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Friday, Nov 21, 2003

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SEBI reduces time period for book closure

Our Bureau

Mumbai , Nov. 20

The Securities and Exchange Board of India (SEBI) has reduced the time period for record date and book closure with immediate effect following the representation received from various quarters of the securities market.

In a statement on Thursday, SEBI said the notice period had been reduced to 15 calendar days for demat scrips from the current 30 days; in the case of physical securities, the period had been reduced from 42 days to 21 days.

Book closure and record dates are mainly for various corporate actions, such as bonus and dividend, and these benefits were available to investors whose names appear in the company books on a particular day (that is, the record date).

The statement said in view of major structural changes and developments in the secondary markets, SEBI had decided to reduce the notice period in phases to ensure that there was minimum discomfort to market players. It also said the market regulator would consider further reduction in the notice period after seeking feedback from the market.

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