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December 4, 2012

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  1. Mini derivative (Futures & Options) contract on Index (Sensex & Nifty): SEBI has vide Circular No. CIR/DRMNP/4/2012 dated 20th November, 2012 decided to discontinue mini derivative contracts on Sensex and Nifty Indices with a view to ensure that small/ retail investors are not attracted towards derivative segments. However, the existing unexpired contracts may be permitted to trade till expiry and new strikes may also be introduced in the existing contract months.
  2. Notification regarding establishment of Local Office of the Board at Bhubaneswar :SEBI vide its notification dated 19th November, 2012 has announced the establishment of its Local Office at Bhubaneswar which shall work under the administrative control of its Eastern Regional Office at Kolkata. Further, SEBI has prescribed that the new Local Office shall look after the regulatory aspects of investor protection, investor education and such other functions as may be designated from time to time. The role and responsibility of such Local Office shall extend to the areas falling under the territorial jurisdiction of the State of Odisha. 
  3. Arbitration Mechanism in Stock Exchanges :SEBI has done away with the requirement of deposit, in respect of arbitration references from clients having claims or counter claims upto the value of Rs. 10 lakh. This was announced vide Circular No. CIR/MRD/ICC/ 29 /2012 dated 7th November, 2012. Further, the Stock Exchanges will bear the expenses with regard to such applications.
  4. Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement: SEBI has vide Circular No. CIR/MRD/DP/ 28 /2012 dated 2nd November, 2012 directed that the Stock Exchanges in respect of the Companies which are listed out in the Annexure to the circular (which have established connectivity with both NSDL and CDSL) , may consider shifting the trading in securities from Trade for Trade Settlement to normal Rolling Settlement subject to satisfaction of the following:
    1. At least 50% of the other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode and the Stock exchange has obtained a certificate in this regard issued by the Registrar and Transfer Agent. However, if the issuer-company does not have a separate Registrar and Transfer Agent, then such certificate needs to be issued by the Practicing Company Secretary/Chartered Accountant.
    2. There are no other grounds/ reasons for continuation of trading in Trade for Trade Settlement.
  5. Modification/ Change of name in the Beneficial Owner (BO) account :SEBI has vide Circular No. CIR/MRD/DP/ 27 /2012 dated 1st November, 2012 simplified the procedure for change of name in Individual Beneficial Owner's (BO) account by directing the Depositories to accept request for the same subject to the receipt of the self attested copies of the following documents at the time of change of name:
    1. In case of change in name on account of marriage – marriage certificate or copy of passport showing husband's name or publication of name change in official gazette.
    2. In case of change in name on account of reasons other than marriage – publication of name change in official gazette.
    3. In case of change in father's name – publication of name change in official gazette.
Further, SEBI has directed the Depositories to implement the above provisions within three months from the date of the issue of this circular.
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