Standing Order No. 351/2009 of the Finance Department, Government of Tamil Nadu dated 1st August, 2009 on the business of an intermediary [C16-QK9]

Standing Order No. 351/2009

GOVERNMENT OF TAMIL NADU

Finance Department, Government of Tamil Nadu

Chennai, dated the 1st August, 2009

STANDING ORDER

To

All Compliance Officers,

Subject: The business of an intermediary by intermediaries 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 an intermediary by intermediaries.

2. The matter has been examined. Every intermediary carrying on the business of an intermediary shall make an application in Form A to the Board within forty-five days, accompanied by a fee of five lakh rupees.

3. The Compliance Officer shall ensure that client agreement is dealt with as directed above, and shall report compliance to the Board within forty-five 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)