Standing Order No. 983/2007 of the Registration and Stamps Department, Government of Karnataka dated 9th January, 2007 on the holding of securities in dematerialised form [C1G-2W8]

Standing Order No. 983/2007

GOVERNMENT OF KARNATAKA

Registration and Stamps Department, Government of Karnataka

Bengaluru, dated the 9th January, 2007

STANDING ORDER

To

All Inspectors of Stamps,

Subject: The holding of securities in dematerialised form by depositories under the Karnataka Stamp Act, 1957, regarding.

In exercise of the powers conferred by section 9 of the Karnataka Stamp Act, 1957 (Karnataka Act 34 of 1957), the Registration and Stamps Department, Government of Karnataka 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 holding of securities in dematerialised form by depositories.

2. The matter has been examined. Every depository carrying on the holding of securities in dematerialised form shall make an application in Form H to the District Registrar within forty-five days, accompanied by a fee of one hundred rupees.

3. The Inspector of Stamps shall ensure that adjudication is dealt with as directed above, and shall report compliance to the District Registrar within forty-five days.

4. Difficulties, if any, in the implementation of this standing order may be brought to the notice of the Registration and Stamps Department, Government of Karnataka.

(Secretary to Government)