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GIO Sanmar Launches
Depository Service Facility |
| The depository service facility offered by GIO Sanmar
Financial, a unit of Sanmar Securities Trading Limited (SSTL), was
formally inaugurated by K S Narayanan, Chairman Emeritus, Sanmar group
on May 12, 1999. SSTL will offer depository services through National
Securities Depository Limited (NSDL) to render value added services
to its broking clients. The company has obtained the necessary certificate
from the market regulator, Securities Exchange Board of India (SEBI)
to carry on these operations. |
| The introduction of scripless trading and depository
operations constitutes a major landmark in the history of the Indian
stock market. Investors will no longer have to worry about bad deliveries,
loss and mutilation of share certificates, delay in transfer and other
problems associated with handling of physical securities. SSTL, as
a corporate broker, with memberships in the National Stock Exchange,
Madras Stock Exchange and OTC Exchange of India, have been extending
broking services of a high standard to their clients. Always anxious
to provide improved service to clients, SSTL have availed themselves
of the opportunity to become a Depository Participant (DP), to extend
to their clients, both broking and depository services of high quality
under one roof. |
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| K S Narayanan, Chairman Emeritus, Sanmar group
lighting the Kuthuvilakku at the launch of the GIO Sanmar Depository
service facility. Seen to his right are: N Kumar, Vice Chairman,
Sanmar group, S B Prabhakar Rao, President, Corporate-Affairs,
Chemplast Sanmar Limited, K P Dilip, General Manager, Sanmar
Securities Trading Limited, B Chakrapani, Executive Director,
Sanmar Shipping Limited and V K Parthasarathy. |
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| Under the depository system, securities in physical
form are substituted by securities in electronic form and the investor
has electronic ownership of securities. In India, the first depository
was set up by NSDL, jointly promoted by IDBI, UTI and the National
Stock Exchange in accordance with the rules and regulations framed
by SEBI. SSTL, as a DP, serves as a representative of NSDL in the
depository system. It makes available various facilities to the investor
including dematerialisation, rematerialisation, delivery/receipt of
demat scrips etc. Dematerialisation is the process by which physical
certificates of an investor are converted to an equivalent number
of securities in electronic form and credited to the investor’s
account. Rematerialisation refers to converting the investor’s
securities in electronic form back into physical form. |
| The tie-up, between GIO Australia, a leading financial
services group based in Sydney and the Sanmar group, aims at providing
a wide range of financial services including asset management, risk
management, stock and debt broking, equity trading and insurance.
Discerning investors will definitely find the depository service facility
from GIO Sanmar a safer and user friendly system. |
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