Standing Order No. 4734/2007 of the Finance Department, Government of Tamil Nadu dated 1st September, 2007 on the business of a merchant banker [C14-P1W]

Standing Order No. 4734/2007

GOVERNMENT OF TAMIL NADU

Finance Department, Government of Tamil Nadu

Chennai, dated the 1st September, 2007

STANDING ORDER

To

All Deputy General Managers,

Subject: The business of a merchant banker by merchant bankers 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 business of a merchant banker by merchant bankers.

2. The matter has been examined. Every merchant banker carrying on the business of a merchant banker shall make an application in Form B to the Board within twenty-one days, accompanied by a fee of one lakh rupees.

3. The Deputy General Manager shall ensure that offer document is dealt with as directed above, and shall report compliance to the Board within twenty-one 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)