[AI] What is true:

harish kotian hpkotian at rbi.org.in
Wed Sep 5 01:24:04 EDT 2007


Hello BV
What you are refering limits only to  the point
1) Obtain Proof of Identity, Proof of Address and the photograph of the 
blind person(s)

It does not take a supervisory authority 4 months to issue a circular. You 
need to check on the "facts" first.

I am reproducing the circular once again to go through it thoroughly.
Harish.

            NATIONAL SECURITIES DEPOSITORY LIMITED

Participant Interface

Circular

Circular No. NSDL/POLICY/2007/0049
Date : August 21, 2007

Sub : Revised procedure - Opening and operation of depository account of 
blind persons

As all Depository Participants (DPs) are aware that NSDL vide its Circular 
No. NSDL/PI/2005/1584 dated August 26, 2005 issued clarification regarding 
opening
of beneficiary account by a blind person. The aforesaid clarification was 
issued by NSDL with the objective of protecting and safeguarding the 
interest
of person(s) who is/are blind.

NSDL has received collective representations from several organisations 
working for the development and welfare of blind persons, regarding the 
practical
difficulties faced by blind person(s) in meeting with the requirements 
specified in the aforesaid circular.

In consideration of the various representations received by NSDL and after 
hearing the representatives of organisations working for the development & 
welfare
of blind persons and keeping in view the technological advancements and the 
desire of the blind person(s) to act and represent themselves independently,
DPs are hereby advised to treat the contents of Circular No. 
NSDL/PI/2005/1584 dated August 26, 2005 as cancelled and deal with the 
application received
from blind person(s) for opening and operation of the beneficiary account in 
the following manner with immediate effect:

1) Obtain Proof of Identity, Proof of Address and the photograph of the 
blind person(s) (hereinafter referred as Client) as per the procedure laid 
down
in NSDL Circular Nos. NSDL/PI/2004/1622 and NSDL/PI/2004/2117 dated 
September 7, 2004 and November 25, 2004 respectively. Carry-out 'in-person' 
verification
of the Client as per the procedure laid down in NSDL Circular Nos. 
NSDL/POLICY/2007/0016 and NSDL/POLICY/2007/0022 dated March 16, 2007 and 
April 18, 2007
respectively. Obtain PAN card of the Client and follow the procedure laid 
down in NSDL Circular No. NSDL/POLICY/2006/0007 dated March 3, 2006.

2) The requirement of companion(s) stands withdrawn.

3) The DP should read out and explain to the Client, the contents of the 
account opening form and DP-Client agreement whenever so requested by the 
Clients.
In case the Client is an illiterate, DP should follow the procedure laid 
down in NSDL Circular No. NSDL/PI/2002/0709 dated May 3, 2002.

4) The DP should capture the Clients' signature(s) as given in the Account 
Opening Form in the DPM system. Further, a remark should be put in the DPM 
system
(under the authorised signatory details in 'signatories' screen) that the 
Client is "Visually Challenged". Further, if the Client is illiterate, then 
DP
should put in the remark as "Visually Challenged and Thumb Impression".

5) For issuance, re-issuance and processing of Delivery Instruction Slips 
(DIS) of such Clients, DPs are advised to follow the procedure laid down in 
NSDL
Circular No. NSDL/PI/2004/1401 dated August 5, 2004. DPs would also be 
required to comply with NSDL Circular No. NSDL/POLICY/2007/0011 dated 
February 15,
2007 regarding SEBI circular on DIS. It is also added that the DIS issued to 
such Clients should be pre-stamped as "Visually Challenged" or "Visually 
Challenged
and Thumb Impression" as the case may be. Further, these Client(s) should 
visit the office of the DP to deliver the DIS, only if they are illiterate.

DPs are requested to note that the above mentioned procedures will be 
applicable for new accounts opened after issuance of this circular as well 
as for
processing of DIS for the existing Clients.

For and on behalf of
National Securities Depository Limited

sd/-

Bhushan Maideo
Vice President


----- Original Message ----- 
From: "bv" <veerakumar8 at hotmail.com>
To: <accessindia at accessindia.org.in>
Sent: Tuesday, September 04, 2007 10:21 PM
Subject: Re: [AI] What is true:


> Hai Harise, I submit that the associations, I remember,made representation
> only in the month of June or July. One may identify the facts, when he go
> through the reference column.    It transpires, that the policy  was
> formulated lastly on 18-04-07. Nothing more I want to express. BV
> ----- Original Message ----- 
> From: "harish kotian" <hpkotian at rbi.org.in>
> To: <accessindia at accessindia.org.in>
> Sent: Tuesday, September 04, 2007 10:39 AM
> Subject: Re: [AI] What is true:
>
>
>> Hi BV
>>
>> I do happen to know more about the case and I shall present it here.
>>
>> At the outset, let me make it very clear that the comments are my own and
>> not as a moderator of this group.
>>
>> Certainly, Sekar did a wonderful job in starting the fight.    I too on 
>> my
>> part helped him build his case.
>>
>> I must acknowledge the role of Kanchan who helped him immensely.
>>
>> Again Kanchan along with Sam Tarapore , made a presentation to the CMD of
>> NSDL. He summarily agreed to withdraw in toto and requested for a
>> supporting
>> letter from organisations working for the blind.
>>
>> BV, if you read the circular, you would realise the circular was 
>> withdrawn
>> on the instance of the letters received from organisations for the blind
>> and
>> not in the instance of the court, CCDP  or letter written to the 
>> President
>> of India.
>>
>> Rest what happend  all of you know.
>>
>> BV, I don't understand your motive behind making such comments. Every
>> persons effort has a role behind this success. No one had claimed as a 
>> one
>> persons effort. This is a team effort
>>
>> Userping credit is not a good way to function and it will only demoralise
>> those who have worked for it.
>>
>> We shall definately see more success in the future with joint and
>> collective
>> efforts like this.
>>
>> Harish.
>>
>> ----- Original Message ----- 
>> From: "bv" <veerakumar8 at hotmail.com>
>> To: <accessindia at accessindia.org.in>
>> Sent: Monday, September 03, 2007 10:44 PM
>> Subject: [AI] What is true:
>>
>>
>>> Hai friends, I am not able to contact you all for past 2 weeks, due to
>>> family commitments.  I learnt that NSDL. had revoked their circular
>>> pertaining to VCs. In this regard I want to express real facts and my
>>> views in the issue.
>>>
>>> It was Mr. T. Sekar who challenged the very circular. He wrote to the
>>> President of India, NSDL, SEBI and CCPD. He issued advocate notice to 
>>> the
>>> concerned parties in the month of June 2006. Thereafter he filed a Writ
>>> Petition against the parties before the Honourable High Court of
>>> Judicature at Madras in the month of January. The opposite parties had
>>> appeared but only not filed their counter affidavit. Consequent upon the
>>> legal battle the SEBI had issued a circular in the month of March 2007,
>>> in
>>> this regard. The NSDL had also issue directions vide NSDL Circular Nos.
>>> NSDL/POLICY/2007/0016 and NSDL/POLICY/2007/0022 dated March 16, 2007 and
>>> April 18, 2007.
>>> I remember, The alleged Associations started sending representations 
>>> only
>>> in the month of June 2007.
>>>
>>> I strongly opine that the person behind this success is Mr. Sekar, who
>>> continuously and persistently represent  the authorities over e-mails
>>> advocate notice and filed the Writ. The representation of 21 
>>> associations
>>> was only post     operational measures.
>>>
>>> Hence, I congratulate Mr. T. Sekar for this remarkable success. Stop not
>>> your fight for right.
>>>
>>> BV
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>>
>>
>>
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>
>
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