Circular of the Department of Economic Affairs dated 19th July, 2009 on section 7 of the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking over of Management) Repeal Act, 2005 [C10-HCZ]

F. No. 14/91/2009-DEPA

Government of India

Ministry of Finance

Department of Economic Affairs

New Delhi, dated the 19th July, 2009

To

All adjudicatings officer and Centrals Government

Subject: Section 7 of the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking over of Management) Repeal Act, 2005 (14 of 2005), the business of a stock broker, regarding.

1. References have been received in the Department of Economic Affairs seeking clarification on the manner in which section 7 of the Parel Investments and Trading Private Limited and Domestic Gas Private Limited (Taking over of Management) Repeal Act, 2005 (14 of 2005) (hereinafter referred to as the Act) is to be applied to stocks broker who undertake the business of a stock broker at more than one place.

2. The matter has been examined. Section 7 of the Act requires every stock broker to make an application to the Board within the period stated in that section.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of a stock broker is undertaken, and the Board shall process each application in accordance with section 7 of the Act and the rules made thereunder.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Department of Economic Affairs.

(Under Secretary to the Government of India)