gujarat Poly-AVX Electronics Limited 15-Nov-02
3584 Hardcastle & Waud Manufacturing Co. Limited 15-Nov-02
3585 Hazoor Hotel Properties Limited 15-Nov-02
3586 Hester Pharmaceuticals Ltd 15-Nov-02
3587 Howrah Gases Limited 15-Nov-02
3588 Integra Telecommunications & Software Limited 15-Nov-02
3589 J K Paper Ltd (For Central Pulp Mills Ltd) 15-Nov-02
3590 Jai Matadi Finance Company Limited 15-Nov-02
3591 Jessop & Co. Limited 15-Nov-02
3592 Jindal Capital Limited 15-Nov-02
3593 JRC Industries Limited 15-Nov-02
3594 Kant & Company Limited 15-Nov-02
3595 Kemp & Company Limited 15-Nov-02
3596 Lambodhara Textiles Limited 15-Nov-02
3597 Mayur Leather Products Ltd 15-Nov-02
3598 Midland Plastics Limited 15-Nov-02
3599 Mohit Industries Ltd 15-Nov-02
3600 Moonstar Investments Limited 15-Nov-02
3601 NCL Research and Financial Services Limited 15-Nov-02
3602 Orient Beverages Limited 15-Nov-02
3603 Orissa Sponge Iron Ltd 15-Nov-02
3604 Parichay Education Limited 15-Nov-02
3605 PBM Polytex Limited 15-Nov-02
3606 Phillips Carbon Black Ltd 15-Nov-02
3607 PNB Finance & Industries Limited 15-Nov-02
3608 PNR Capital Services Limited 15-Nov-02
3609 Polson Limited 15-Nov-02
3610 Poona Dal & Oil Industries Limited 15-Nov-02
3611 Prime Capital Market Ltd 15-Nov-02
3612 Privy Financial Services Limited 15-Nov-02
3613 Puja Corporation Ltd 15-Nov-02
3614 Rainbow Foundations Limited 15-Nov-02
3615 Reliance Chemotex Industries Ltd 15-Nov-02
3616 Resins & Plastics Limited 15-Nov-02
3617 RFL International Ltd 15-Nov-02
3618 Rockwool (India) Limited 15-Nov-02
3619 Salzer Electronics Limited 15-Nov-02
3620 Sanket International Limited 15-Nov-02
3621 Sarang Chemicals Limited 15-Nov-02
3622 Schrader Duncan Limited 15-Nov-02
3623 Scintilla Comercial and Credit Ltd 15-Nov-02
3624 Sellaids Publications (I) Limited 15-Nov-02
3625 Sheetal Exports Limited 15-Nov-02
3626 Shree Durga Agencies Limited 15-Nov-02
3627 SKOL Breweries Limited 15-Nov-02
3628 Speciality Papers Limited 15-Nov-02
3629 Sudarshan Securities Ltd (For Sudarshan Comercials Ltd) 15-Nov-02
3630 Sumati Projects Limited 15-Nov-02
3631 Supreme Holdings Ltd 15-Nov-02
3632 Surya Udyog Limited 15-Nov-02
3633 T Stanes & Company Limited 15-Nov-02
3634 Tasty Bite Eatables Limited 15-Nov-02
3635 The Delhi Flour Mills Company Limited 15-Nov-02
3636 The Sri Ganapathy Mills Company Limited 15-Nov-02
3637 Unipro Technologies Limited 15-Nov-02
3638 Vasundhara Rasayans Limited 15-Nov-02
3639 Vogue Textiles Limited 15-Nov-02
3640 Alang Ship Breakers Limited 15-Nov-02
3641 Discount and Finance House of India Limited 15-Nov-02
3642 Fancy Fittings Limited 15-Nov-02
3643 Ficom Industries Limited 15-Nov-02
3644 Gangotri Iron and Steel Company Limited 15-Nov-02
3645 K Sera Sera Productions Ltd (For Garnet Paper Mills Limited) 15-Nov-02
3646 Hulta Pharmaceutical Export Limited 15-Nov-02
3647 Indo Asian Housing Corporation Limited 15-Nov-02
3648 Interlink Financial Services Limited 15-Nov-02
3649 International Diamond Services Limited 15-Nov-02
3650 N R International Limited 15-Nov-02
3651 Sequel e-Routers Limited (formerly known as Perfect Weavers Ltd) 15-Nov-02
3652 Artson Engineering Ltd 15-Nov-02
3653 Gayatrishakti Paper & boards Limited 15-Nov-02
3654 GVK Industires Limited 15-Nov-02
3655 Mirch Technologies Limited (Formerly known as Mirch Mirex Ltd.) 15-Nov-02
3656 Oscar Global Limited 15-Nov-02
3657 Union Bank of India 15-Nov-02
3658 ACE India Limited 15-Nov-02
3659 Bipin Industrial Development Limited 15-Nov-02
3660 Cupid Rubbers Limited 15-Nov-02
3661 Gunny Chem-Tex India Limited 15-Nov-02
3662 Horizon Battery Technologies Limited 15-Nov-02
3663 Ispat Sheets Limited 15-Nov-02
3664 Jagat Trading Enterprises Limited 15-Nov-02
3665 Kumar Food Industries Limited 15-Nov-02
3666 Rajoo Engineers Limited 15-Nov-02
3667 Remi Metals Gujarat Limited 15-Nov-02
3668 Sarup Tanneries Limited 15-Nov-02
3669 Swastik Roofing Limited (for Swastik Asbestos Products Ltd) 15-Nov-02
3670 The Baroda Rayon Corporation Limited 15-Nov-02
3671 The Peria Karamalai Tea & Produce Co. Limited 15-Nov-02
3672 Union Bearings (India) Limited 15-Nov-02
3673 Winsome International Limited 15-Nov-02
3674 Anjney Investments & Trading Company Limited 29-Apr-03
3675 Ashco Industries Limited 29-Apr-03
3676 Ashok Polymers Limited 29-Apr-03
3677 Aurangabad Cryogenics Limited 29-Apr-03
3678 Calcutta Security Printers Limited 29-Apr-03
3679 Camson Technologies Limited 29-Apr-03
3680 Canara Bank 29-Apr-03
3681 Casil Health Products Limited 29-Apr-03
3682 Chirawa Cements Limited 29-Apr-03
3683 Dalal Street Investments Limited 29-Apr-03
3684 Daurala Organics Ltd 29-Apr-03
3685 Deeplok Financial Services Limited 29-Apr-03
3686 Eastern Investments Limited 29-Apr-03
3687 Garware Marine Industries Limited 29-Apr-03
3688 Gujarat Inject (Kerala) Limited 29-Apr-03
3689 Indian Seamless Enterprises Limited 29-Apr-03
3690 Indo Amines Limited 29-Apr-03
3691 Indokem Limited (Formerly KhatauJunkar Limited) 29-Apr-03
3692 Ishwar Medicals Ltd 29-Apr-03
3693 Ishwar Textiles Limited 29-Apr-03
3694 KailashFicom Limited 29-Apr-03
3695 Kanishk Steel Industries Ltd 29-Apr-03
3696 Kwality Builders & Developers Limited 29-Apr-03
3697 Mack Trading Company Limited 29-Apr-03
3698 Madhya Bharat Papers Limited 29-Apr-03
3699 Malabar Building Products Ltd 29-Apr-03
3700 Midland Services Limited 29-Apr-03
3701 Mint Investments Limited 29-Apr-03
3702 National Engineering Industries Limited 29-Apr-03
3703 Odyssey Corporation Ltd (For Odyssey Finance Ltd) 29-Apr-03
3704 Ojswi Trades Investment & Finance Limited 29-Apr-03
3705 Organic Coatings Limited 29-Apr-03
3706 Panchmahal Steel Limited 29-Apr-03
3707 Patton Electro Limited 29-Apr-03
3708 Periwal Industrial Corporation Limited 29-Apr-03
3709 Pioneer Protec Limited 29-Apr-03
3710 Prithvi Securities Limited 29-Apr-03
3711 Progressive Extractions & Exports Limited 29-Apr-03
3712 QproInfotech Limited 29-Apr-03
3713 Ramco Super Leathers Limited 29-Apr-03
3714 Restile Ceramics Limited 29-Apr-03
3715 S B Overseas Limited 29-Apr-03
3716 South India Projects Limited 29-Apr-03
3717 SPBL Ltd (For Sangam Processors Bhilwara Ltd) 29-Apr-03
3718 Sumangla Investment Co Limited 29-Apr-03
3719 Sun Biotechnology Limited 29-Apr-03
3720 Sun Fund Management Limited 29-Apr-03
3721 Supreme Impex Limited 29-Apr-03
3722 Tamil Nadu Water Investment Company Limited 29-Apr-03
3723 The Sukhjit Starch & Chemicals Limited 29-Apr-03
3724 TransgeneBiotek Ltd 29-Apr-03
3725 United Textiles Limited 29-Apr-03
3726 Vicky Investments Limited 29-Apr-03
3727 Victory Glass & Industries Limited 29-Apr-03
3728 Visistha Traders & Finance Limited 29-Apr-03
3729 Yashraj Securities Limited 29-Apr-03
3730 To be shifted out of the "Trade for Trade"
segment and into Normal Rolling Settlement mode from May 01, 2003 29-Apr-03
3731 Alufluoride Limited 29-Apr-03
3732 Mohan Finance Limited 29-Apr-03
3733 Nistha Traders Limited 29-Apr-03
3734 Pasari Spinning Mills Limited 29-Apr-03
3735 RamkrishnaFincap Limited 29-Apr-03
3736 Rids Securities Limited 29-Apr-03
3737 Savera Commercial Enterprises Limited 29-Apr-03
3738 Sparton Commerce Limited 29-Apr-03
3739 Stanes Amalgamated Estates Limited 29-Apr-03
3740 VenkatPharma Limited 29-Apr-03
3741 Aditya Info-Soft Limited (For Ankuj Zinc-ox Ltd) 29-Apr-03
3742 Devaki Hospital Limited 29-Apr-03
3743 Neelkanth Motels & Hotels Limited 29-Apr-03
3744 Power Trading Corporation of India Limited 29-Apr-03
3745 Akhivi Tea Plantations and Agro Industries Limited 29-Apr-03
3746 CMH Tools Limited 29-Apr-03
3747 IDBI-Principal Asset Management Company Limited
(Formerly Indian Investment Management Company Limited) 29-Apr-03
3748 Indo Gulf Fertilisers Limited (Formerly Indo Gulf Corporation Limited) 29-Apr-03
3749 Kallam Spinning Mills Limited 29-Apr-03
3750 Mayuka Investment Limited 29-Apr-03
3751 MCorp Limited (Formerly Modi Holdings Limited) 29-Apr-03
3752 Merlin Industrial Development Limited 29-Apr-03
3753 SaparnaInfotech Limited 29-Apr-03
3754 Shukun Construction Limited 29-Apr-03
3755 World Resorts Limited 29-Apr-03
3756 Abhinav Homes and Resorts Limited 1-Aug-03
3757 Ace Stone Craft Limited 1-Aug-03
3758 Alacrity Housing Limited 1-Aug-03
3759 Alfa Ica (India) Limited 1-Aug-03
3760 Amalgamations Repco Limited 1-Aug-03
3761 Amani Trading and Exports Limited 1-Aug-03
3762 Amit Commercial Company Limited 1-Aug-03
3763 Ashok Alcochem Limited 1-Aug-03
3764 Ashok Magnetics Limited 1-Aug-03
3765 Badridas Investment Company Limited 1-Aug-03
3766 Balaji Commercials Limited 1-Aug-03
3767 Beekay Steel Industries Limited 1-Aug-03
3768 Betsy Growth Finance Limited 1-Aug-03
3769 Bubna Stock Broking Services Limited 1-Aug-03
3770 California Software Company Limited 1-Aug-03
3771 CERA Sanitaryware Ltd [Formerly Madhusudan Oils & Fats Ltd] 1-Aug-03
3772 Chandrika Traders Limited 1-Aug-03
3773 CMM Broadcasting Network Ltd [Formerly Trimline Investments Co Ltd] 1-Aug-03
3774 Conrad Tele-Films Limited 1-Aug-03
3775 Continental Profiles Limited (Formerly Hein Lehmann (India) Limited) 1-Aug-03
3776 Coronet Industries Limited 1-Aug-03
3777 Corporate Couriers and Cargo Limited 1-Aug-03
3778 Cozy Enterprises Limited 1-Aug-03
3779 Dalmia Laminators Limited 1-Aug-03
3780 DCM Shriram Industries Limited 1-Aug-03
3781 Dejoo Valley Investment Company Limited 1-Aug-03
3782 Dharnendra Industries Limited 1-Aug-03
3783 Dishergarh Power Supply Company Limited 1-Aug-03
3784 DMC Vaults Limited 1-Aug-03
3785 Dolphin Medical Services Limited 1-Aug-03
3786 DSP Merrill Lynch Limited 1-Aug-03
3787 E.I.T.A. India Limited 1-Aug-03
3788 Eastman Agro Mills Limited 1-Aug-03
3789 Excellon Agencies Limited 1-Aug-03
3790 Exxon Financial Services Limited 1-Aug-03
3791 Ferro Alloys Corporation Limited 1-Aug-03
3792 Focus Agro Products Limited 1-Aug-03
3793 Golden Legand Leasing & Finance Limited 1-Aug-03
3794 Gora Projects Limited 1-Aug-03
3795 Govind Commercial Company Limited 1-Aug-03
3796 Gujarat Intrux Limited 1-Aug-03
3797 Gujarat Telephone Cables Limited 1-Aug-03
3798 Harita Seating Systems Ltd [Formerly Harita Grammer Ltd] 1-Aug-03
3799 Hatigor Tea Estates Limited 1-Aug-03
3800 Hind Agro Oils Limited 1-Aug-03
3801 Hindustan Continental Limited 1-Aug-03
3802 Hunt Commercial Limited 1-Aug-03
3803 Ind Bank Housing Limited 1-Aug-03
3804 Indian Base Metals Company Limited 1-Aug-03
3805 Indo Asian Fusegear Limited 1-Aug-03
3806 Infobahn Technologies Limited 1-Aug-03
3807 Invesca Share Securities Limited 1-Aug-03
3808 J. M. B. Commercial & Credit Limited 1-Aug-03
3809 Jagdishwar Pharmaceutical Works Limited 1-Aug-03
3810 Jay Rapid Roller Limited 1-Aug-03
3811 Kanco Enterprises Limited (Formerly Tuscon Resources Ltd) 1-Aug-03
3812 Kandagiri Spinning Mills Limited 1-Aug-03
3813 Karunasindhu Financiers & Investors Limited 1-Aug-03
3814 Kevalin Securities Limited 1-Aug-03
3815 Key Corp Limited 1-Aug-03
3816 Kilburn Office Automation Limited 1-Aug-03
3817 Kirti Seeds Biotech Limited 1-Aug-03
3818 Konark Commerce & Industries Limited 1-Aug-03
3819 Labh Construction and Industries Limited 1-Aug-03
3820 Lakshmi Finance & Industrial Corporation Limited 1-Aug-03
3821 Laxman Polymers Limited 1-Aug-03
3822 Logic Infotech Limited 1-Aug-03
3823 Lotus Homes Limited 1-Aug-03
3824 Lyons Corporate Market Limited 1-Aug-03
3825 Madhu Jayanti International Limited 1-Aug-03
3826 Media Savvy (India) Limited (Formerly Authentic Investments & Finance Ltd) 1-Aug-03
3827 MV Cotspin Limited 1-Aug-03
3828 N. E. Electronics Limited 1-Aug-03
3829 Namaste Exports Limited 1-Aug-03
3830 Naraingarh Sugar Mills Limited 1-Aug-03
3831 NCS Gayatri Sugars Limited 1-Aug-03
3832 Net 4 India Limited 1-Aug-03
3833 Netlogic Technologies Limited 1-Aug-03
3834 Northern Foods Limited 1-Aug-03
3835 Novelty Traders Limited 1-Aug-03
3836 Omega Laboratories Limited 1-Aug-03
3837 Online Information Technologies Limited 1-Aug-03
3838 Oxides & Specialities (formerly Herdillia Oxides and Electronics) Limited 1-Aug-03
3839 P C Media Systems Limited 1-Aug-03
3840 Pasupati Fincap Limited 1-Aug-03
3841 Patton Limited 1-Aug-03
3842 Pioneer Distilleries Limited 1-Aug-03
3843 Poddar Udyog Limited 1-Aug-03
3844 Prateek Coke Limited 1-Aug-03
3845 Premier Cryogenics Limited 1-Aug-03
3846 Primax Fiscal Services Limited 1-Aug-03
3847 Radico Khaitan Finance Limited 1-Aug-03
3848 Rajasthan Cylinders and Containers Limited 1-Aug-03
3849 Rajasthan Synthetic Industries Limited 1-Aug-03
3850 Rajasthan Tube Manufacturing Company Limited 1-Aug-03
3851 Rama Pulp & Papers Limited 1-Aug-03
3852 Ramgopal Polytex Limited 1-Aug-03
3853 Reliance Jute Mills (International) Limited 1-Aug-03
3854 Richgold Finance and Securities Limited 1-Aug-03
3855 RMB Financial Services Limited 1-Aug-03
3856 Rohit Agro Products Limited 1-Aug-03
3857 Royal Traders Limited 1-Aug-03
3858 S & Y Mills Limited 1-Aug-03
3859 Salguti Plastics Limited 1-Aug-03
3860 Satkriti Investment Limited 1-Aug-03
3861 Securities Development India Limited 1-Aug-03
3862 Security Company Limited 1-Aug-03
3863 Seemax Industries Limited 1-Aug-03
3864 Shradha Projects (Formerly Bazaz Commercial & Fiscals ) Limited 1-Aug-03
3865 Shree Acids And Chemicals Limited 1-Aug-03
3866 Shree Bhawani Investment and Trading Company Limited 1-Aug-03
3867 Shree Vaani Sugars and Industries Limited 1-Aug-03
3868 Signet Fincom Limited 1-Aug-03
3869 Sika Interplant Systems Limited 1-Aug-03
3870 Singhania Brothers Limited 1-Aug-03
3871 SMR Universal Softech Limited 1-Aug-03
3872 Soma Papers and Industries Limited 1-Aug-03
3873 Sophia Exports Limited 1-Aug-03
3874 Soyuz Impex Limited 1-Aug-03
3875 Sree Jayalakshmi Autospin Limited 1-Aug-03
3876 Sreechem Resins Limited 1-Aug-03
3877 SriChakra Cements Limited 1-Aug-03
3878 Standard Capital Markets Limited 1-Aug-03
3879 Stellar Investments Limited 1-Aug-03
3880 Step Two Corporation Limited 1-Aug-03
3881 Suchitra Finance & Trading Co. Limited 1-Aug-03
3882 Supreme Agro Products Limited 1-Aug-03
3883 Suryadeep Salt Refinery and Chemicals Works Limited 1-Aug-03
3884 Syngenta India Limited 1-Aug-03
3885 The Methoni Tea Co Limited 1-Aug-03
3886 Tibrewal Global Finance Limited 1-Aug-03
3887 Titan Securities Limited 1-Aug-03
3888 Tridev Finance Company Limited 1-Aug-03
3889 Umananda Trade & Finance Limited 1-Aug-03
3890 United Breweries Ltd [Formerly UB Beer Ltd] 1-Aug-03
3891 Victor Gaskets India Limited 1-Aug-03
3892 Vijay Hemant Finance & Estates Limited 1-Aug-03
3893 Vikram Commercial Limited 1-Aug-03
3894 Vikram Thermo India Limited 1-Aug-03
3895 Visie Cyber Tech Limited 1-Aug-03
3896 Volex Finance & Industries Limited 1-Aug-03
3897 Weizmann Fincorp Limited 1-Aug-03
3898 Wellworth Securities Limited 1-Aug-03
3899 Winro Commercial (India) Limited 1-Aug-03
3900 Zircon Traders Limited 1-Aug-03
3901 Darjeeling Dooars Plantations (Tea) Limited 1-Aug-03
3902 Dhanlaxmi Cotex Limited 1-Aug-03
3903 Jost's Engineering Company Limited 1-Aug-03
3904 Best Eastern Hotels Limited 1-Aug-03
3905 Cenlub Industries Limited 1-Aug-03
3906 Fiscal Limited (formerly Fastrack Investment Services
and Commercial Advisors Ltd) 1-Aug-03
3907 Hanuman Agro Industries Limited 1-Aug-03
3908 Microse India Limited 1-Aug-03
3909 Plenty Valley Intra Limited 1-Aug-03
3910 Sangeo Services Limited 1-Aug-03
3911 Tetrahedron Limited 1-Aug-03
3912 The Kil Kotagiri Tea & Coffee Estates Company Limited 1-Aug-03
3913 The Scottish Assam (India) Limited 1-Aug-03
3914 Transpek Finance Limited 1-Aug-03
3915 Tribology India Limited 1-Aug-03
3916 Associated Breweries & Distilleries Limited 1-Aug-03
3917 Deccan Gold Mines Limited (Formerly Wimper Trading Limited) 1-Aug-03
3918 Denis Chem Lab Limited 1-Aug-03
3919 Polyolefins Rubber Chemicals Limited 1-Aug-03
3920 Radico Khaitan Limited (Formerly Abhishek Cements Limited) 1-Aug-03
3921 Anjney Investments & Trading Company Limited 29-Apr-03
3922 Ashco Industries Limited 29-Apr-03
3923 Ashok Polymers Limited 29-Apr-03
3924 Aurangabad Cryogenics Limited 29-Apr-03
3925 Calcutta Security Printers Limited 29-Apr-03
3926 Camson Technologies Limited 29-Apr-03
3927 Canara Bank 29-Apr-03
3928 Casil Health Products Limited 29-Apr-03
3929 Chirawa Cements Limited 29-Apr-03
3930 Dalal Street Investments Limited 29-Apr-03
3931 Daurala Organics Ltd 29-Apr-03
3932 Deeplok Financial Services Limited 29-Apr-03
3933 Eastern Investments Limited 29-Apr-03
3934 Garware Marine Industries Limited 29-Apr-03
3935 Gujarat Inject (Kerala) Limited 29-Apr-03
3936 Indian Seamless Enterprises Limited 29-Apr-03
3937 Indo Amines Limited 29-Apr-03
3938 Indokem Limited (Formerly KhatauJunkar Limited) 29-Apr-03
3939 Ishwar Medicals Ltd 29-Apr-03
3940 Ishwar Textiles Limited 29-Apr-03
3941 KailashFicom Limited 29-Apr-03
3942 Kanishk Steel Industries Ltd 29-Apr-03
3943 Kwality Builders & Developers Limited 29-Apr-03
3944 Mack Trading Company Limited 29-Apr-03
3945 Madhya Bharat Papers Limited 29-Apr-03
3946 Malabar Building Products Ltd 29-Apr-03
3947 Midland Services Limited 29-Apr-03
3948 Mint Investments Limited 29-Apr-03
3949 National Engineering Industries Limited 29-Apr-03
3950 Odyssey Corporation Ltd (For Odyssey Finance Ltd) 29-Apr-03
3951 Ojswi Trades Investment & Finance Limited 29-Apr-03
3952 Organic Coatings Limited 29-Apr-03
3953 Panchmahal Steel Limited 29-Apr-03
3954 Patton Electro Limited 29-Apr-03
3955 Periwal Industrial Corporation Limited 29-Apr-03
3956 Pioneer Protec Limited 29-Apr-03
3957 Prithvi Securities Limited 29-Apr-03
3958 Progressive Extractions & Exports Limited 29-Apr-03
3959 QproInfotech Limited 29-Apr-03
3960 Ramco Super Leathers Limited 29-Apr-03
3961 Restile Ceramics Limited 29-Apr-03
3962 S B Overseas Limited 29-Apr-03
3963 South India Projects Limited 29-Apr-03
3964 SPBL Ltd (For Sangam Processors Bhilwara Ltd) 29-Apr-03
3965 Sumangla Investment Co Limited 29-Apr-03
3966 Sun Biotechnology Limited 29-Apr-03
3967 Sun Fund Management Limited 29-Apr-03
3968 Supreme Impex Limited 29-Apr-03
3969 Tamil Nadu Water Investment Company Limited 29-Apr-03
3970 The Sukhjit Starch & Chemicals Limited 29-Apr-03
3971 TransgeneBiotek Ltd 29-Apr-03
3972 United Textiles Limited 29-Apr-03
3973 Vicky Investments Limited 29-Apr-03
3974 Victory Glass & Industries Limited 29-Apr-03
3975 Visistha Traders & Finance Limited 29-Apr-03
3976 Yashraj Securities Limited 29-Apr-03
3977 Alufluoride Limited 29-Apr-03
3978 Mohan Finance Limited 29-Apr-03
3979 Nistha Traders Limited 29-Apr-03
3980 Pasari Spinning Mills Limited 29-Apr-03
3981 RamkrishnaFincap Limited 29-Apr-03
3982 Rids Securities Limited 29-Apr-03
3983 Savera Commercial Enterprises Limited 29-Apr-03
3984 Sparton Commerce Limited 29-Apr-03
3985 Stanes Amalgamated Estates Limited 29-Apr-03
3986 VenkatPharma Limited 29-Apr-03
3987 Aditya Info-Soft Limited (For Ankuj Zinc-ox Ltd) 29-Apr-03
3988 Devaki Hospital Limited 29-Apr-03
3989 Neelkanth Motels & Hotels Limited 29-Apr-03
3990 Power Trading Corporation of India Limited 29-Apr-03
3991 Akhivi Tea Plantations and Agro Industries Limited 29-Apr-03
3992 CMH Tools Limited 29-Apr-03
3993 IDBI-Principal Asset Management Company Limited
(Formerly Indian Investment Management Company Limited) 29-Apr-03
3994 Indo Gulf Fertilisers Limited (Formerly Indo Gulf Corporation Limited) 29-Apr-03
3995 Kallam Spinning Mills Limited 29-Apr-03
3996 Mayuka Investment Limited 29-Apr-03
3997 MCorp Limited (Formerly Modi Holdings Limited) 29-Apr-03
3998 Merlin Industrial Development Limited 29-Apr-03
3999 SaparnaInfotech Limited 29-Apr-03
4000 Shukun Construction Limited 29-Apr-03
4001 World Resorts Limited 29-Apr-03
4002 ADOR MULTIPRODUCTS LIMITED 13-Jan-04
4003 ANDHRA CEMENTS LIMITED 13-Jan-04
4004 APM INDUSTRIES LIMITED 13-Jan-04
4005 APOLLO GLENEAGLES HOSPITAL LIMITED
(FORMERLY DUNCAN GLENEAGLES HOSPITALS LIMITED)
(FORMERLY DUNCAN GOENKA HOSPITALS LIMITED)
(FORMERLY JANAPRIYA HOSPITAL CORPORATION LIMITED) 13-Jan-04
4006 ARTILLEGENCE BIO-INNOVATIONS LIMITED 13-Jan-04
4007 BIJLEE TEXTILES LIMITED 13-Jan-04
4008 CHEVIOT AGRO INDUSTRIES LIMITED 13-Jan-04
4009 CONTINENTAL CREDIT & INVESTMENTS LIMITED 13-Jan-04
4010 CONTINENTAL PETROLEUMS LIMITED 13-Jan-04
4011 CYBERFAMILY.COM LIMITED 13-Jan-04
4012 DARSHAK LIMITED 13-Jan-04
4013 DCM SHRIRAM INDUSTRIES LIMITED 13-Jan-04
4014 FRESHTROP FRUITS LIMITED 13-Jan-04
4015 JAI BALAJI SPONGE LIMITED
(FORMERLY JAI BALAJI SPONGE PRIVATE LIMITED) 13-Jan-04
4016 KELTECH ENERGIES LIMITED 13-Jan-04
4017 KWALITY BUILDERS & DEVELOPERS LIMITED 13-Jan-04
4018 MAN INDUSTRIES (INDIA) LIMITED 13-Jan-04
4019 OXIDES SPECILIATIES LIMITED 13-Jan-04
4020 PITTI LAMINATIONS LTD. 13-Jan-04
4021 PSL FINANCIAL SERVICES LIMITED 13-Jan-04
4022 SINGHANIA BROTHERS LIMITED 13-Jan-04
4023 SKYPAK SERVICE SPECIALISTS LIMITED 13-Jan-04
4024 SOMA PAPERS & INDUSTRIES LIMITED 13-Jan-04
4025 SOMANI CEMENT COMPANY LIMITED 13-Jan-04
4026 SPBP TEA (INDIA) LIMITED 13-Jan-04
4027 SPICE NET LTD 13-Jan-04
4028 SPS STEELS ROLLINGS MILLS LIMITED
(FORMERLY ELEGANT COMMERCE LIMITED) 13-Jan-04
4029 SYNERGY MULTIBASE LIMITED 13-Jan-04
4030 TCM LIMITED 13-Jan-04
4031 THE LAKE CITY CORPORATION LIMITED 13-Jan-04
4032 TONIRA PHARMA LIMITED 13-Jan-04
4033 VARDHMAN ACRYLICS LIMITED 13-Jan-04
4034 VYBRA AUTOMET LIMITED 13-Jan-04
4035 Excel Crop Care Limited
(Formerly West Coast Oxygen Limited) INE223G01017 15-Apr-04
4036 Gowra Leasing & Finance Limited INE225G01012 15-Apr-04
4037 Jindal Stainless Limited (Formerly Jindal Int.Com Limited) INE220G01013 15-Apr-04
4038 Kamanwala Industries Limited
(Formerly Kamanwala Housing Development
Finance Compan y Limited) INE344D01018 15-Apr-04
4039 Northgate BPO Services Limited
(Formerly Sigma Compusoft Technologies Limited) INE217G01019 15-Apr-04
4040 Nutraplus Products (India) Limited INE230G01012 15-Apr-04
4041 Orbit Exports Limited INE231G01010 15-Apr-04
4042 Siro Plast Limited INE219G01015 15-Apr-04
4043 Sujana Universal Industries Limited
(Formerly Sujana Industries Limited)
(Formerly Sujana Domestic Appliances Limited) INE216G01011 15-Apr-04
4044 Vijay Textiles Limited INE256G01017 15-Apr-04
4045 Assam Entrade Ltd. INE165G01010 15-Apr-04
4046 Bhagwati Autocast Limited INE106G01014 15-Apr-04
4047 EL Forge Limited
(Formerly Ellore Engineering Company Limited
(Formerly The Ellore Electric Supply Corporation Ltd) INE158F01017 15-Apr-04
4048 K Dhandapani and Company Limited
(Formerly K Dhandapani and Company Private Limited) INE386F01014 15-Apr-04
4049 Maanya Biotech Limited INE159G01013 15-Apr-04
4050 Scooters India Limited INE959E01011 15-Apr-04
4051 Shree Rajasthan Texchem Limited INE578F01016 15-Apr-04
4052 Tirupati Foam Limited INE115G01015 15-Apr-04
4053 STI Products India Limited
(Formerly Steel Pipes of India Limited) INE205G01014 15-Apr-04
4054 Jagajit Industries Ltd. INE574A01016 15-Apr-04
4055 Trio Mercantile & Trading Ltd. INE234G01014 15-Apr-04
4056 NESCO Ltd. INE317F01027 15-Apr-04
4057 Amrit Banaspati CompanyLimited INE866E01018 16-Jul-04
4058 Anukaran Commercials Enterprises Ltd INE090G01010 16-Jul-04
4059 Available Finance Limited
(Formerly Flag Leasing and Investments Pvt. Ltd.
(Formerly Flag Leasing and Investments Ltd.
(Formerly Flag Finin Ltd.))) INE325G01010 16-Jul-04
4060 Bhatinda Chemicals limited
(Formerly Bhatinda Chemicals & Banaspati Mills Pvt.Ltd) INE412G01016 16-Jul-04
4061 Brahmanand Himghar Limited
(Formerly Brahamanand Developers Limited
(Formerly Brahamanand Developers Private Limited)) INE318G01015 16-Jul-04
4062 Chiplun Fine Chemicals Limited INE393G01018 16-Jul-04
4063 CTR Manufacturing Industries Ltd INE372G01012 16-Jul-04
4064 Cupid Trades & Finance Ltd INE108G01010 16-Jul-04
4065 Dhoot Industrial Finance Limited INE313G01016 16-Jul-04
4066 Hanjer Fibres Limited INE053G01018 16-Jul-04
4067 Hariyana Ship Breakers Limited
(Formerly Hariyana Ship Breakers Pvt. Ltd.) INE400G01011 16-Jul-04
4068 I Power Solutions India Limited INE468F01010 16-Jul-04
4069 J K Investo Trade (INDIA) Limited
(Formerly J K Chemicals Limited) INE361G01015 16-Jul-04
4070 Kalyani Forge Limited
(Formerly Ellora Engineering Company Limited) INE314G01014 16-Jul-04
4071 Meenakshi Mercantiles limited INE189G01010 16-Jul-04
4072 Modern Steels Limited
(formerly Modern Steels Private Limited) INE001F01019 16-Jul-04
4073 Muthoot Capital Services Limited INE296G01013 16-Jul-04
4074 Oregon Commercials Ltd INE092G01016 16-Jul-04
4075 Perfect Circle India Ltd. INE222D01016 16-Jul-04
4076 Raasula Securities Limited INE113G01010 16-Jul-04
4077 Rotam Commercials Ltd INE093G01014 16-Jul-04
4078 Rydak Enterprises & Investments Limited INE428E01017 16-Jul-04
4079 Samrat Industrial Resources Limited INE430E01013 16-Jul-04
4080 Sharadha Terry Products Limited INE167G01016 16-Jul-04
4081 Shree Precoated Steels Limited INE298G01019 16-Jul-04
4082 Shree Sponge Steel and Forging Limited INE199F01011 16-Jul-04
4083 Sujana Metal Products Limited
(Formerly Sujana Steels Limited) INE215G01013 16-Jul-04
4084 Super Crop Safe Limited
(Formerly Super Crop Safe Private Limited) INE366G01014 16-Jul-04
4085 Udaipur Cotton mills Company Ltd. INE194G01010 16-Jul-04
4086 Vardhaman Wires And Polymers Ltd INE157G01017 16-Jul-04
4087 Vertex Technosoft Limited
(Formerly Vertex Machineries Limited) INE863F01012 16-Jul-04
4088 Victor Impex Ltd INE166G01018 16-Jul-04
4089 Vijayeswari Textiles Limited INE119G01017 16-Jul-04
4090 Vyapar Industries limited
(Formerly Vyapar Holdings Limited) INE070G01012 16-Jul-04
4091 Welcast Steels Limited INE380G01015 16-Jul-04
4092 Winmore Leasing & Holdings Limited INE465E01019 16-Jul-04
4093 AMBIKA COTTON MILLS LIMITED INE540G01014 11-Oct-04
4094 ANUH PHARMA LIMITED INE489G01014 11-Oct-04
4095 ASSOCIATED STONE INDUSTRIES (KOTAH) LTD INE443A01014 11-Oct-04
4096 ENTERPRISE INTERNATIONAL LIMITED INE439G01019 11-Oct-04
4097 FAIRDEAL FILAMENTS LIMITED INE719D01011 11-Oct-04
4098 GYAN DEVELOPERS & BUILDERS LIMITED INE487G01018 11-Oct-04
4099 JOLLY BOARD LIMITED INE532G01011 11-Oct-04
4100 KAMINI FINANCE AND INVESTMENT
COMPANY LIMITED INE927E01018 11-Oct-04
4101 KOVAI MEDICAL CENTER AND HOSPITAL LIMITED INE177F01017 11-Oct-04
4102 LIVINGROOM LIFESTYLE LIMITED INE426G01016 11-Oct-04
4103 MAHARASHTRA POLYBUTENES LIMITED INE488E01011 11-Oct-04
4104 MAHAVIR ALUMINIUM LTD. INE387G01010 11-Oct-04
4105 ORIENTAL VENEER PRODUCTS LIMITED INE457G01011 11-Oct-04
4106 PALANI ANDAVAR MILLS LIMITED INE375G01015 11-Oct-04
4107 POLY MEDICURE LIMITED INE205C01013 11-Oct-04
4108 RAJENDRA MECHANICAL INDUSTRIES LIMITED INE158G01015 11-Oct-04
4109 RR GREENHANDS INFRASTRUCTURE INDIA LTD INE396G01011 11-Oct-04
4110 SACHETA METALS LIMITED INE433G01012 11-Oct-04
4111 SANCO TRANS LIMITED INE391G01012 11-Oct-04
4112 SAYAJI INDUSTRIES LIMITED INE327G01016 11-Oct-04
4113 SUNLINE TECHNOLOGIES LIMITED- INE486F01012 11-Oct-04
4114 TAINWALA POLYCONTAINERS LIMITED INE413G01014 11-Oct-04
4115 TANTIA CONCRETE PRODUCTS LIMITED INE390G01014 11-Oct-04
4116 TANTIA CONSTRUCTION COMPANY LIMITED INE388G01018 11-Oct-04
4117 TANTIA FINANCIAL SERVICES LIMITED INE389G01016 11-Oct-04
4118 THE ANANDA -BAG TEA COMPANY LIMITED INE448E01015 11-Oct-04
4119 THE WATERBASE LIMITED INE054C01015 11-Oct-04
4120 TRITON VALVES LIMITED INE440G01017 11-Oct-04
4121 TUTICORIN ALKALI CHEMICALS AND
FERTILISERS LIMITED INE400A01014 11-Oct-04
4122 UNICK FIX-A-FORM AND PRINTERS LIMITED INE250G01010 11-Oct-04
4123 VICTORY PROJECTS LIMITED INE381G01013 11-Oct-04
4124 SRINARAYAN RAJKUMAR MERCHANTS LTD INE063F01019 11-Oct-04
4125 AMINES & PLASTICIZERS LTD. INE275D01014 18-Jan-05
4126 AMRIT ENTERPRISES LIMITED INE221G01011 18-Jan-05
4127 ANKIT COMMERCE LIMITED INE674E01016 18-Jan-05
4128 AUSTIN ENGINEERING COMPANY LIMITED INE759F01012 18-Jan-05
4129 CORE PROJECTS & TECHNOLOGIES LTD
( FORMERLY AKHILESHWAR TEXPORTS
LIMITED AND AKHILESHWR TRADING
COMPANY LIMITED) INE247G01016 18-Jan-05
4130 DHANUKA PESTICIDES LIMITED INE435G01017 18-Jan-05
4131 DIVYASHAKTI GRANITES LTD INE410G01010 18-Jan-05
4132 GUARDIAN LEASING LIMITED INE989F01015 18-Jan-05
4133 GUJARAT TERCE LABORATORIES LIMITED INE499G01013 18-Jan-05
4134 JHUNJHUNWALA VANASPATI LTD INE430G01018 18-Jan-05
4135 JOONKTOLLEE TEA & INDUSTRIES LTD. INE574G01013 18-Jan-05
4136 KAISER PRESS LIMITED INE229G01014 18-Jan-05
4137 LANCOR HOLDINGS LIMITED INE572G01017 18-Jan-05
4138 MARUTI INFRASTRUCTURE LIMITED
(FORMERLY MARUTI ESTATE & FINANCE LIMTIED)
(FORMERLY MARUTI INFRASTRUCTURE
AND FINANCE LIMITED) INE392G01010 18-Jan-05
4139 MAXWELL INDUSTRIES LIMITED
(FORMERLY MAXWELL APPARELS
INDUSTRIES PVT LTD) (FORMERLY
MAXWELL APPAREL INDUSTRIES PVT LTD)
(FORMERLY MAXWELL APPAREL
INDUSTRIES LTD)
(FORMERLY MAXWELL INDUSTRIES LTD) INE450G01016 18-Jan-05
4140 NATIONAL OXYGEN LTD. INE296D01010 18-Jan-05
4141 PIONEER AGRO EXTRACTS LIMITED INE062E01014 18-Jan-05
4142 R K FINANCE LIMITED INE708E01012 18-Jan-05
4143 SAYA HOUSING FINANCE COMPANY LIMITED INE520G01016 18-Jan-05
4144 SHIVOM INVESTMENT &CONSULTANCY LTD INE074G01014 18-Jan-05
4145 SHIVALIK AGRO POLY PRODUCTS LIMITED INE431G01016 18-Jan-05
4146 SKYPAK SERVICE SPECIALISTS LTD. INE539D01013 18-Jan-05
4147 SOLID GRANITES LIMITED INE584G01012 18-Jan-05
4148 THE BOND COMPANY LIMITED INE995F01012 18-Jan-05
4149 THE COONOOR TEA ESTATES CO LTD INE500G01018 18-Jan-05
4150 THE EMERALD COMPANY LIMITED INE796F01014 18-Jan-05
4151 THE G L HOTELS LIMITED INE214F01018 18-Jan-05
4152 THE SOUTH INDIA PAPER MILLS LTD INE088G01014 18-Jan-05
4153 THE WESTERN INDIA PLYWOODS LIMITED INE215F01015 18-Jan-05
4154 TRIBHUVAN HOUSING LIMITED INE884D01013 18-Jan-05
4155 A K CAPITAL SERVICES LIMITED INE701G01012 20-Apr-05
4156 AMZEL AUTOMOTIVE LIMITED INE644G01014 20-Apr-05
4157 ASIAN OILFIELD SERVICES LIMITED INE276G01015 20-Apr-05
4158 BAJAJ STEEL INDUSTRIES LIMITED INE704G01016 20-Apr-05
4159 BIOCHEMICAL AND SYNTHETIC PRODUCTS LTD INE606G01013 20-Apr-05
4160 CENTRAL CABLES LIMITED INE672G01015 20-Apr-05
4161 CHITRADURGA SPINTEX LIMITED INE676G01016 20-Apr-05
4162 EMRALD COMMERCIAL LIMITED INE162D01014 20-Apr-05
4163 KANISHK STEEL INDUSTRIES LIMITED INE791E01018 20-Apr-05
4164 KITEX GARMENTS LIMITED INE602G01012 20-Apr-05
4165 LIKHAMI COMMERCIAL COMPANY LIMITED INE797E01015 20-Apr-05
4166 LIKHAMI LEASING LIMITED INE703G01018 20-Apr-05
4167 MCSURE CAPITAL MARKET LIMITED INE607G01011 20-Apr-05
4168 MENON PISTONS LIMITED INE650G01011 20-Apr-05
4169 MILKFOOD LIMITED INE588G01013 20-Apr-05
4170 NAVKETAN MERCHANTS LIMITED INE365G01016 20-Apr-05
4171 S.R.P TOOLS LIMITED INE677G01014 20-Apr-05
4172 SARANG VINIYOG LIMITED INE675G01018 20-Apr-05
4173 STABLE TRADING COMPANY LIMITED INE204F01019 20-Apr-05
4174 SUDAL INDUSTRIES LIMITED INE618D01015 20-Apr-05
4175 SUDHA APPARELS LIMITED INE207F01012 20-Apr-05
4176 TALENT INFOWAY LIMITED INE923F01014 20-Apr-05
4177 USHITA TRADING & AGENCIES LIMITED INE218F01019 20-Apr-05
4178 VENTURA TEXTILES LIMITED INE810C01010 20-Apr-05
4179 WHEEL & AXLE TEXTILES LIMITED INE408F01016 20-Apr-05
4180 ASIA FAB LIMITED INE761G01016 7-Jul-05
4181 DELTON CABLES LIMITED INE872E01016 7-Jul-05
4182 ELDECO HOUSING AND INDUSTRIES LTD
(FORMERLY ELDECO HOUSING AND FINANCE LTDINE668G01013 7-Jul-05
4183 EMPOWER INDUSTRIES INDIA LIMITED INE507F01015 7-Jul-05
4184 EPC INDUSTRIE LTD. INE215D01010 7-Jul-05
4185 ETC NETWORKS LTD (FORMERLY ECONNECT
INDIA LIMITED) INE695G01016 7-Jul-05
4186 G-TECH INFO TRAINING LTD. INE634D01012 7-Jul-05
4187 JAYANT MERCANTILE CO LTD INE789G01017 7-Jul-05
4188 JAYSHREE CHEMICALS LIMITED INE693E01016 7-Jul-05
4189 KAYCEE INDUSTRIES LIMITED INE813G01015 7-Jul-05
4190 KHOOBSURAT LIMITED INE731G01019 7-Jul-05
4191 KILBURN OFFICE AUTOMATION LIMITED INE793E01014 7-Jul-05
4192 LIME CHEMICALS LIMITED INE891G01011 7-Jul-05
4193 MILLARS INDIA LIMITED
(FORMERLY THE ACME MANUFACTURING CO LTDINE178E01018 7-Jul-05
4194 MORARJEE TEXTILES LIMITED
(FORMERLY MORARJEE BREMBANA LIMITED) INE161G01019 7-Jul-05
4195 NAGPUR POWER AND INDUSTRIES LTD. INE099E01016 7-Jul-05
4196 OSIAN LPG BOTTLING LIMITED
(FORMERLY OSIAN LPG BOTTLING PRIVATE LTD) INE517G01012 7-Jul-05
4197 PUNIT COMMERICALS LIMITED INE750G01019 7-Jul-05
4198 SAHIL FINANCIAL SERVICES LIMITED INE819G01012 7-Jul-05
4199 SHRIRAM ASSET MANAGEMENT COMPANY LTD INE777G01012 7-Jul-05
4200 SHRIRAM OVERSEAS FINANCE LIMITED INE917G01014 7-Jul-05
4201 SRI JAYALAKSHMI SPINNING MILLS LIMITED INE355D01014 7-Jul-05
4202 SUBH LAXMI PROJECTS LIMITED INE719G01014 7-Jul-05
4203 SUDAMA TRADING & INVESTMENTS LIMITED INE744G01012 7-Jul-05
4204 SWARAJ AUTOMOTIVES LIMITED INE724G01014 7-Jul-05
4205 SWARNA SECURITIES LIMITED
(FORMERLY SWARNA LEASING LIMITED) INE595G01018 7-Jul-05
4206 U.P. TWIGA FIBERGLASS LIMITED INE804G01014 7-Jul-05
4207 UNI-SOCKS (INDIA) LIMITED INE185E01013 7-Jul-05
4208 VARDHAN CAPITAL & FINANCE LIMITED
(FORMERLY VARDHAN CAPITAL & FINANCE
PRIVATE LIMITED) INE128G01018 7-Jul-05
4209 WELLESLEY COMMERCIAL COMPANY LIMITED INE087F01018 7-Jul-05
4210 WOOLITE MERCANTILE CO LTD INE730E01016 7-Jul-05
4211 ABHINANDAN ENTERPRISES LIMITED INE841E01011 19-Sep-05
4212 AI CHAMPDANY INDUSTRIES LTD
(FORMERLY ANGLO-INDIA JUTE MILLS CO LTD.) INE768E01016 19-Sep-05
4213 BHAIRAV ENTERPRISES LIMITED INE842E01019 19-Sep-05
4214 DEEVEE COMMERCIALS LIMITED INE161D01016 19-Sep-05
4215 GRIFFIN CHEMICALS LTD. INE528E01014 19-Sep-05
4216 HOTEL RUGBY LIMITED INE275F01019 19-Sep-05
4217 ICNET LIMITED INE762G01014 19-Sep-05
4218 IND-AGIV COMMERCE LTD
(FORMERLY VISHAL ELECTRO-MECH
[INDIA] LTD.) INE115E01010 19-Sep-05
4219 JACQART CHEMICAL INDUSTRIES LTD. INE966G01011 19-Sep-05
4220 JAYBHARAT SAREES LTD. INE091E01013 19-Sep-05
4221 KARUR K.C.P. PACKAGINGS LTD INE727F01019 19-Sep-05
4222 LYNX MACHINERY AND COMMERCIALS LIMITED INE732D01014 19-Sep-05
4223 MITTAL SECURITIES FINANCE LTD. INE099G01011 19-Sep-05
4224 MRUGESH TRADING LTD. INE738D01011 19-Sep-05
4225 NANDAN EXIM LIMITED INE875G01014 19-Sep-05
4226 NIRMAN CEMENTS LTD. INE162E01012 19-Sep-05
4227 RAMA PAPER MILLS LTD. INE425E01013 19-Sep-05
4228 RASOYA PROTEINS LIMITED
(FORMERLY MAHARASHTRA SOYA INDUSTRIES
LTD) INE904G01012 19-Sep-05
4229 RATAN GLITTER INDUSTRIES LIMITED
(FORMERLY WEST EAST COMMERCIALS LTD) INE348E01017 19-Sep-05
4230 RISHABH ENTERPRISES LIMITED INE843E01017 19-Sep-05
4231 SAN ENGINEERING & LOCOMOTIVE CO LTD INE031H01012 19-Sep-05
4232 SARASWATI COMMERCIAL (INDIA) LTD. INE967G01019 19-Sep-05
4233 SBEC SUGAR LIMITED INE948G01019 19-Sep-05
4234 SERVEALL INVESTMENTS LIMITED INE396F01013 19-Sep-05
4235 SHILPA MEDICARE LTD. INE790G01015 19-Sep-05
4236 SHRI GURUDEV EN/TRADE LIMITED INE844E01015 19-Sep-05
4237 SHRIRAM PISTONS & RINGS LTD. INE526E01018 19-Sep-05
4238 SNOW WHITE METAL INDUSTRIES LTD. INE311E01015 19-Sep-05
4239 THE HINGIR RAMPUR COAL COMPANY LIMITED INE758D01019 19-Sep-05
4240 TONGANI TEA COMPANY LIMITED INE874G01017 19-Sep-05
4241 TRIOCHEM PRODUCTS LTD. INE331E01013 19-Sep-05
4242 CHARTERED CARRIERS LIMITED INE558F01018 19-Sep-05
4243 MUKESH STRIPS LIMITED INE946G01013 19-Sep-05
4244 PANCHSHEEL ORGANIC LIMITED INE316G01019 19-Sep-05
4245 SRI CHAMUNDESWARI SUGARS LTD. INE004H01019 19-Sep-05
4246 BINANI METALS LIMITED INE129H01014 13-Jan-06
4247 CENTRAL INDIA INDUSTRIES LIMITED INE476E01016 13-Jan-06
4248 EMPEE SUGARS AND CHEMICALS LIMITED INE928B01012 13-Jan-06
4249 GEE LIMITED INE064H01013 13-Jan-06
4250 GOLDEN CARPETS LIMITED INE595D01015 13-Jan-06
4251 HERBERTSONS LIMITED INE546A01014 13-Jan-06
4252 INDUCTO STEEL LIMITED INE146H01018 13-Jan-06
4253 INTERLINK PETROLEUM LIMITED INE959G01016 13-Jan-06
4254 KG PETROCHEM LIMITED INE902G01016 13-Jan-06
4255 MARMAGOA STEEL LIMITED INE698E01023 13-Jan-06
4256 MUKESH STEELS LIMITED INE953G01019 13-Jan-06
4257 NAKAMICHI SECURITIES LIMITED INE857C01011 13-Jan-06
4258 NONSTOP PLANTATION LIMITED INE803E01011 13-Jan-06
4259 S. G. S. INVESTMENTS LIMITED INE560E01017 13-Jan-06
4260 SARTHAK GLOBAL LIMITED INE075H01019 13-Jan-06
4261 SARTHAK INDUSTRIES LIMITED INE074H01012 13-Jan-06
4262 SCORE INFORMATION TECHNOLOGIES LIMITED INE326F01010 13-Jan-06
4263 SHREE HANUMAN SUGAR & INDUSTRIES LIMITEDINE101H01013 13-Jan-06
4264 SHUBHAM GRANITES LIMITED INE096H01015 13-Jan-06
4265 SIR SHADI LAL ENTERPRISES LIMITED INE117H01019 13-Jan-06
4266 SUPREME YARNS LIMITED INE651G01019 13-Jan-06
4267 THE KADRI MILLS [CBE] LIMITED INE065H01010 13-Jan-06
4268 TRIPEX OVERSEAS LIMITED INE360G01017 13-Jan-06
4269 WELL PACK PAPERS & CONTAINERS LIMITED INE063H01015 13-Jan-06
4270 AAREY DRUGS & PHARMACEUTICALS LIMITED INE198H01019 20-Apr-06
4271 ASSOCIATED LEASING LIMITED INE363E01016 20-Apr-06
4272 BAGADIA COLOURCHEM LIMITED INE365H01014 20-Apr-06
4273 BHORUKA ALUMINIUM LIMITED ` INE866G01013 20-Apr-06
4274 CHAMATKAR.NET (INDIA) LIMITED INE135H01011 20-Apr-06
4275 COMPULINK SYSTEMS LIMITED INE206H01010 20-Apr-06
4276 COUNTRY CLUB (INDIA) LIMITED INE652F01019 20-Apr-06
4277 DINTEX DYECHEM LIMITED INE338D01010 20-Apr-06
4278 DYNEMIC PRODUCTS LIMITED INE256H01015 20-Apr-06
4279 ELECTROTHERM (INDIA) LIMITED INE822G01016 20-Apr-06
4280 GAJANAN SECURITIES SERVICES LIMITED INE868G01019 20-Apr-06
4281 GALLANTT METAL LIMITED INE297H01019 20-Apr-06
4282 GRM OVERSEAS LIMITED INE192H01012 20-Apr-06
4283 HARDOLI PAPER MILLS LIMITED INE699F01010 20-Apr-06
4284 HENKEL INDIA LIMITED INE099H01019 20-Apr-06
4285 HIND LEASING AND FINANCE LIMITED INE388E01013 20-Apr-06
4286 INDO TECH TRANSFORMERS LIMITED INE332H01014 20-Apr-06
4287 JAIHIND PROJECTS LIMITED INE343D01010 20-Apr-06
4288 KARAM CHAND THAPAR & BROS. LIMITED INE319H01011 20-Apr-06
4289 KEC INTERNATIONAL LIMITED INE389H01014 20-Apr-06
4290 KHATOR FIBRE AND FABRICS LIMITED INE964G01016 20-Apr-06
4291 KILBURN ENGINEERING LIMITED INE338F01015 20-Apr-06
4292 MAHARASHTRA ELEKTROSMELT LIMITED INE400E01016 20-Apr-06
4293 MAHARASHTRA INDUSTRIAL LEASING AND
INVESTMENTS LIMITED INE272E01019 20-Apr-06
4294 MALU PAPER MILLS LIMITED INE383H01017 20-Apr-06
4295 MERCURY LABORATORIES LIMITED INE947G01011 20-Apr-06
4296 MILESTONE GLOBAL LIMITED INE151H01018 20-Apr-06
4297 MUNOTH CAPITAL MARKET LIMITED INE910G01019 20-Apr-06
4298 NIDHI GRANITES LIMITED INE276H01013 20-Apr-06
4299 NORTH EASTERN PUBLISHING &
ADVERTISING COMPANY LIMITED INE930E01012 20-Apr-06
4300 PACE ELECTRONICS AND TEXTILES LIMITED INE254H01010 20-Apr-06
4301 PBA INFRASTRUCTURE LIMITED INE160H01019 20-Apr-06
4302 PEE JAY INTERNATIONAL LIMITED INE233H01014 20-Apr-06
4303 PET PLASTICS LIMITED INE704F01018 20-Apr-06
4304 POLYGENTA TECHNOLOGIES LIMITED INE441D01012 20-Apr-06
4305 RAP MEDIA LIMITED INE483D01014 20-Apr-06
4306 RUBRA MEDICAMENTS LIMITED INE396H01019 20-Apr-06
4307 S. V. ELECTRICALS LIMITED INE303D01014 20-Apr-06
4308 SAKUMA EXPORTS LIMITED INE190H01016 20-Apr-06
4309 SALORA FINANCE LIMITED INE117F01013 20-Apr-06
4310 SELLWIN TRADERS LIMITED INE195F01019 20-Apr-06
4311 SHIVALIK GLOBAL LIMITED INE353H01010 20-Apr-06
4312 SHREE RAM MILLS LIMITED INE164H01011 20-Apr-06
4313 SIMPLEX REALTY LIMITED INE167H01014 20-Apr-06
4314 SREE SAKTHI PAPER MILLS LIMITED INE266H01014 20-Apr-06
4315 SUDARSHAN CHEMICAL INDUSTRIES LIMITED INE659A01015 20-Apr-06
4316 SUNIL HITECH ENGINEERS LIMITED INE305H01010 20-Apr-06
4317 SWAN MILLS LIMITED INE665A01012 20-Apr-06
4318 VEER ENERGY & INFRASTRUCTURE LIMITED INE255E01014 20-Apr-06
4319 VIKASH METAL & POWER LIMITED INE158H01013 20-Apr-06
4320 VISHVPRABHA TRADING LIMITED INE762D01011 20-Apr-06
4321 ADINATH EXIM RESOURCES LIMITED INE398H01015 23-May-06
4322 ADITYA FORGE LIMITED INE281H01013 23-May-06
4323 AMAR INVESTMENTS LIMITED INE200H01013 23-May-06
4324 AREX INDUSTRIES LIMITED INE480H01011 23-May-06
4325 BERYL DRUGS LIMITED INE415H01017 23-May-06
4326 CENTENIAL SURGICAL SUTURE LIMITED INE405H01018 23-May-06
4327 JARIGOLD TEXTILES LIMITED INE385F01016 23-May-06
4328 KILPEST INDIA LIMITED INE994E01018 23-May-06
4329 LAKELAND HOTELS LIMITED INE419H01019 23-May-06
4330 LAMINA FOUNDRIES LIMITED INE298H01017 23-May-06
4331 MANJUSHREE EXTRUSIONS LIMITED INE435H01015 23-May-06
4332 NAVKAR BUILDERS LIMITED INE268H01010 23-May-06
4333 NEXXOFT INFOTEL LIMITED INE249H01010 23-May-06
4334 ROSEKAMAL TEXTILES LIMITED INE392F01012 23-May-06
4335 RUBRA MEDICAMENTS LIMITED INE396H01019 23-May-06
4336 RUTTONSHA INTERNATIONAL
RECTIFIER LIMITED INE302D01016 23-May-06
4337 SAVANT INFOCOMM LIMITED INE898E01011 23-May-06
4338 SHARMA EAST INDIA HOSPITALS &
MEDICAL RESEARCH LIMITED. INE465H01012 23-May-06
4339 SHRI BAJRANG ALLOYS LIMITED INE402H01015 23-May-06
4340 STEEL STRIPS & TUBES LIMITED INE205F01016 23-May-06
4341 SUNDAY EXPORTS LIMITED INE427H01012 23-May-06
4342 THE ORISSA MINERALS DEVELOPMENT
COMPANY LIMITED INE725E01016 23-May-06
4343 VIJAY SHANTHI BUILDERS LIMITED INE806F01011 23-May-06
4344 YASH TRADING AND FINANCE LIMITED INE745A01012 23-May-06
4345 APEX INDUSTRIES LIMITED INE480H01011 6-Jul-06
4346 BCL FORGINGS LIMITED INE528H01017 6-Jul-06
4347 BEARDSELL LIMITED INE520H01014 6-Jul-06
4348 CHAMPAGNE VINEYARDS LIMITED INE525H01013 6-Jul-06
4349 DOYANG WOOD PRODUCTS LIMITED INE923E01017 6-Jul-06
4350 EMPIRE INDUSTRIES LIMITED INE515H01014 6-Jul-06
4351 FUNWORLD AND TOURISM
DEVELOPMENT LIMITED INE288H01018 6-Jul-06
4352 HOTAHOTI WOOD PRODUCTS LIMITED INE925E01012 6-Jul-06
4353 KILPEST INDIA LIMITED INE994E01018 6-Jul-06
4354 LAKELAND HOTELS LIMITED INE419H01019 6-Jul-06
4355 MANJUSHREE EXTRUSIONS LIMITED INE435H01015 6-Jul-06
4356 MONNET SUGAR LIMITED INE493H01014 6-Jul-06
4357 MOUNTEVERST TRADING AND INVESTMENT
LIMITED INE492H01016 6-Jul-06
4358 POLYSPIN EXPORTS LIMITED INE914G01011 6-Jul-06
4359 RAJENDRA ELECTRICAL INDUSTRIES LIMITED INE512H01011 6-Jul-06
4360 RUTTONSHA INTERNATIONAL RECTIFIER
LIMITED INE302D01016 6-Jul-06
4361 SHARMA EAST INDIA HOSPITALS AND MEDICAL
RESEARCH LIMITED INE465H01012 6-Jul-06
4362 SOLIX TECHNOLOGIES LIMITED INE314H01012 6-Jul-06
4363 SUNDAY EXPORTS LIMITED INE427H01012 6-Jul-06
4364 THE THIRUMBADI RUBBER COMPNAY LIMITED INE344H01019 6-Jul-06
4365 ASHIANA AGRO INDUSTRIES LIMITED INE709D01012 22-Aug-06
4366 AVIVA INDUSTRIES LIMITED INE461H01011 22-Aug-06
4367 BCL FORGINGS LIMITED INE528H01017 22-Aug-06
4368 BEARDSELL LIMITED INE520H01014 22-Aug-06
4369 BHILWARA TEX-FIN LIMITED INE345H01016 22-Aug-06
4370 C. G. IMPEX LIMITED INE060F01015 22-Aug-06
4371 CHAMPAGNE VINEYARDS LIMITED INE525H01013 22-Aug-06
4372 CKORAMAANDEL CEMENTS LIMITED INE333H01012 22-Aug-06
4373 ELLORA PAPER MILLS LIMITED INE384H01015 22-Aug-06
4374 GTN TEXTILES LIMITED INE302H01017 22-Aug-06
4375 MARG CONSTRUCTION LIMITED INE941E01019 22-Aug-06
4376 MEHTA SECURITIES LIMITED INE241B01010 22-Aug-06
4377 REGALIAA REALTY LIMITED INE098H01011 22-Aug-06
4378 SUDITI INDUSTRIES LIMITED INE691D01012 22-Aug-06
4379 UNITED VAN DER HORST LIMITED INE890G01013 22-Aug-06
4380 Apollo Sindhoori Capital Investmets Limited INE865C01014 13-Sep-06
4381 Binayak Tex Processors Limited INE626H01019 13-Sep-06
4382 Gopal Iron And Steels Co. (Gujarat) Limited INE641H01018 13-Sep-06
4383 Indo Arya Central Transport Limited INE334H01010 13-Sep-06
4384 Intec Securities Limited INE017E01018 13-Sep-06
4385 KMF Builders & Developers Limited INE580H01018 13-Sep-06
4386 M K Exim (India) Limited INE227F01010 13-Sep-06
4387 Orind Exports Limited INE165E01015 13-Sep-06
4388 Remi Process Plant And Machinery Limited INE513H01019 13-Sep-06
4389 Risorgimento Industrial Company Limited INE290H01014 13-Sep-06
4390 Uniroyal Marine Exports Limited INE602H01010 13-Sep-06
4391 Zuari Forex Limited 13-Sep-06
4392 Ashim Investment Company Limited INE511H01013 21-Sep-06
4393 Associated Alcohols & Breweries Limited INE073G01016 21-Sep-06
4394 Kothari Safe Deposits Limited INE407H01014 21-Sep-06
4395 Oswal Yarns Limited INE670H01017 21-Sep-06
4396 Panyam Cements & Mineral Industries Limited INE167E01011 21-Sep-06
4397 Purbanchal Prestressed Limited INE931E01010 21-Sep-06
4398 Sangrahalaya Timber And Crafts Limited INE932E01018 21-Sep-06
4399 Scana Color (India) Limited INE416F01019 21-Sep-06
4400 Shibir India Limited INE199H01017 21-Sep-06
4401 Subhash Yurim Textiles Limited INE206F01014 21-Sep-06
4402 Tashi India Limited INE552H01017 21-Sep-06
4403 Bajaj Global Limited INE553H01015 13-Oct-06
4404 Indian Charge Chrome Limited INE801B01011 13-Oct-06
4405 Khaitan Weaving Mills Limited INE409H01010 13-Oct-06
4406 Mohindra Fasteners Limited
INE705H01011 13-Oct-06
4407 National General Industries Limited INE654H01011 13-Oct-06
4408 Setco Automotive Limited INE878E01013 13-Oct-06
4409 Sigachi Laboratories Limited INE368H01018 13-Oct-06
4410 Simplex Trading And Agencies Limited INE518H01018 13-Oct-06
4411 Tebma Shipyards Limited INE279H01017 13-Oct-06
4412 Tycoon Trades And Investments Limited INE404F01015 13-Oct-06
4413 ESSAR TELEHOLDINGS LIMITED INE317C01016 13-Nov-06
4414 FRONTIER LEASING & FINANCE LIMITED INE977E01013 13-Nov-06
4415 G. S. AUTO INTERNATIONAL LIMITED INE736H01016 13-Nov-06
4416 JAIPRAKASH ENTERPRISES LIMITED INE782H01010 13-Nov-06
4417 NAGARJUNA AGRI TECH LIMITED INE793H01017 13-Nov-06
4418 SHAKTI MET-DOR LIMITED INE614D01014 13-Nov-06
4419 SUBWAY FINANCE & INVESTMENT CO LIMITED INE033F01012 13-Nov-06
4420 Jeet Machine Tools Limited INE987E01012 8-Dec-06
4421 Greycells Entertainment Limited INE791H01011 8-Dec-06
4422 JOCIL limited INE839G01010 8-Dec-06
4423 Marathon Nextgen Realty & Textiles Limited INE182D01012 8-Dec-06
4424 India Nivesh Limited INE131H01010 8-Dec-06
4425 Natura Hue Chem Limited INE487B01019 8-Dec-06
4426 Dhruva Capital Services Limited INE972E01014 8-Dec-06
4427 Plaza Properties Limited INE086G01018 8-Dec-06
4428 Bacil Pharma Limited INE711D01018 8-Dec-06
4429 Nitin Alloys Global Limited INE861H01012 8-Dec-06
4430 Tamilnadu Jai Bharath Mills Ltd. INE868H01017 18-Jan-07
4431 Nitin Alloys Global Ltd. INE861H01012 18-Jan-07
4432 Gemstone Investments Ltd. INE503D01019 18-Jan-07
4433 Narendra Properties Ltd. INE603F01012 18-Jan-07
4434 Gandhinagar Hotels Ltd. INE853H01019 18-Jan-07
4435 Marathwada Refractories Limited INE347D01011 13-Feb-07
4436 Savani Financials Limited INE304E01010 13-Feb-07
4437 Sterling Enterprises Limited INE398F01019 13-Feb-07
4438 Brakes Auto (India) Ltd.(Formerly Brakes and (India)
Pvt. Ltd.) INE222G01019 2-Apr-07
4439 Wire and Wireless (India) Ltd. INE965H01011 2-Apr-07
4440 Zee News Ltd.(Formerly Zee Sports Ltd.) INE966H01019 2-Apr-07
4441 Ennore Coke Ltd.(Ennore Coke & Power Ltd./
Khatoo Synthetics Ltd.) INE755H01016 2-Apr-07
4442 Consolidated Securities Ltd. INE718F01018 2-Apr-07
4443 Apex Auto Ltd.(Formerly Apex Auto Pvt. Ltd.) INE756H01014 2-Apr-07
4444 RIBA Textiles Ltd. INE811H01017 2-Apr-07
4445 Sobhagya Mercantile Ltd. INE754D01018 2-Apr-07
4446 Vipul Ltd. INE946H01011 2-Apr-07
4447 Ishwarshakti Holdings & Traders Ltd. INE073101012 7-May-07
4448 Prerna Infrabuild Ltd. (Formerly Prerna Finsafe Ltd.) INE426H01014 7-May-07
4449 Shilchar Electronics Ltd. (Formerly Shilchar
Electronics Pvt. Ltd.) INE024F01011 7-May-07
4450 Sportking India Ltd. INE885H01011 7-May-07
4451 Kadamb Constructions Ltd. INE469F01018 4-Jun-07
4452 The Mysore Paper Mills Ltd. INE924F01012 4-Jun-07
4453 Vedant Hotels Ltd. INE041F01015 4-Jun-07
4454 Micro Forge (India) Ltd INE550E01018 4-Jun-07
4455 Gujarat Reclaim & Rubber Products Ltd. INE137101015 4-Jun-07
4456 P.G. Industry Ltd. (Formerly Prudential
Granites Industries Ltd.) INE807H01015 4-Jun-07
4457 The Industrial & Prudential Investment
Company Ltd. (Formerly The Industrial & Prudential
Assurance Company Ltd.) INE620D01011 4-Jun-07
4458 Shree Global Tradefin Ltd. (Formerly Bensons
Steels Ltd.) INE080101017 4-Jun-07
4459 Raasi & Enterprises Ltd. (Formerly Raasi Finance &
Investment Ltd.) INE096101013 4-Jun-07
4460 Shital Commercial Ltd. INE025F01018 4-Jun-07
4461 Ronson Traders Ltd. INE017F01015 4-Jun-07
4462 Ellenbarrie Industrial Gases Limited INE236E01014 25-Jul-07
4463 Gujarat Reclaim & Rubber Products Ltd. INE137I01015 25-Jul-07
4464 Rashmi Commercial Company Limited INE813E01010 25-Jul-07
4465 Abirami Financial Services (India) Ltd. INE195I01013 25-Jul-07
4466 Skipper Steels Limited INE439E01014 25-Jul-07
4467 Hawa Engineers Ltd. INE230I01018 25-Jul-07
4468 Vedant Hotels Limited (formerly Vedant
Hotels Private Limited) INE041F01015 25-Jul-07
4469 Ishwarshakti Holdings & Traders Limited INE073I01012 25-Jul-07
4470 Raasi & Enterprises Limited (Formerly Rassi Finance
& Investment Limited) INE096I01013 25-Jul-07
4471 Gratex Industries Limited INE915E01013 25-Jul-07
4472 Kapashi Commercial Limited INE017I01019 25-Jul-07
4473 Shree Global Tradefin Limited (Formerly Bensons
Steels Limited) INE080I01017 25-Jul-07
4474 Temptation Foods Limited INE244I01019 25-Jul-07
4475 Remi Sales And Engineering Ltd INE130I01010 25-Jul-07
4476 Sonali Commercial Limited INE029F01010 25-Jul-07
4477 Paro Leasing & Finance Limited INE493E01011 25-Jul-07
4478 Subh Shree Commercial Company Ltd. INE315E01016 25-Jul-07
4479 Jotindra Steel & Tubes Limited INE173F01016 25-Jul-07
4480 Haryana Leather Chemicals Limited INE681F01018 25-Jul-07
4481 Lactose (India) Limited INE058I01013 25-Jul-07
4482 Shaily Engineering Plastics Limited
(Formerly Anmol Trading Company Limited) INE151G01010 25-Jul-07
4483 Prime Industries Limited (Formerly Prime
Proteins Limited) INE543F01010 25-Jul-07
4484 Tatia Intimate Exports Limited INE083G01015 25-Jul-07
4485 Tirupati Starch & Chemicals Limited INE314D01011 8-Oct-07
4486 Gyan Traders Limited INE534H01015 8-Oct-07
4487 Hawa Engineers Limited INE230I01018 8-Oct-07
4488 India Forge & Drop Stampings Limited INE299I01013 8-Oct-07
4489 Nutech Global Limited INE960H01012 8-Oct-07
4490 Visisth Mercantile Ltd INE043F01011 8-Oct-07
4491 Bhagawati Oxygen Limited INE026I01010 8-Oct-07
4492 Vishnu Chemicals Limited INE270I01014 8-Oct-07
4493 Coxswain Technologies Limited INE390I01010 24-Dec-07
4494 National Mineral Development Corpn Ltd INE584A01015 24-Dec-07
4495 Techno Forge Limited INE305I01018 24-Dec-07
4496 Ari Consolidated Investments Limited INE233I01012 24-Dec-07
4497 PFL Infotech Limited INE600F01018 24-Dec-07
4498 S S Forgings Engineering Limited INE233G01016 24-Dec-07
4499 Porwal Auto Components Limited INE386I01018 24-Dec-07
4500 Baid Leasing And Finance Company Limited INE020D01014 24-Dec-07
4501 Trimurthi Drugs & Pharmaceuticals Limited INE314I01010 24-Dec-07
4502 R V Investment & Dealers Limited INE423I01019 24-Dec-07
4503 A V Cottex Limited INE355H01015 24-Dec-07
4504 Access Global Limited INE714G01015 24-Dec-07
4505 Bemco Hydraulics Limited INE142E01014 24-Dec-07
4506 Good Luck Steel Tubes Limited INE127I01016 24-Dec-07
4507 Paramount Cosmetics (India) Limited INE143I01013 24-Dec-07
4508 Sonal Adhesives Limited INE344I01017 24-Dec-07
4509 Associated Hotels Limited INE512I01019 24-Dec-07
4510 Mini Diamonds (India) Limited INE281E01010 24-Dec-07
4511 Hindustan Copper Limited INE531E01018 24-Dec-07
4512 Bervin Investment & Leasing Limited INE348I01018 24-Dec-07
4513 The Anup Engineering Limited INE628I01013 24-Dec-07
4514 Kausar India Limited INE646I01015 24-Dec-07
4515 Progressive Services Limited INE568I01011 24-Dec-07
4516 Velan Hotels Limited INE548D01014 24-Dec-07
4517 Manabarrie Tea Company Limited INE273E01017 24-Dec-07
4518 Lesha Steels Limited INE207H01018 24-Dec-07
4519 Shri Chlochem Limited INE078I01011 24-Dec-07
4520 Neha International Limited INE874D01022 24-Dec-07
4521 Kapil Cotex Limited INE393H01016 24-Dec-07
4522 Meenakshi (India) Limited INE208H01016 24-Dec-07
4523 Katare Spinnign Mills Limited INE498G01015 24-Dec-07
4524 Parshwanath Housing Finance Corporation Limited INE635I01018 24-Dec-07
4525 Dudhoria Construction Company Limited INE556I01016 24-Dec-07
4526 Natraj Financial & Services Limited INE510H01015 24-Dec-07
4527 Batkawa Tea Industries Limited INE794I01013 21-Feb-08
4528 Ricon Commerce Limited INE016F01017 21-Feb-08
4529 Sidh Enterprises Limited INE026F01016 21-Feb-08
4530 Sharda Motor Industries Limited INE597I01010 21-Feb-08
4531 Victoria Enterprises Limited* INE082E01012 21-Feb-08
4532 Controls & Switchgear Contractors Limited INE731I01015 14-Mar-08
4533 Venus Ventures Limited INE836G01016 14-Mar-08
4534 Cals Refineries Limited INE040C01014 14-Mar-08
4535 Indarma Prime Industries Limited INE909I01017 14-Mar-08
4536 Premjyot Fabrics Limited INE739I01018 14-Mar-08
4537 SRS Real Infrastructure Limited INE953I01015 5-May-08
4538 Vishal Malleables Limited INE661G01018 5-May-08
4539 Aspinwall & Company Limited INE991I01015 5-May-08
4540 SRS Exhibitors & Hoteliers Ltd. INE002J01019 5-May-08
4541 Prakash Woollen Mills Limited INE523I01016 5-May-08
4542 Frontier Springs Limited INE572D01014 5-May-08
4543 Ram Kaashyap Investment Limited INE736I01014 5-May-08
4544 Mediaone Global Entertainment Ltd INE828I01019 25-Jun-08
4545 Ashnoor Textile Mills Limited INE372I01018 25-Jun-08
4546 The Tengpani Tea Company Limited INE571I01015 25-Jun-08
4547 Bateli Tea Company Limited INE216E01016 25-Jun-08
4548 Visagar Polytex Limited INE370E01011 25-Jun-08
4549 Universal Credit And Securities Limited INE607F01013 25-Jun-08
4550 Manraj Housing Finance Limited INE948I01015 25-Jun-08
4551 Sunteck Reality Ltd * INE805D01018 25-Jun-08
4552 Gujarat Toolroom Limited INE145J01016 1-Aug-08
4553 Enbee Trade & Finance Limited INE993I01011 1-Aug-08
4554 Nivedita Mercantile & Financing Limited INE992I01013 1-Aug-08
4555 Sanjay Leasing Limited INE734I01019 1-Aug-08
4556 Ocean Agro (India) Limited INE049J01010 1-Aug-08
4557 Rajkumar Forge Limited INE013J01016 1-Aug-08
4558 Photon Capital Advisors Limited INE107J01016 1-Aug-08
4559 ANS Agro Industries Limited INE234J01018 1-Aug-08
4560 Oswal Industries Limited INE269J01014 1-Aug-08
4561 Mardia Samyoung Capillary Tubes Company Ltd INE277E01018 1-Aug-08
4562 Apeego Limited INE485D01019 1-Aug-08
4563 State Bank of Bikaner and Jaipur * INE648A01018 1-Aug-08
4564 State Bank Of Travancore * INE654A01016 1-Aug-08
4565 Ventura Guaranty Limited INE139J01019 1-Aug-08
4566 Hitkari Fibres Limited INE173J01018 1-Aug-08
4567 Snowtemp Engineering Company Limited INE143J01011 1-Aug-08
4568 Exelon Infrastructure Limited INE500I01014 1-Aug-08
4569 Rose Zinc Limited INE018F01013 27-Aug-08
4570 State Bank of Mysore # INE651A01012 27-Aug-08
4571 Sam Global Securities Limited INE532E01016 27-Aug-08
4572 The United Nilgiri Tea Estates Company INE458F01011 27-Aug-08
Limited
4573 Coromandal Engineering Company Ltd INE312J01012 27-Aug-08
4574 Thakkers Developers Limited * INE403F01017 27-Aug-08
4575 Arcotech Limited * INE574I01019 27-Aug-08
4576 Phaarmasia Ltd INE486I01016 21-Nov-08
4577 Caplin Point Laboratories Ltd INE475E01018 21-Nov-08
4578 SYLPH Technologies Ltd. INE706F01013 21-Nov-08
4579 SEAX Global Ventures Ltd INE590F01011 21-Nov-08
4580 Malabar Trading Company Ltd INE438D01018 21-Nov-08
4581 Kanani Industries Ltd INE879E01011 21-Nov-08
4582 Duroflex Engineering Ltd INE379J01011 21-Nov-08
4583 Bio Green Industries Ltd INE756D01013 21-Nov-08
4584 Beryl Securities Ltd INE508J01015 21-Nov-08
4585 Sturdy Industries Ltd INE134F01018 21-Nov-08
4586 Diamant Investment & Finance Ltd INE206I01018 21-Nov-08
4587 Deepak Industries Ltd INE485J01016 21-Nov-08
4588 Jhaveri Credits and Capital Ltd INE865D01012 21-Nov-08
4589 Anand Credit Ltd INE703J01012 21-Nov-08
4590 JMD Telefilms Industries Ltd INE047E01015 21-Nov-08
4591 Master Chemicals Limited INE523D01017 21-Nov-08
4592 Ficon Lease and Finance Ltd INE755J01012 21-Nov-08
4593 Gujarat JHM Hotels Ltd INE596J01010 21-Nov-08
4594 Shree Nath Commercial & Finance Ltd INE490J01016 21-Nov-08
4595 Sanrhea Technical Textiles Ltd INE589J01015 21-Nov-08
4596 BMW Industries Ltd INE374E01013 21-Nov-08
4597 Raghava Estates Ltd INE348J01016 21-Nov-08
4598 Kedia Construction Company Ltd INE511J01019 21-Nov-08
4599 Prism Informatics Ltd INE389J01010 21-Nov-08
4600 JTL Infra Ltd INE391J01016 21-Nov-08
4601 Kuberkamal Industrial Investment Ltd INE509J01013 21-Nov-08
4602 Explicit Finance Ltd INE335G01019 21-Nov-08
4603 Remi Securities Ltd INE592J01019 21-Nov-08
4604 Vaghani Techno-Build Limited INE554H01021 21-Nov-08
4605 Vippy Industries Limited INE187E01027 1-Dec-08
4606 Uniworth Securities Limited INE728J01019 1-Dec-08
4607 Sheetal Diamonds Limited INE786J01017 1-Dec-08
4608 Texplast Industries Limited INE544D01013 1-Dec-08
4609 Bajrang Finance Limited INE507J01017 1-Dec-08
4610 Suvijay Exports Limited INE765J01011 1-Dec-08
4611 Ishwar Bhuvan Hotels Limited INE689J01013 1-Dec-08
4612 Hind Commerce Limited INE691J01019 1-Dec-08
4613 Gujarat Foils Limited INE587F01017 1-Dec-08
4614 Integra Capital Management Limited INE366H01012 1-Dec-08
4615 Gold Coin Health Foods Limited INE634J01019 1-Dec-08
4616 AUROMA COKE LIMITED INE662I01012 29-Dec-08
4617 SILVER OAK (INDIA) LIMITED INE870J01019 29-Dec-08
4618 FARMAX RETAIL (INDIA) LIMITED INE890101019 29-Dec-08
4619 Sanmitra Commercial Limited INE896J01014 21-Jan-09
4620 Gorani Industries Limited INE792J01015 21-Jan-09
4621 PI Industries Limited INE603J01014 21-Jan-09
4622 Exensys Software Solutions Limited INE947B01012 26-Mar-09
4623 Perfectpac Limited INE759I01016 26-Mar-09
4624 Shivagrico Implements Ltd INE092H01014 26-Mar-09
4625 Shri Krishna Devcon Ltd INE997I01012 26-Mar-09
4626 CAT Financial Services Limited INE099F01013 26-Mar-09
4627 Arunjyoti Enterprises Limited INE392H01018 26-Mar-09
4628 Polytex India Limited INE012F01016 26-Mar-09
4629 J. Taparia Projects Limited INE075K01013 26-Mar-09
4630 Passari Cellulose Ltd INE008F01014 26-Mar-09
4631 Gujarat Wedge Wire Screens Limited INE090J01014 26-Mar-09
4632 Virgo Polymers (India) Limited INE464H01015 26-Mar-09
4633 MAC Charles (India) Limited INE435D01014 26-Mar-09
4634 INCA Finlease Limited 29-Jun-09
4635 B Nanji Enterprises Limited INE735G01010 29-Jun-09
4636 Shree Surgovind Tradelink Limited INE117K01013 29-Jun-09
4637 Money Masters Investment Limited INE945J01019 29-Jun-09
4638 Adeshwar Cotton Industries Limited INE066C01019 29-Jun-09
4639 Tirupati Sarjan Limited INE297J01015 29-Jun-09
4640 The Sandur Manganese And Iron Ores Limited INE149K01016 29-Jun-09
4641 Lords Chloro Alkali Limited INE846D01012 29-Jun-09
4642 Ranjeev Alloys Limited INE478F01019 29-Jun-09
4643 Intellivate Capital Ventures Limited INE512D01010 29-Jun-09
4644 Vishnu Sugar Mills Limited INE211K01014 29-Jun-09
4645 Sterling Strips Limited INE067E01013 29-Jun-09
4646 Multiplus Holdings Limited INE886E01016 29-Jun-09
4647 Gujarat Automotive Gears Ltd INE705G01013 29-Jun-09
4648 Moongipa Capital Finance Ltd INE153K01018 29-Jun-09
4649 MARG Projects and Infrastrure Limited INE942E01017 29-Jun-09
4650 Eastern Treads Limited 30-Jul-09
4651 Softech Infinium Solutions Limited INE181K01019 30-Jul-09
4652 Dunlop India Limited INE509A01012 7-Sep-09
4653 Harleystreet Pharmaceuticals Ltd INE344K01013 7-Sep-09
4654 Kabra Drugs Ltd INE323K01017 7-Sep-09
4655 Sand Plast (India) Ltd INE122K01013 7-Sep-09
4656 Anil Modi Oil Industries Ltd INE537F01012 7-Sep-09
4657 Rajath Finance Limited INE455H01013 7-Sep-09
4658 Matheson Bosanquet Enterprises Limited INE021K01017 7-Sep-09
4659 Gayatri Bioorganics Limited INE052E01015 27-Oct-09
4660 India Tourism Development Corporation Ltd INE353K01014 27-Oct-09
4661 Vinyoflex Limited INE526H01011 27-Oct-09
4662 Genesis Finance Company Limited INE421K01019 27-Oct-09
4663 Gagandeep Services Ltd INE369K01010 27-Oct-09
4664 Scenario Media Limited INE308E01011 30-Nov-09
4665 Starcom Information Technology Limited INE347I01010 30-Nov-09
4666 Harringtons Indstries Limited INE252K01018 30-Nov-09
4667 Pyretic Trading & Finance Co. Ltd. INE325H01018 30-Nov-09
4668 Sarla Gems Limited INE465K01016 6-Jan-10
4669 Topaz Commerce Limited INE439K01011 6-Jan-10
4670 Sea Lord Containers Limited INE467K01012 6-Jan-10
4671 Dewas Metal Sections Limited INE887J01013 6-Jan-10
4672 Sampada Chemicals Limited INE040K01017 6-Jan-10
4673 Responsive Industries Limited INE688D01018 6-Jan-10
4674 Shri Badrinarain Alloys and Steels Limited INE579K01014 22-Feb-10
4675 Shri Jagdamba Polymers Limited INE564J01018 22-Feb-10
4676 KLJ Resources Limited INE176K01019 22-Feb-10
4677 Blue Circle Services Limited INE526K01015 22-Feb-10
4678 Som Shiva (Impex) Limited INE471K01014 22-Feb-10
4679 Arihant Superstructures Limited INE643K01018 22-Feb-10
4680 P.M. Strips Limited INE650K01013 22-Feb-10
4681 Hada Textile Industries Limited INE775F01018 22-Feb-10
4682 Boss Securities Limited INE681K01018 29-Mar-10
4683 Bombay Cycle And Motor Agency Limited INE691K01017 29-Mar-10
4684 Hindusthan Udyog Limited INE582K01018 29-Mar-10
4685 Bokadia Films Limited INE644K01016 29-Mar-10
4686 Duke Offshore Limited INE397G01019 29-Mar-10
4687 Gayatri Tissue and Papers Limited INE661K01010 29-Mar-10
4688 SNL Bearing Limited INE568F01017 29-Mar-10
4689 Prabhav Industries Limited INE538J01012 29-Mar-10
4690 VHCL Industries Limited INE218K01019 29-Mar-10
4691 Hira Ferro Alloys Limited INE 573I01011 29-Mar-10
4692 Tuni Textile Mills Limited INE560D01019 03-May-10
4693 Max Heights Infrastructure Limited INE393F01010 03-May-10
4694 Ashutosh Paper Mills Limited INE723K01018 03-May-10
4695 Indergiri Finance Limited INE628F01019 03-May-10
4696 Shree Rang Mark Travels Limited INE765K01019 03-May-10
4697 Century 21st Portfolio Limited INE485K01014 03-May-10
4698 KLK Electrical Limited INE125G01014 03-May-10
4699 Regency Hospital Limited INE581K01010 03-May-10
4700 Vishal Cotspin Limited INE513E01024 03-May-10
4701 Linkson International Limited INE996E01013 03-May-10
4702 New Markets Advisory Limited INE800K01014 28-May-10
4703 Global Securities Limited INE742K01018 28-May-10
4704 Ravinay Trading Company Limited INE812K01019 28-May-10
4705 KMC Speciality Hospitals (India) Limited INE879K01018 28-May-10
4706 Upasana Finance Limited INE819K01014 28-May-10
4707 Unitech International Limited INE929K01011 28-May-10
4708 VSF Projects Limited INE923K01014 28-May-10
4709 Lalphul Investments Limited INE948K01011 28-May-10
4710 Oswal Overseas Limited INE906K01019 28-May-10
4711 DJS Stock and Shares Limited INE234E01019 28-May-10
4712 Vikalp Securities Limited INE186E01011 28-May-10
4713 Tirupati Inks Limited INE 493K01018 28-May-10
4714 Volant Textile Mills Limited INE962D01017 05-Aug-10
4715 Tilak Finance Limited INE026L01014 05-Aug-10
4716 GFL Financials (India) Limited INE764K01012 05-Aug-10
4717 Virdhi Commercial Company Limited INE568E01010 05-Aug-10
4718 Window Glass Limited INE902K01018 05-Aug-10
4719 Shri Mahasati Investments Limited INE326H01016 05-Aug-10
4720 Mudit Finlease Limited INE220D01010 05-Aug-10
4721 Indo Zinc Limited INE031L01014 15-Sept-10
4722 Arihant's Securities Limited INE190D01015 15-Sept-10
4723 Premier Capital Services Limited INE946K01015 15-Sept-10
4724 ARSI Cosmetics and Chemicals Limited INE898K01018 15-Sept-10
4725 Kosha Cubidor Containers Limited INE100L01017 15-Sept-10
4726 Ganon Trading and Finance Company Ltd INE162L01017 15-Sept-10
4727 Arrow Securities Ltd INE101L01015 15-Sept-10
4728 B & B Realty Limited INE314E01019 15-Sept-10
4729 Bhanot Construction & Housing Limited INE484K01017 15-Sept-10
4730 Haryana Coated Papers Limited INE953K01011 15-Sept-10
4731 AKC Steel Industries Ltd. INE169D01019 14-Oct-10
4732 Conrad Manufacturers & Traders Ltd INE181L01017 14-Oct-10
4733 Suraj Products Limited INE069E01019 14-Oct-10
4734 Krishna Ferro Product Limited INE218L01017 14-Oct-10
4735 Keerthi Industries Limited INE145L01012 14-Oct-10
4736 Incap Financial Services Limited INE800D01019 14-Oct-10
4737 Gazi Financial Services & Investments Ltd INE111L01014 14-Oct-10
4738 Iykot Hitech Toolroom Ltd INE079L01013 14-Oct-10
4739 Binny Limited INE118K01011 14-Oct-10
4740 Amulya Leasing & Finance Limited INE126J01016 14-Oct-10
4741 Gagan Polycot India Limited INE297L01011 01-Dec-10
4742 Jay Energy And S. Energies Limited INE315L01011 01-Dec-10
4743 Sirhind Steel Limited INE299L01017 01-Dec-10
4744 Neelkanth Technologies Limited INE546F01013 01-Dec-10
4745 The Naihati Jute Mills Company Limited INE724E01019 01-Dec-10
4746 Baroda Extrusion Limited INE927K01015 01-Dec-10
4747 Hindustan Fluorocarbons Limited INE806J01013 01-Dec-10
4748 New Horizon Leasing & Finance Limited INE240L01011 01-Dec-10
4749 Rajkamal Synthetics Limited INE376L01013 01-Dec-10
4750 Fusion Fittings (I) Limited INE284L01019 01-Dec-10
4751 Runeecha Textiles Limited INE373L01010 01-Dec-10
4752 Pro Fin Capital Services Limited INE732K01019 01-Dec-10
4753 Arcadia Mercantile Capital Limited INE365L01016 01-Dec-10
4754 Teesta Agro Industries Limited INE757D01011 01-Dec-10
4755 Elpro Packaging Limited INE051E01017 01-Dec-10
4756 Goyal Achal Sampatti Vikas And Niyojan
Nigam Limited INE408L01014 01-Dec-10
4757 Santowin Polyesters Limited INE386L01012 28-Dec-10
4758 Stanrose Mafatlal Investments & Fin Ltd. INE441L01015 28-Dec-10
4759 Mahamaya Steel Industries Limited INE451L01014 28-Dec-10
4760 Adhunik Industries Limited INE452L01012 28-Dec-10
4761 Tulive Developers Limited INE637D01015 28-Dec-10
4762 Synthiko Foils Limited INE363L01011 28-Dec-10
4763 Kirti Investments Limited INE507L01013 28-Dec-10
4764 Southern Fuel Limited INE261K01019 28-Dec-10
4765 Krishna Ventures Limited INE537L01010 28-Dec-10
4766 Venmax Drugs And Pharmaceuticals Limited INE154G01022 28-Dec-10
4767 Remidicherla Infra & Power Limited INE331L01018 28-Dec-10
4768 Ceeta Industries Limited INE760J01012 28-Dec-10
4769 Banas Finance Limited INE521L01014 28-Dec-10
4770 Parth Alluminium Limited INE501L01016 28-Dec-10
4771 Krishna-Deep Trade And Investment Limited INE383L01019 27-Jan-11
4772 JSL Industries Limited INE581L01018 27-Jan-11
4773 Vallabh Poly Plast International Limited INE862K01014 27-Jan-11
4774 SHREE SHALEEN TEXTILES LIMITED INE703L01018 22-Mar-11
4775 CARBO CERAMICS LIMITED INE711L01011 22-Mar-11
4776 BETEX INDIA LIMITED INE765L01017 22-Mar-11
4777 KUMBHAT FINANCIAL SERVICES LIMITED INE795E01019 22-Mar-11
4778 AGARWAL HOLDINGS LIMITED INE786K01015 22-Mar-11
4779 LS INDUSTRIES LIMITED INE345D01023 22-Mar-11
4780 R.S. INFRA-TRANSMISSION LIMITED INE658L01014 22-Mar-11
4781 PARIJAT PAPER MILLS LIMITED INE447K01014 22-Mar-11
4782 JAGANNATH ALLOYS LIMITED INE493L01016 22-Mar-11
4783 SHUKRA BULLIONS LIMITED INE561E01015 22-Mar-11
4784 KIRAN SYNTEX LIMITED INE293D01017 22-Mar-11
4785 EMERGENT ENERGY AND SERVICES LIMITED INE668L01013 22-Mar-11
4786 AMRIT-VILLA INVESTMENTS LIMITED INE145F01014 22-Mar-11
4787 SANGAL PAPERS LTD INE384D01022 22-Mar-11
4788 SUPERIOR INDUSTRIAL ENTERPRISES LIMITED INE843L01012 01-Jul-11
4789 PERFECT-OCTAVE MEDIA PROJECTS LIMITED INE814L01013 01-Jul-11
4790 ESAAR (INDIA) LIMITED INE404L01013 01-Jul-11
4791 S P CAPITAL FINANCING LIMITED INE102F01015 01-Jul-11
4792 Midland Polymers Limited INE046M01010 18-Jul-11
4793 Nuway Organic Naturals India Limited INE414L01012 18-Jul-11
4794 Genera Industries Limited INE993L01015 18-Jul-11
4795 Dinesh Allorga Limited INE422G01015 18-Jul-11
4796 Gujarat Meditech Limited INE010M01016 18-Jul-11
4797 Vora Constructions Limited INE902L01016 18-Jul-11
4798 North Eastern Carrying Corporation Limited INE553C01016 18-Jul-11
4799 Parichay Investments Limited INE701F01014 18-Jul-11
4800 James Hotels Limited INE510D01014 18-Jul-11
4801 Sarvamangal Mercantile Company Limited INE978L01016 18-Jul-11
4802 Exdon Trading Company Limited INE204I01013 18-Jul-11
4803 Sun Granite Export Limited INE032M01010 18-Jul-11
4804 Ekam Leasing and Finance Co. Limited INE906L01017 18-Jul-11
4805 Concord Drugs Limited INE858L01010 18-Jul-11
4806 Citizen Infoline Limited INE473L01018 18-Jul-11
4807 Gold Rock Investments Limited INE598F01014 18-Jul-11
4808 Mahaveer Finance (India) Limited INE911L01017 18-Jul-11
4809 Regency Trust Limited INE425F01010 18-Jul-11
4810 Priti Mercantile Company Limited INE793G01019 18-Jul-11
4811 Jalan Metallurgical Limited INE908L01013 14-Oct-11
4812 Vaibhav Heavy Vehicles Limited INE567E01012 14-Oct-11
4813 Pankhil Finlease Limited INE156M01017 14-Oct-11
4814 LWS Knitwear Limited INE281M01013 14-Oct-11
4815 Galaxy Agrico Exports Limited INE803L01016 14-Oct-11
4816 ABC Gas (International) Limited INE173M01012 14-Oct-11
4817 Confidence Trading Company Limited INE180M01017 14-Oct-11
4818 Integrated Proteins Limited INE177M01013 14-Oct-11
4819 Trendy Knitwear Limited INE219M01013 14-Oct-11
4820 TCL Technologies Limited INE094M01010 14-Oct-11
4821 Apis India Ltd INE070K01014 14-Oct-11
4822 The Bisra Stone Lime Company Limited INE719E01019 14-Oct-11
4823 Dhvanil Chemicals Limited INE008M01010 14-Oct-11
4824 JRI Industries & Infrastructure Limited INE022M01011 14-Oct-11
4825 Sree Satyanarayana Spinning Mills Limited INE563E01011 14-Oct-11
4826 Rapid Investments Limited INE154M01012 14-Oct-11
4827 Tirupati Industries (India) Limited INE329E01017 14-Oct-11
4828 Narven Finance and Investments Limited INE984L01014 14-Oct-11
4829 Modella Woollens Limited INE380D01012 14-Oct-11
4830 Malay Commercial Enterprises Limited INE505L01017 14-Oct-11
4831 Towa Sokki Limited INE311M01018 20-Dec-11
4832 Atreya Petrochem Limited INE313M01014 20-Dec-11
4833 The Chemo-Pharma Laboratories Limited INE320M01019 20-Dec-11
4834 Associated Fin Lease Limited INE290M01014 20-Dec-11
4835 Hindoostan Mills Limited INE832D01020 20-Dec-11
4836 Naisargik Agritech (India) Limited INE360M01015 20-Dec-11
4837 Asianlak Capital And Finance Limited INE377M01019 20-Dec-11
4838 Thyrocare Laboratories Limited INE099M01019 20-Dec-11
4839 Moryo Industries Limited INE346M01014 20-Dec-11
4840 Vivo Bio Tech Limited INE380K01017 20-Dec-11
4841 Aroma Enterprises (India) Limited INE371M01012 20-Dec-11
4842 Advance Lifestyles Limited INE900E01015 20-Dec-11
4843 Swagruha Infrastructure Limited INE587J01019 20-Dec-11
4844 RSC International Limited INE015F01019 20-Dec-11
4845 Pithampur Steels Limited INE077H01015 20-Dec-11
4846 Rahul Merchandising Limited INE149D01011 20-Dec-11
4847 Himachal Fibres Limited INE723D01013 20-Dec-11
4848 Monota Securities Limited INE815H01018 20-Dec-11
4849 Nimbus Industries Limited INE470M01012 20-Dec-11
4850 High Ground Enterprise Limited INE361M01013 20-Dec-11
4851 Pentokey Organy (India) Limited INE702E01015 20-Dec-11
4852 Wyn Aqua Exports Limited INE393M01016 20-Dec-11
LIST OF CIRCULARS
Circular no. D&CC/FITTC/CIR - 05/2001 dated December 26, 2001
Circular no.D&CC/FITTC/CIR – 06/2002 dated January 31, 2002
Circular no.D&CC/FITTC/CIR – 08/2002 dated June 06, 2002
Circular no.D&CC/FITTC/CIR-14/2002 dated November 15, 2002
Circular no.D&CC/FITTC/CIR – 21/2003 dated April 29, 2003
Circular no.MRD/DEP/Cir- 22 /2003 dated August 1, 2003
Circular no.D&CC/FITTC/CIR – 21/2003 dated April 29, 2003
Circular no.SEBI/MRD/DEP/Cir-5/2004 dated January 13, 2004
Circular no.SEBI/MRD/Cir - 10/2004 dated February 10, 2004
Circular no.SEBI/MRD/DEP/Cir-18 /2004 dated April 15, 2004
Circular no.SEBI/MRD/DEP/Cir-24/2004 dated July 16, 2004
Circular no.MRD/DoP/SE/Cir-34/04 dated October 11, 2004
Circular no.MIRSD/DR-2/SRP/Cir-2/2005 dated January 4, 2005
Circular no.MRD/DoP/SE/Cir- 3 /05 dated January 18, 2005
Circular no.MRD/DoP/SE/Cir-10 /05 dated April 20, 2005
Circular no.MRD/DoP/SE/Cir- 14 /05 dated July 7, 2005
Circular no.MRD/DoP/SE/Cir- 21 /05 dated September 19, 2005
Circular no.MRD/DoP/SE/Cir-1 /06 dated January 13, 2006
Circular no.MRD/DoP/SE/Cir- 4/06 dated April 20, 2006
Circular no.MRD/DoP/SE/Cir-5/06 dated May 23, 2006
Circular no.MRD/DoP/SE/Cir-7/06 dated July 06, 2006
Circular no.MRD/DoP/SE/Cir-10/06 dated August 22, 2006
Circular no.MRD/DoP/SE/Cir- 11 /06 dated September 13, 2006
Circular no.MRD/DoP/SE/Cir-12 /06 dated September 21, 2006
Circular no.MRD/DoP/SE/Cir-16/06 dated October 13, 2006
Circular no.MRD/DoP/SE/Cir- 18/06 dated November 13, 2006
Circular no.MRD/DoP/SE/Cir- 19/06 dated December 8, 2006
Circular no.MRD/DoP/SE/Cir-01/07 dated January 18, 2007
Circular no.MRD/DoP/Cir-2/07 dated February 13, 2007
Circular no.MRD/DoP/SE/Cir-4/07 dated April 02, 2007
Circular no.MRD/DoP/Cir-06/07 dated May 07, 2007
Circular no.MRD/DoP/Cir-07/07 dated June 4, 2007
Circular no.MRD/DoP/SE/Cir-10/07 dated July 25, 2007
Circular no.MRD/DoP/SE/Cir-13/07 dated Oct 8, 2007
Circular no.MRD/DoP/SE/Cir-16/2007 dated December 24, 2007
Circular no.MRD/DoP/SE/Cir-02/08 dated Feb 21, 2008
Circular no.MRD/DoP/SE/Cir-04/08 dated March 14, 2008
Circular no.MRD/DoP/SE/Cir-12/08 dated May 05, 2008
Circular no.MRD/DoP/SE/Cir-19/08 dated June 25, 2008
Circular no.MRD/DoP/SE/Cir-25/2008 dated August 01, 2008
Circular no.MRD/DoP/SE/Cir- 27/2008 dated August 27, 2008
Circular no.MRD/DoP/SE/Cir -32/2008 dated November 21, 2008
Circular no.MRD/DoP/SE/Cir-33/2008 dated December 1, 2008
Circular no.MRD/DoP/SE/Cir-35/2008 dated December 29, 2008
Circular no.MRD/DoP/SE/ Cir-1 /2009 dated January 21, 2009
Circular no.MRD/DoP/SE/Cir-04/2009 dated March 26, 2009
Circular no.MRD/DoP/SE/ Cir-06 /2009 dated June 29, 2009
Circular no.MRD/DoP/SE/Cir-09/2009 dated July 30, 2009
Circular no.MRD/DoP/SE/Cir-11/2009 dated September 07, 2009
Circular no.SEBI/MRD/DoP/SE/Cir-15/2009 dated October 27, 2009
Circular no.SEBI/MRD/DoP/SE/Cir-17/2009 dated November 30, 2009
Circular no.SEBI/MRD/DoP/SE/Cir-2/2010 dated January 6, 2010
Circular no.SEBI/MRD/DoP/SE/Cir-6/2010 dated February 22, 2010
Circular no.SEBI/MRD/DoP/SE/Cir-7/2010 dated March 29, 2010
Circular no.CIR/MRD/DP/16/2010 dated May 3, 2010
Circular no.CIR/MRD/DP/18/2010 dated May 28, 2010
Circular no.CIR/MRD/DP/ 23 /2010 dated August 05, 2010
Circular no.CIR/MRD/DP/ 31 /2010 dated September 15, 2010
Circular no.CIR/MRD/DP/ 34 /2010 dated October 14, 2010
Circular no.CIR/MRD/DP/ 35 /2010 dated December 01, 2010
Circular no.CIR/MRD/DP/ 38 /2010 dated December 28, 2010
Circular no.CIR/MRD/DP/01/2011 dated January 27, 2011
Circular no.CIR/MRD/DP/03/2011 dated March 22, 2011
Circular no.CIR/MRD/DP/09/2011 dated July 01, 2011
Circular no.CIR/MRD/DP/10/2011 dated July 18, 2011
Circular no.CIR/MRD/DP/11/2011 dated October 14, 2011
Circular no.CIR/MRD/DP/14/2011 dated December 20, 2011
N.A.