NATIONAL STOCK EXCHANGE OF INDIA LTD
CAPITAL MARKET OPERATIONS
CIRCULAR
Ref. No.
NSE/CMO/0013/2000
Download No: NSE/CMT/1641
Date:
COMPUTER TO COMPUTER LINK (CTCL) FACILITY
National Stock Exchange of India
(NSE) has offered a facility to its members by which members would be allowed
to use their own trading front-end software in order to trade on the NSE
trading system (NEAT). This Computer-to-Computer Link (CTCL) facility is
available only to trading members of NSE.
About the CTCL Facility:
Members can use their own software
running on any suitable hardware/software platform of their choice. This software will be a replacement of the
NEAT front-end software that is currently used by members to trade on the NSE
trading system. Members would be able to customise the software to meet their
specialised needs, like provision of on-line trade analysis, risk management
tools, integration of back-office operations etc. The dealers of the member may trade using the
software, remotely through the member’s own private network, subject to
approvals from Department of Telecommunication etc. as may be required in this
regard.
NSE will however provide only a
single user id per VSAT for the purpose of CTCL. Additionally, members shall
not be permitted to use the Corporate Manager and Branch Manger user ids for
the purpose of CTCL.
Trading
members shall be responsible to create the entire CTCL set-up at their offices
and registered dealers/branch premises. This would include procurement of
application software, hardware, setting up a network etc. The Exchange shall
provide the required technical details of the connectivity of the CTCL server
to the NSE trading system and other technical support.
CTCL undertaking
Members wishing to avail of the
CTCL facility are required to submit an undertaking in the specified format.
The format of the undertaking and instructions to execute the same are enclosed
in Annexures A and B respectively.
CTCL software
Members may procure the CTCL
software from approved software vendors who are empanelled with NSE or they may
develop the software through their own in-house development team or may procure
the software from other non-empanelled vendors.
Members are fully responsible to
procure/develop the CTCL application including procurement of computer
hardware. The Exchange shall help members to establish the computer to computer
link, however the members are fully responsible to
implement the solution at their end. It may be noted that members are solely
responsible for all the contracts they enter into with any CTCL vendor. The Exchange shall not be liable for any
loss, damage or other costs arising in any way out of the failure of the
system.
Charges
The
following fees / charges are payable for availing the CTCL facility:
|
No |
Category |
Charges |
|
1.
|
Members procuring CTCL software from empanelled vendors. |
No charges |
|
2.
|
Members procuring CTCL software from non-empanelled
vendors / developing the software through in-house teams |
§
Onetime fee of
Rs.3.50 lakhs §
Annual fees of Rs.1 lakh p.a. |
The financial year shall be
considered as the basis for the yearly period for the recurring charges. The
charges (one time charge and recurring charge for the first year) shall be
payable at the time of application for the CTCL facility. In respect of members
who make an application before October 1st, the charges for the
entire financial year of Rs.1 lakh shall be payable. In respect of members
applying after October 1st the recurring charge for the first year
shall be reckoned on a pro-rata basis.
Procedure for members procuring
software from empanelled vendors:
On the basis
of the technical and support details submitted by vendors and also considering
their commitment to develop, maintain and support the CTCL product, the
following vendors have been considered suitable for NSE's CTCL implementation:
|
Vendor Name |
Address |
Contact Person |
|
M/s NSE.IT Limited. |
4th Floor, RBC, Worli, Mumbai – 400 018 |
Contact :Mr. V. Hariharan Ph: 022-4972836
/ 4960521 Fax : 022-4960518 |
|
M/s.Tata Consultancy Services |
Nariman Point Mumbai - 400 021 |
Contact: Mr. Arjun Marphatia Ph: 022-202 4827 Fax : 022-204 0711 |
|
M/s Leading Edge Systems Limited |
A-1, 51/52, Godrej Soaps
Complex, Eastern Mumbai – 400079. |
Contact : Mr. George Kurian Ph: 022-5175346/47/49 Fax: 022-5181021 |
|
M/s IBM Global Services |
“ Airport Road |
Contact : Mr. Pramod Gupta Ph: 080-5262355
/ 5267117 Ext. 2651 Fax : 080-526 6556 |
|
M/s.Financial Technologies ( (formerly
JCS Ltd.) |
2nd Floor, Vile Parle (E), Mumbai – 400 067 |
Contact : Mr. Madhav Pai Ph: 022-617 1107 / 1079 Fax : 022-617 1117 |
Members may
contact the above empanelled CTCL vendors to negotiate the prices for the CTCL
solutions as per their requirements.
Members desirous of using software
provided by empanelled vendors shall be required to give, in addition to the
above undertaking, a letter from the empanelled vendor confirming that the CTCL
software is being procured from them.
On submitting the undertaking as
per prescribed format and receipt of confirmation from the CTCL vendor, a user
id on the Exchange's test environment shall be provided to the member for the
purpose of testing
The member is required to test the
software on the NSE trading test environment during a pre-specified time so as
to enable the Exchange to monitor the same. The test cases for the final
testing shall be provided by the Exchange. On satisfactory completion of
testing on the Exchange test environment, the user id specified by the member
would be activated for CTCL facility on live environment.
Procedure for members procuring software from non-empanelled vendors / developing in-house CTCL software:
Members desirous of using software
provided by non-empanelled vendors / developing in-house CTCL software shall be
required to give the above undertaking.
On submission of the above
undertaking and payment of the one time charge of Rs.3.50 lakhs and advance
payment of annual support charge of Rs.1 lakh for the first year, the Exchange
shall provide the technical specifications (message formats/protocols etc) i.e.
APIs for the interface with the Exchange's trading system. A user id on the Exchange's test environment
shall be provided to the member for the purpose of testing.
On completion of development of
the software, the member is required to test the software on the NSE trading
test environment during a pre-specified time so as to enable the Exchange to
monitor the same. The test cases for the final testing shall be provided by the
Exchange. On satisfactory completion of testing on the Exchange test
environment, the member would be required to give a demonstration of the
software to the Exchange.
On finding the software to be
satisfactory, the Exchange shall approve the same and enable the user id
specified by the member for the CTCL facility on live environment.
Testing facility provided by NSE
for testing CTCL software:
The Exchange provides a facility
to members for testing their CTCL software on the Exchange's testing
environment. The facility can be availed by the members for the following:
1. For
testing of CTCL software being developed by their in-house development teams /
non-empanelled vendors.
2. For
familiarisation with CTCL software procured from empanelled vendors before
going live, such time period
for familiarisation being restricted to three months
Members can avail of the testing
environment of the Exchange only till the Exchange approves their software.
Subsequent to the members being granted permission by the Exchange to commence
trading on live environment using their CTCL software, the test user id(s)
given to them on the testing environment shall be disabled.
Members
wishing to avail of the test facility subsequent to being granted approval to
commence trading on live environment shall be permitted to do so, on a
case-to-case basis subject to the following:
1.
Members shall be
required to apply for the test facility giving broadly the reason for the
requiring the test facility, duration for which test facility would be
required, nature of the changes to the software, new functionalities proposed
etc
2.
The member shall
be required to give a comprehensive demonstration of the modified software on
completion of testing.
The Exchange shall allot not more
than two user ids per member on the Exchange test environment. The user ids
shall be disabled at the end of the testing period requested by the member.
Members may
contact the following NSE officials for any further clarifications.
|
Name: |
Ms.Bhooma
Varadrajan |
Mr.Shibu Nair |
|
Department: |
Capital Market |
Capital Market |
|
Tel. No.: |
4953200 |
4947122 |
For
National Stock Exchange of India Ltd.
R. Sundararaman
Asst. Vice President
ANNEXURE A – CTCL UNDERTAKING
I / We
______________________________________, an individual /a firm registered under
the Indian Partnership Act, 1932 / a Company / body corporate incorporated
under the Companies Act of 1956 /________________________ Act, 19__, and
residing at / having our registered office at
_________________________________________ ______________________________ - give
this UNDERTAKING on this the _____ day of ___________ 2000 at _____________ IN FAVOUR of National Stock
Exchange of India Limited, a company incorporated under the Companies Act of
1956, with its registered office at Exchange Plaza, Bandra
- Kurla
Complex, Bandra (E) Mumbai – 400 051
(hereinafter called “NSEIL”)
WHEREAS,
a) NSEIL has
provided the National Exchange for Automated Trading (NEAT) software to enable
its Trading Members to trade.
b) In
addition, NSEIL provides a Computer To Computer Link (hereinafter referred to
as the “CTCL facility”)
by which it provides a facility for order entry, receipt of order and trade
confirmation and also for receipt of data relating to its trade quotations.
c) NSEIL has
decided that it shall make the CTCL facility available to its Trading Members
on case to case basis, subject to such terms and conditions as NSEIL may impose
and one of the conditions is that they execute an undertaking in its favour in
the format prescribed by it and agree to provide the said facility only to such persons (hereinafter referred to
as the "Approved Persons") as NSEIL may permit and also agree to
abide by and be bound by the various terms and conditions which it may
prescribe in this regard from time to time.
d) I/We have
been admitted to the Trading Membership of NSEIL, and am/are desirous of
availing the CTCL facility by fulfilling all the terms and conditions as may be
prescribed by NSEIL from time to time at its discretion in this regard.
NOW THEREFORE IN CONSIDERATION OF
NSEIL having agreed to allow me / us to avail the CTCL facility, I / we hereby
IRREVOCABLY AND UNCONDITIONALLY UNDERTAKE and agree to abide by and be bound by
the following terms and conditions.
1. That I /
we shall make the CTCL facility available to the Approved Persons only after
obtaining the prior written consent of NSEIL and subject to such terms and
conditions as may be prescribed by NSEIL from time to time.
2. That in
addition to such terms and conditions as may be prescribed under clause (1) by
NSEIL, all the provisions of the Byelaws, Rules, Regulations and Circulars
relating to use and operation of the NEAT Trading System shall also mutatis
mutandis become applicable to the use and operation of the CTCL facility.
3. That
notwithstanding anything contained in this Undertaking all my / our liabilities
and obligations as a Trading Member of NSEIL shall not be affected nor shall be
prejudiced in any manner whatsoever.
4. That
without prejudice to the generality of the clause (3) of this Undertaking, I /
we shall be responsible to settle all the trades executed by the Approved
Persons on my / our behalf whether such trades were executed with or without my
permission / knowledge and that I shall be bound to complete / fulfill all my /
our obligations / liabilities / commitments arising due to the trades executed
by the Approved Persons on my / our behalf.
5. That NSEIL,
at its discretion, may make the CTCL facility available to me / us at NSEIL's address first mentioned above or at any other
address as NSEIL from time to time may notify to me / us or approve as being
the location (hereinafter referred to as the Receiving Premises).
6. That I /
we shall use the physical communication link (s) provided to me / us, for the
purpose of having simultaneous access to both the CTCL facility and NEAT
System.
7. That
NSEIL, at its absolute discretion, may make the CTCL facility available to me /
us only from the date of my / our enablement on the CTCL facility till such
time as it may deem fit and further that the CTCL facility may at any time be
withdrawn by NSEIL at its discretion without giving me / us any notice or any
reasons whatsoever.
8. That the
CTCL facility if made available to me / us by NSEIL will be made available to
me / us by NSEIL on a non-exclusive basis only and that the same may be made
available by NSEIL, at its discretion, to any other Trading Member whomsoever
on such terms and conditions as it may deem fit.
9. That I /
We may be entitled by giving one month’s written notice to request NSEIL to
withdraw the CTCL facility extended to me / us and such withdrawal shall be
subject to such terms and conditions as may be prescribed by NSEIL including
payment of such compensation to NSEIL as may be decided by NSEIL at its
discretion.
10. That I /
We shall be responsible and take all such steps, actions and proceedings to
ensure and keep ensured that no Approved Persons in any way further makes the
CTCL facility available to any other person nor shall extend the CTCL facility
outside his/new premises and that in case I / We fail to ensure the same, NSEIL
shall be empowered to take such action as it may deem fit, which action may
include disabling me / us from having access to CTCL facility, and taking of
such disciplinary actions as it may deem fit.
11. I / we
undertake that
i.
except VSATs, I / we shall at my / our own expenses provide all
lines, cabling, software, hardware, equipment and other communication
facilities required for transmission of the data between the Receiving Premises
and my / our server at my / our office and also obtain the necessary approvals
from relevant authorities.
ii.
I/We shall ensure that the connectivity of the CTCL
facility is as per the NSEIL and Department of Telecommunications (DoT) and/or Mahanagar Telephone Nigam Limited (MTNL) and/or any other appropriate
governmental / statutory authority approved network diagram and that I/we shall
produce the necessary approvals to NSEIL in order to meet one of its
requirements for enabling me/us for having access to the CTCL facility.
iii.
I/We undertake to ensure that access shall be given
only to Approved persons and also a method shall be established to ensure that
non Approved persons cannot access the system.
iv.
I/We undertake to pay any such license
fees/charges/royalties as may be levied by DoT/MTNL/NSEIL/any
other regulatory/statutory authorities from time to time.
NSEIL fees
for using the CTCL facility shall be paid in advance as follows:
a) CTCL Facility through NSEIL empanelled
vendors: NIL
b) CTCL Facility through non-empanelled vendors:
·
One-time entry fee of Rs.3.5 Lakhs (Rupees Three
Lakhs fifty thousand only)
AND
·
A recurring
fees of Rs.1.0 Lakhs (Rupees One Lakh only) per annum
v.
I / we shall
ensure that data communication lines between the NSEIL's
equipment and my / our equipment will be connected to my / our own and further
telecommunication network will be as per the NSEIL and DoT
and/or MTNL and/or any other appropriate governmental / statutory authority
approved network diagram.
vi.
I / we shall indemnify the Exchange against any loss
or damage including liabilities arising out of failure to comply with Clause
(v) above.
vii.
I / we shall provide NSEIL with the Network diagram
as described in Schedule No.1 and as adopted by me / us for having access to
the CTCL facility between the Receiving Premises and my / our server at my /
our office and that we shall also provide NSEIL with the new network diagram as
and whenever any changes are made to the existing Network diagram with the
prior written permission of NSEIL.
viii.
I / we shall notify NSEIL giving the details related
to the Approved Persons as per such format as described in the Schedule No.2
attached hereto for prior approval of NSEIL and shall acquire the prior written
permission from NSEIL for every additional Approved Person taken subsequently
before letting him / her have access to the CTCL facility, further in case an
Approved Person is disabled from acting in his / her capacity as such for any
reason whatsoever, then I / we shall acquire prior written permission from
NSEIL before appointing any other individual to act as an Approved Person in
his / her place.
ix.
I / we shall make the necessary changes in the
software used by me / us for accessing the CTCL facility as and when any
changes either technical or structural are made by NSEIL in the CTCL facility.
x.
I / we shall provide NSEIL with the Technical
Specifications for the software used by me / us for accessing the CTCL facility
and shall also provide it with the new Technical Specifications for the
software as and whenever any changes are made by me / us to the existing
software used to access the CTCL facility.
xi.
I / we shall not develop / use any software for
accessing the CTCL facility, which software in the opinion of NSEIL shall
resemble or result in duplication of NEAT software in any manner and further
that no representation shall be made by me / us that the software developed by
me / us for accessing the CTCL facility is part of-the NEAT software.
xii.
I / we shall not assign or otherwise transfer the
rights and obligations arising out of the use of the CTCL facility and this Undertaking whether in whole or in part without the prior
written consent of NSEIL.
xiii.
I / we agree not to use, without the express
permission of NSEIL, the name of NSEIL to directly or indirectly promote my/
our business.
xiv.
I / we shall not, either by myself / ourselves or
through any person acting on my / our behalf, issue / release / publish any
advertisement, brochure, pamphlet, booklet, notice or any other promotional
material on any aspect relating to the CTCL facility in any form, whether in
writing or otherwise, in accordance to the Code of Advertisement as prescribed
by the NSEIL except with the prior written approval of NSEIL.
12. I/we agree
that NSEIL, does not warrant that the provision of the
CTCL facility will be error free or uninterrupted.
13. I / we
undertake and agree that
i.
I / we shall maintain all systems logs and make the
same available for inspection by NSEIL at any time at its discretion. -
ii.
I / we shall not under any circumstances match the
respective orders entered in by my / our Approved Persons from their terminals
by myself / ourselves by using any means whatsoever and that I / we shall route
all the orders entered in by my / our Approved Persons to the Trading System of
NSEIL so that they could be matched by the Central Computer of NSEIL only.
iii.
I/We shall ensure that the following guidelines issued
by SEBI committee on Internet based securities trading and services would be
adhered to :
·
System used by me / us has provision for security,
reliability and confidentiality of data through the use of encryption
technology
·
I / We shall
maintain adequate backup systems and data storage capacity and also arrange for
alternative means of communications in case of Internet Link failure
·
Order/Trade confirmation shall be sent to the
investor through email at client’s discretion at the time period specified by
the client in addition to the other mode of display of such confirmations on
real time basis on my/our web site. The investor shall be allowed to specify
the time interval on the web site itself within which he/she would like to
receive this information through email. Facility for reconfirmation of orders
which are larger than that specified by the member’s risk management system
shall be provided on the internet based system
·
I / We shall ensure to have a system based control on
the trading limits of clients and exposures taken by clients and also set
pre-defined limits on the exposure and turnover of each client. The system will
also be capable of assessing risk of the client as soon as the order comes
in. The client also to be informed of
acceptance/rejection of the order within a reasonable period. Reports on margin requirements, payment and
delivery obligations etc to be informed to the clients through the system
·
I/We shall ensure that the following security
measures shall be in-built in the system :
·
User Id
·
First Level Password (Private Code)
·
Automatic expiry
of passwords at the end of reasonable duration. Reinitialise
access on entering fresh passwords.
·
All transaction logs with proper audit facilities to
be maintained in the system
·
Secured Socket Level Security for server access
through Internet
·
Suitable Firewalls between trading set-up
directly connected to an Exchange trading system and the Internet trading set
up.
·
Shall integrate any advanced level security as
specified by NSE/SEBI from time to time.
·
The following systems operations procedures will be
adhered to :
·
Shall follow similar logic/priorities used by the
Exchange to treat client orders
·
Shall maintain all activities / alerts log with audit
trail facility
·
The Web-server shall have internally generated unique
numbering for all client orders/trades
iv.
I / We shall ensure that on-line surveillance and
risk management features like trade-by-trade Position Monitoring etc., shall be
inbuilt in the CTCL facility and it shall be flexible to change as per SEBI
guidelines.
v.
I / we shall not develop or use any software /
program facility which shall either directly or indirectly facilitate program
trading. For the purpose of this clause
the term ‘Program Trading’ shall mean any software or program facility by the
use of which, upon the fulfillment of certain specified parameters, without the
necessity of manual entry of orders, buy/sell orders are automatically
generated and entered by the software / program facility into the Trading
System of NSEIL to be matched by the central computer.
vi.
I / we shall not develop or use any software /
program which shall either directly or indirectly facilitate orders to cross
trades of their clients with each other. All orders shall be offered to the
market for matching.
vii.
NSEIL shall be possessed with the absolute right to
inspect the internal software used / being utilised
me / us at any time at its discretion.
viii.
I / we shall render all possible assistance and
cooperation to NSEIL by providing access to any kind of information in any form
as it may require and shall produce such documents, records, accounts, books,
data howsoever stored including data stored in magnetic tapes, floppy
diskettes, etc. and any other information as may be required by NSEIL at its
discretion.
14. That after
the completion of the necessary test and after completely satisfying myself /
ourselves that the CTCL facility is fault free, I / we shall submit an
Acceptance Certificate in the format as specified by NSEIL in partial
fulfillment of one of the conditions of NSEIL for my / our enablement for
having access to the CTCL facility.
15. That NSEIL
shall not be liable for any direct or indirect damage, costs, claims and
expenses whatsoever :
i.
arising from
mechanical or electrical or telephone or network breakdown or power failure or
malfunction of any computer and / or / our server and / or any other auxiliary
equipment or any other cause beyond the reasonable control of NSEIL.
ii.
based upon special indirect economic or consequential
loss or damage including, but not limited to loss of profit, business revenue,
opportunity costs, goodwill or anticipated savings; or
iii.
caused or
contributed to by any event of force majeure. For
purposes of this Clause, "Force Majeure"
means and includes wars, insurrections, revolution, fires, floods, epidemic
quarantine restrictions, declared general strikes in relevant industries, act
of God, act of the Government of India and any concerned State Government and
such other acts or events beyond NSEIL’s control, and
further the above is without prejudice to the rights already accrued to NSEIL
due to my / our failure to perform either in full or in part, my / our
obligations prior to the occurrence of events of Force Majeure.
iv.
Or any other nature or type.
16. That NSEIL
shall not be responsible for development, maintenance, updates,
upgrades, error-fixes and any other support of my / our software for accessing
the CTCL facility and shall not be liable for any loss suffered by me / us due
to the use of the software for accessing the CTCL facility.
17. That
neither NSEIL nor the directors, managers, officers, employees or agents of
NSEIL, guarantee the functioning of the CTCL facility. NSEIL and the directors, managers, officers,
employees and agents of NSEIL shall not be liable in any way to me / us or to
any of my / our Approved Persons or to any other person, for any non
performance or interruption of CTCL facility or for any damages, consequential
or otherwise, arising therefrom or occasioned thereby. No proceedings would be adopted by me / us or
any third party against NSEIL nor against any
individual officer or employee of NSEIL for any act done by such officer or
employee of NSEIL in their official capacity.
18. I / we
shall indemnify and keep indemnified NSEIL harmless against every and all
claims, demand, damages, liabilities, losses and expenses suffered by it
directly by reason of the provision of the CTCL facility to me / us or by
reason of my / our non compliance, contravention with the any of the provisions
of this Undertaking.
19. That this
Undertaking is applicable not only in respect of the information services and
terminal equipment currently offered by me / us to Approved Persons but also in
respect of any information services and terminal equipment developed by or for
me / us in the future, even if I / we should at any time alter my / our mode of
supplying information to Approved Persons provided NSEIL approves in writing of
such alteration with all details.
20. That
without prejudice to any other right under any law for the time being in force
or which may become applicable, NSEIL shall be vested with the exclusive right,
upon my / our non--compliance with any of the terms and conditions of this
Undertaking or upon the termination, suspension of my / our trading membership
or upon my / our ceasing to be a Trading Member of NSEIL, to take, at its
discretion, such actions, steps, proceedings, measures, decisions within such
period of time and upon such terms and conditions as it may deem fit and that
any such actions, steps, proceedings, measures, decisions may, inter alia,
include denial of access to the CTCL facility and / or take such disciplinary
actions as it deems fit. I / we further undertake that I / we shall abide by
and be bound by any actions, steps, proceedings, measures, decisions as may be
taken by NSEIL.
21. That no
forbearance, delay or indulgence by NSEIL in enforcing the provisions of this
Undertaking shall prejudice or restrict the rights of NSEIL nor shall any
waiver of its rights operate as a waiver of any subsequent breach and no right,
power or remedy herein conferred upon or reserved for NSEIL is exclusive of any
other right, power or remedy available to NSEIL and each such right, power or
remedy shall be cumulative.
22. I / we
shall treat as confidential all information obtained from NSEIL pursuant to the
arrangement and shall not divulge such information to any person (except to my
/ our own employees and then only to those employees who need to know the same)
without the NSEIL prior written consent and that I / we shall also ensure that
my / our employees are aware of and comply with the provisions of this clause.
The foregoing obligations as to confidentiality shall survive any termination
of the availability of the CTCL facility.
23. Any
declaration or other notice to be given by me / us to NSEIL,
shall be sent by registered letter or telex / cable or facsimile transmission
to the address first mentioned above.
24. This
Undertaking shall be binding upon my /our heirs, successors, legal
representatives and assigns.
25. I shall
execute, sign, and subscribe, to such others documents, papers, agreement,
covenants, bonds, and / or undertakings as may be prescribed or required by
NSEIL from time to time.
IN WITNESS WHEREOF this
Undertaking is executed by the undersigned on the day, month, year and the
place first mentioned above.
Signed by, for and on behalf
of:
Before me
Annexures to Undertaking
SCHEDULE I – NETWORK DIAGRAM
(Kindly enclose your network architecture)
SCHEDULE II
List of Approved Persons for CTCL
(in the following format)
1. Name
of Person
Designation
Company
name
Full
Address
Tel No.
Fax No .
ANNEXURE B – INSTRUCTIONS FOR CTCL UNDERTAKING
1. The
Undertaking is to be executed on a non-judicial stamp paper worth Rs.100/- if
executed in State of
2. Further
this Undertaking (including all annexures /
schedules) has to be notarised before a Notary
Public.
3.
Please use the enclosed format. Please do not retype the Undertaking.
4. Please
type the following on the non-judicial stamp paper as the first page and sign.
The non-judicial stamp paper of
Rs.__________ forms part and parcel of this Undertaking executed by me/us
Mr./Mrs/M/s.__________________________________ having my/our
residence/office at _________________________ on this the ____________day of
___________ 2000 at ___________________IN FAVOUR of National Stock Exchange of
India Limited.
Signature**
(**to be
signed by the person(s) signing the Undertaking)
5. All the pages
of this Undertaking (including all annexures /
schedules) have to be signed in full. The persons signing should also sign in
full at all places in the Undertaking where anything has been hand-written /
any corrections have been made.
If the
Trading member is an individual, then the Undertaking has to be signed by the
individual Trading member himself. If the Trading member is a firm, then ALL
the partners are required to sign this Undertaking. If the Trading member is a
company, then the Undertaking has to be signed by the Managing Director or any
Director of the company named as an authorised signatory of the company
6. If the
Trading member is a company, the Undertaking has to be accompanied with a
certified copy of the resolution of the Board of Directors of the company authorising the person(s) executing the undertaking to do
so. The Common Seal of the company has to be affixed by the company on this
Undertaking in the presence of such persons as authorised by the Articles of
Association of the company. The Board Resolution should clearly state that the
affixation of common seal shall be made in the presence of of
such persons as authorised by the Articles of Association of the company and
should also clearly state the names of such persons. The above persons should
sign the undertaking as a token of their presence when the common seal is
affixed.