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Tuesday, Jul 27, 2004

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GTB advised to appoint auditor for DP operations

Our Bureau

Mumbai , July 26

NATIONAL Securities Depository Ltd has advised Global Trust Bank (GTB) to appoint a concurrent auditor to oversee depository participant (DP) operations of the bank for a period of six months. This is following RBI's moratorium on GTB and its impending merger with Oriental Bank of Commerce.

GTB has also been advised not to charge any transaction fees to their clients in case they decide to shift their accounts to another DP. This is subject to the condition that the account with the new DP is opened in the same name or order of names and type, according to a statement from NSDL.

"This facility will be available for a period of three months. NSDL would also waive its fees for effecting transfer of securities from such accounts for three months," says the press release.

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