Dated: 17th June 2010
Consequent upon the decision of the Exchange
authorities to disburse interest on Rs.7.50 lacs out of the Base Minimum
Capital (BMC) deposit of Rs.10.00 lacs, all trading members of the Exchange are
hereby informed that the Exchange had formulated a scheme wherein Rs.7.50 lacs
interest free deposit held with the Exchange shall be converted into a Fixed
Deposit with HDFC Bank Ltd., for a minimum period of one year and the same
shall be lien marked in favour of CSE or BSE or NSE (upon commencement of the
arrangement under Section 13 of SCRA) as per Exchange requirement. Under this scheme, members shall comply with
the following terms and conditions:
1.
Members
having full BMC of Rs.10.00 lacs in Cash Deposit shall only be eligible for
this arrangement.
2.
Members with
shortfall of BMC should replenish their BMC with additional cash deposit to
avail this facility.
3.
Members will
get interest directly from the HDFC Bank from the date of deposit under this
scheme.
4.
Members will
also get TDS Certificate in their favour from the HDFC Bank directly.
5.
This
arrangement has been made by the Exchange with HDFC Bank only. Therefore, those members who want to avail
the benefit of the scheme should have an account with HDFC Bank, Stephen House
Branch.
6.
The Exchange
shall not be liable for any interest, TDS Certificate or loss of interest if
any upon prematurity, change of lien on fixed deposit etc.,
7.
This fixed
deposit shall be auto-renewable at the prevailing rate of interest with HDFC
Bank and at any time the FD closing proceeds shall be credited to the Exchange
Account only.
8.
The Exchange
can premature the fixed deposit without any further consent of the member as
per its applicable Bye-laws and Regulations in case of default of any dues to
the Exchange.
9.
The members
having full BMC of Rs.10.00 lacs in Cash Deposit should approach the Securities
Department of the Exchange with the following documents for booking the lien
marked FD
a.
Request
Letter for booking Fixed Deposit (annexure 2) on the member’s letter head
b.
Request
Letter (annexure 1) on the member’s letter head
c.
Copy of the
PAN Card and address proof of the member duly self attested.
d.
One time
Board Resolution for booking FD from the member (only in case the member is a
Pvt. Ltd./Ltd Company)
e.
An
undertaking to the Exchange for compliance of all terms and conditions of this
Notice of even date as well of applicable Bye-laws and Regulations of the
Exchange. (annexure 4)
10.
Only upon
receipt of the above documents, the Exchange will arrange fund in its account
with HDFC Bank and issue the following documents to the Bank for booking the
lien marked fixed deposit.
a)
NOC for
booking FD (annexure 3)
b)
One-time hold
& release letter giving details of the members.
11.
Exchange will
process all requests under the scheme twice in a month. Accordingly, completed applications received
from the Members from 26th of a calendar month till 10th
of next calendar month would be processed by 15th of the said month
and completed applications received from the Members from 11th till
25th of the calendar month would be processed by 30th of
the said month. No claim of members for
interest would be entertained for the interim period of application and booking
of FD.
The letter formats to the Bank, to the Exchange (as
annexure) and FAQ are given below for download. Members are requested to take note of the same and act
accordingly.
For any further queries and information, members may
kindly call Securities Department at 2230-8636 or call the undersigned.
DGM
(Surveillance, MOP & Securities)