ESTABLISHMENT OF CONNECTIVITY WITH BOTH DEPOSITORIES NSDL AND CDSL –COMPANIES ELIGIBLE FOR SHIFTING FROM TRADE FOR TRADE SETTLEMENT (TFTS)TO NORMAL ROLLING SETTLEMENT

The stock exchanges may consider shifting the trading in securities, which are listed in Annexure ‘A’ and established connectivity with both the depositories during March and April, 2008 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.