Standing Order No. 3766/2019 of the Industries and Commerce Department, Government of Tamil Nadu dated 7th December, 2019 on the business of an intermediary [C1K-0VP]

Standing Order No. 3766/2019

GOVERNMENT OF TAMIL NADU

Industries and Commerce Department, Government of Tamil Nadu

Chennai, dated the 7th December, 2019

STANDING ORDER

To

All Assistant General Managers,

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 Industries and Commerce 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 D to the Investor Protection Fund Trust within sixty days, accompanied by a fee of ten thousand rupees.

3. The Assistant General Manager shall ensure that offer document is dealt with as directed above, and shall report compliance to the Investor Protection Fund Trust within sixty days.

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

(Secretary to Government)