Standing Order No. 1202/2007 of the Finance Department, Government of Tamil Nadu dated 23rd July, 2007 on the issue of securities [C10-SRQ]

Standing Order No. 1202/2007

GOVERNMENT OF TAMIL NADU

Finance Department, Government of Tamil Nadu

Chennai, dated the 23rd July, 2007

STANDING ORDER

To

All adjudicating officers,

Subject: The issue of securities by issuers under the Tamil Nadu Protection of Interests of Depositors Act, 1997, regarding.

In exercise of the powers conferred by section 9 of the Tamil Nadu Protection of Interests of Depositors Act, 1997 (Tamil Nadu Act 44 of 1997), the Finance Department, Government of Tamil Nadu hereby issues the following Standing Order for the guidance of all officers subordinate to it:

1. References have been received seeking clarification on the manner in which section 9 applies to the issue of securities by issuers.

2. The matter has been examined. Every issuer carrying on the issue of securities shall make an application in Form B to the Board within thirty days, accompanied by a fee of twenty-five thousand rupees.

3. The adjudicating officer shall ensure that order is dealt with as directed above, and shall report compliance to the Board within thirty days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Finance Department, Government of Tamil Nadu.

(Secretary to Government)