Ref DBS.FID No. C 10 / 01.08.00 / 2000-01

22 November, 2000

The Chairmen / Chief Executives of All
India Term Lending & Refinance Institutions

Dear Sir,

Please refer to our Circular DBS.FID. No.23/01.08.00/97-98 dated 20 January 1998, on the captioned subject forwarding therewith a copy of circular No. FCS.BC.112/24.76.002 dated 14^th October 1997 issued by our Department of Banking Operations and Development (DBOD). We now enclose a copy of the Circular DBOD.FCS.BC No. 39/24.76.002/2000 dated 25^th October 2000 issued by our DBOD permitting banks to undertake transactions in securities among themselves or with non-bank clients through the members of 'The Stock Exchange, Mumbai (BSE)' in addition to National Stock Exchange and OTC Exchange of India. FIs may take note of the instructions and implement them wherever applicable.

2. Please acknowledge receipt.

Yours faithfully,

( K.C.Bandyopadhyay )
Chief General Manger