RESERVE BANK OF INDIA

DEPARTMENT OF GOVERNMENT AND BANK ACCOUNTS

CENTRAL DEBT DIVISION

Mumbai, Saturday, December 1, 2007

SO (E) - In exercise of the powers conferred by section 32 of the Government

Securities Act, 2006 (38 of 2006), the Reserve Bank of India, with the previous
approval of the Central Government, makes the following regulations, namely:-

CHAPTER I

PRELIMINARY

1. Short title and commencement. - (1) These regulations may be called the
Government Securities Regulations, 2007.

(2) These regulations shall come into force with effect from December 1, 2007.

2. Definitions. - (1) In these regulations, unless the context otherwise requires, -

(a) “Act” means the Government Securities Act, 2006 (38 of 2006);

(b) “Defaced security” means a security which has become illegible or rendered
undecipherable in material parts thereof; and the material parts of such
security are those where -

(i) the security number, loan to which it belongs to and the face value
of the security or payments of interest are recorded; or
(ii) the endorsement or the name of the payee is written or the transfer
is executed; or
(iii) the renewal is recorded.;

(c) “Form” means a form as set out in the Schedule to these regulations;

(d) “Lost security” means a security which has been lost but does not include a
security which is in possession of some person adversely to the claimant;

(e) “Mutilated security” means a security which has been destroyed, torn or
damaged in material parts thereof and the material parts of such security are
those where -

(i) the security number, loan to which it belongs to and the face value
of the security or payments of interest are recorded; or
(ii) the endorsement or the name of the payee is written or the transfer
is executed; or
(iii) the renewal is recorded.

Explanation: For the purposes of this clause, a security shall be deemed to

have been damaged, if the security has been treated or transformed in such a

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 manner that it is impossible to touch and feel the security or endorse it by
writing and putting the seal or signature thereon;

(f) “Officer of the Bank” means the officer posted by the Bank to perform the
duties under the Act;

(g) “Public Debt Office” means the office of the Bank in whose books the
Government security is registered or may be registered;

(h) “Scheduled bank” means a bank included in the Second Schedule to the
Reserve Bank of India Act, 1934 (2 of 1934);

(2) Words and expressions used in these regulations and not defined herein but
defined in the Act shall have the same meanings respectively assigned to them in the
Act.

CHAPTER II

FORMS AND TRANSFER OF GOVERNMENT SECURITIES AND

RECOGNITION OF TITLE TO SECURITY OF DECEASED

3. Subsidiary general ledger account including a constituents’ subsidiary general

ledger account and bond ledger account. - (1) Subsidiary general ledger account
including a constituents’ subsidiary general ledger account and bond ledger account
may be maintained in an electronic form or in a dematerialized form in accordance
with the provisions of the Depositories Act, 1996 (22 of 1996).

(2) Subsidiary general ledger account including a constituents’ subsidiary general

ledger account shall contain such particulars as provided in Form - I.

(3) Bond ledger account shall contain such particulars as provided in Form - II.

4. Transfer of Government securities. - (1) Government securities in different forms

shall be transferable in the following manner, namely:-

(a) Government promissory note. - It shall be transferable by endorsement

and delivery and no endorsement of a Government promissory note shall be
valid unless such endorsement is made by the signature of the holder or his
duly constituted attorney or representative, inscribed on the back of the
security itself, for negotiation of total amount denominated by the security;

(b) Bearer bond. - It shall be transferable by delivery and the person in

possession of the bond shall be deemed to be the holder of the bond;

(c) Stock certificate. - Stock for which stock certificate has been issued shall
be transferable before maturity either wholly or in part by execution of an
instrument of transfer in Form - III and the transferor shall continue to be the
holder thereof until the Bank registers the name of the transferee as the holder
of the stock;

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 (d) Subsidiary general ledger account including a constituents' subsidiary
general ledger account. - Stock held at the credit of the holder in a subsidiary
general ledger account including a constituents’ subsidiary general ledger
account with the Bank shall be transferable before maturity either wholly or in
part by execution of an instrument of transfer in Form - IV and the transferor
shall continue to be the holder of such security to which the transfer relates
until the Bank registers the name of the transferee as the holder.

(e) Bond ledger account. - A Government security held in a “bond ledger

account” with the Bank or its agent shall be transferable before maturity either
wholly or in part by execution of an instrument of transfer in Form - V by the
holder of the security and the transferor shall continue to be the holder of such
security until the Bank, or, as the case may be, its agent registers the name of
the transferee.

(2) Government securities held in subsidiary general ledger account including a

constituents’ subsidiary general ledger account or bond ledger account, shall also be
transferable by execution of a transfer deed in an electronic form under digital
signature as defined in clause (p) of sub-section (1) of section 2 of the Information
Technology Act, 2000 (21 of 2000).

5. Execution of a document or endorsement by a person unable to write. - (1) If a

person is unable to execute any document relating to a security, or to make
endorsement thereon, he may apply to the Executive Magistrate to execute the
document, or make endorsement on his behalf and subject to such person producing
sufficient documentary evidence about his identity, and satisfying the Executive
Magistrate that such person has understood the implications of such execution or
endorsement, as the case may be, the Executive Magistrate may do so on his behalf in
the manner as provided in sub-regulation (2).

(2) Where any such document is to be executed or an endorsement is to be made by

an Executive Magistrate under this regulation on behalf of any person, the Executive
Magistrate shall execute the document or make the endorsement in the presence of
that person, and shall record below such document or endorsement, a certificate to the
effect that the document was executed or the endorsement was made, as the case may
be, at the request of that person, after explaining him the implications of such
execution or endorsement, and that he is satisfied that such person has fully
understood the explanation so made to him.

6. Recognition of title to Government security of a deceased holder. - (1) In

addition to the documents referred to in sub-sections (1) and (2) of section 7 of the
Act, where a decree, order or direction passed by any court declaring the person as
referred to therein, as having title to the Government security or appointing a receiver
to take possession of the security is produced or a certificate issued or order passed by
any other authority who might have been empowered under any statute to declare any
person as having title to the Government security, is produced by a claimant for
recognition of his title in respect of the security held by a deceased holder, the Bank,
or, as the case may be, its agent may recognize his claim on the basis of any of such
documents, subject to its satisfaction with respect to the legality, genuineness, and

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 finality thereof, and of the fact that there is no rival claim in respect of such
Government security.

(2) In addition to the documents referred to in sub-regulation (1), and subject to the
provisions of sub-regulations (3) and (4), the Bank, or, as the case may be, its agent,
on its satisfaction of the fact that there is no rival claim in respect of the Government
security, may recognize the title of a person to a Government security on the basis of
following documents, namely:-

(a) a “will” executed by the deceased holder of the Government security

bequeathing thereby the security in favour of the person claiming title
thereto, provided the probate issued in respect of such will has been
submitted to the Bank by the claimant; or
(b) a registered deed of family settlement, wherein the Government security
claimed has been included and given to the claimant; or
(c) a gift deed executed in accordance with the law relating thereto, in respect
of the Government security claimed; or
(d) a deed of relinquishment executed by other legal heir or successor of the
deceased in accordance with law in favour of the claimant in respect of the
Government security claimed; or
(e) a decree passed by a foreign court in respect of the Government security
claimed, the execution whereof is permissible in accordance with the
provisions of section 44A of the Civil Procedure Code, 1908 (5 of 1908);
or
(f) a deed of partition executed and acted upon in accordance with law,
wherein the Government security claimed has been included and given to
the share allotted to the claimant.
1
["(2A) While considering the recognition of title to the Government security of a
deceased sole holder or all deceased joint holders under sub-section (3) of Section 7
of the Act, the Bank, on its satisfaction of the fact that there is no rival claim in
respect of the Government security, and where the outstanding value of the claim in
respect of the Government securities in aggregate does not exceed an amount of
rupees ten lakh, may recognise the title of a person to such Government security on
the basis of the following documents, namely:--

(a) Government security in original duly discharged;

(b) death certificate of the deceased holder of the Government security;
(c) document in proof of identification of the claimant to the satisfaction of the
Bank authorities;
(d) affidavit signed by the claimant describing his relationship with the deceased
holder and the right to succession to the Government security;
(e) bond of indemnity executed by the claimant in favour of the Bank for such
amount as the Bank may think fit; and
(f) any other document, as the Bank may consider necessary, for recognition of title
of the claimant in respect of the Government security:
Provided that the outstanding value of a Government security shall not
exceed an amount of rupees five lakh.";]

1
Inserted by the Government Securities (Amendment) Regulations, 2014 vide Notification No.
DGBA.CDD.5434/11.22.001/2013-2014 Dated 25.03.2014.
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 (3) While considering the recognition of title to the Government security, on the basis
of any of the documents referred to 2[sub-regulations (1), (2) and (2A)], the Bank, or,
as the case may be, its agent may satisfy itself about the legality, genuineness, and
finality of the referred documents and for that purpose may call for any other
document or declaration, as it may consider necessary.

(4) Without prejudice to the provisions of this regulation, while recognizing title to
the Government security, the Bank, or, as the case may be, its agent may, if it
considers necessary, also require the claimant to furnish a bond of indemnity for such
amount as it may think fit.

CHAPTER III

NOMINATION

7. Nomination in respect of Government securities. - The person making or

cancelling the nomination in respect of a stock certificate shall submit the Form - VI
or the Form - VII, as the case may be, along with the stock certificate, or the Form -
VI or the Form – VII, only, in respect of bond ledger account, as the case may be, and
on receipt of such forms, the Public Debt Office shall, register in its books the
nomination or the cancellation, as the case may be, and forward to such person an
endorsement on the stock certificate or an acknowledgement to the effect that
nomination, or cancellation, has been made in its books as per the form submitted by
the applicant.

8. Nomination in case of minor. - While making nomination in favour of a minor,

the sole holder of the Government security or all the joint holders together, as the case
may be, may appoint another individual not being a minor, to receive the proceeds of
the Government security on behalf of the nominee in the event of the death of the sole
holder or all the joint holders during the minority of the nominee, as the case may be.

9. Effect of nomination on renewal, etc. - (1) The rights which a nominee or

nominees have acquired in relation to a Government security under a nomination duly
made and registered under regulation 7 shall not be affected by reason of the renewal
or sub-division of the stock certificate or the issue of the duplicate stock certificate on
the ground that the original has been lost, stolen, destroyed, mutilated or defaced, and
the nominee or nominees shall have the same rights in relation to the renewed stock
certificate or each of the stock certificates issued on sub-division or the duplicate
stock certificate:

Provided that where a security is sub-divided in pursuance of a transfer of a

part of such stock certificate, nothing in this sub-regulation shall apply to the
new stock certificate issued to the transferee.

(2) Notwithstanding anything contained in regulation 16, a stock certificate which is

subject to nomination in favour of a person or persons shall not be consolidated with
any other stock certificate unless the latter is also subject to nomination in favour of
2
Substituted by the Government Securities (Amendment) Regulations, 2014 vide Notification No.
DGBA.CDD.5434/11.22.001/2013-2014 Dated 25.03.2014 for the following : -
"sub-regulations (1) and (2)"

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the same person or persons, and where two or more such stock certificates are
consolidated, the person or persons shall have the same rights in relation to the
consolidated security as he or they had in relation to each of the stock certificates so
consolidated.

CHAPTER IV

ISSUE OF DUPLICATE OR NEW GOVERNMENT SECURITIES

10. Procedure for issue of duplicate Government security, etc. - (1) When a
Government security is lost, stolen, destroyed, mutilated or defaced, the person
entitled thereto shall apply for the issue of a duplicate security in the manner laid
down in regulations 11 and 13, to the Public Debt Office at which the security is
registered with a statement showing particulars, such as security number, amount of
security and nomenclature of the loan.

(2) In respect of Government securities which have matured or mature during the
process of the issue of duplicate Government security, the Public Debt Office, after
following the procedure laid down in regulations 11 and 13, shall pay the maturity
proceeds and accrued interest thereon instead of issuing the duplicate Government
security.

11. Procedure when a Government promissory note is lost, etc. - (1) The
application for the issue of a duplicate Government promissory note which is stated to
have been lost, stolen, destroyed, mutilated or defaced either wholly or in part shall be
accompanied by -

(a) a statement containing the following particulars, namely:-

(i) the last half-year for which interest has been paid;
(ii) the person to whom such interest was paid;
(iii) the person in whose name the note was issued (if known);
(iv) particulars of coupons attached (if any);
(v) the place for payment of interest at which the note was for the
time being enfaced;
(vi) the circumstances relating to the loss, theft, destruction,
mutilation or defacement; and
(vii) whether the loss or theft was reported to the police, if so, a copy
of police report shall be enclosed;

(b) the post office registration receipt for the letter containing the Government
promissory note, if the same was lost in transmission by registered post;

(c) where the last payment of interest was not made by a warrant issued by the
Public Debt Office, a letter signed by the officer of the treasury, or, as the case
may be, sub-treasury, where interest was last paid, certifying the last payment
of interest on the Government promissory note and stating the name of the
holder to whom such payment was made;

(d) (i) if the applicant is not the holder in whose name the Government
promissory note was originally issued, an affidavit sworn before the Executive
Magistrate testifying that the applicant was the last legal holder of the
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 Government promissory note;

(ii) all documentary evidence necessary to trace back the title to the
original holder; and

(e) any portion or fragments of the lost, stolen, destroyed, mutilated or defaced
of the Government promissory note.

(2) A copy of the letter to the Public Debt Office, excluding its enclosures, shall also
be sent to the treasury, or, as the case may be, sub-treasury, where interest is payable.

(3) The loss, theft, destruction, mutilation or defacement of a Government promissory

note or portion thereof, shall be notified by the applicant-

(a) in the Gazette of India, in case of a Government promissory note of the

Central Government, and in the local Official Gazette, if any, of the place
where the loss, theft, destruction, mutilation or defacement occurred;

(b) in the Official Gazette of the State concerned, in case of a Government

promissory note of the State Government and if the loss, theft, destruction,
mutilation or defacement occurred at a place outside that State, also in the
Official Gazette of that State; and such notification shall be in Form - VIII, or
as nearly in such form as circumstances permit.

(4) After the publication of the notification under sub-regulation (3), the Bank shall, if
it is satisfied about the loss, theft, destruction, mutilation or defacement of the
Government promissory note and the justification of the claim of the applicant, cause
the particulars of the Government promissory note to be included in a list such as is
referred to in regulation 14 hereunder and thereafter Public Debt Office may -

(a) pay interest to the applicant and issue to him a duplicate thereof in place of
such Government promissory note of which a portion has been so lost, stolen,
destroyed, mutilated, defaced, or, as the case may be, if the remaining portion
of such Government promissory note, sufficient for its identification, has been
produced; or

(b) pay interest to the applicant and issue to him the duplicate thereof, three
months after the publication of the said list, if no portion of such Government
promissory note, sufficient for its identification, has been produced; or

(c) pay interest to the applicant and issue to him the duplicate thereof
immediately after the date of the publication of the said list, if the Government
promissory note has been lost by enemy action.

(5) If at any time before the issue of duplicate Government promissory note the
original thereof is discovered, the order passed under sub-regulation (4) shall be
rescinded and all action on the order shall be suspended.

(6) The Bank may, at any time, before passing an order for the issuance of a duplicate
Government promissory note, on sufficient reason, alter or, as the case may be, cancel
any order made by it under this regulation and may also direct that the interval before
the issue of a duplicate Government promissory note shall be extended by such period
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not exceeding three years as it may think fit.

(7) The Public Debt Office may seize and cancel the original Government promissory
note where the original Government promissory note is presented after the issue of the
duplicate Government promissory note by the person to whom the duplicate
Government security was issued.

(8) The Public Debt Office shall record stoppage of payment of interest and maturity
proceeds in respect of such Government promissory note where the original
Government promissory note is presented after the issue of the duplicate Government
promissory note by a person other than the one to whom the duplicate was issued until
an order of a Court of competent jurisdiction regarding the payment of interest and
maturity proceeds is produced.

12. Loss of a bearer bond or a prize bond. - When a bearer bond or prize bond is
lost, stolen, mutilated, defaced or destroyed, the Bank shall not replace it.

13. Procedure when a stock certificate is lost, etc. - (1) Where the stock certificate
is lost, stolen, destroyed, mutilated or defaced, either wholly or in part, the legal
holder of that stock certificate may apply for the issuance of a duplicate stock
certificate to the Public Debt Office and such application shall be accompanied by -

(a) the post office registration receipt for the letter containing the stock
certificate, if the same was lost in transmission by registered post;

(b) a copy of the police report, if the loss or theft was reported to the police;

(c) an affidavit sworn before the Executive Magistrate testifying that the
applicant is the legal holder thereof and it is neither in his possession nor
has it been transferred, pledged or otherwise dealt with by him; and

(d) any portions or fragments which may remain of the lost, stolen, destroyed,
mutilated or defaced stock certificate.

(2) The circumstances relating to the loss of the stock certificate shall be mentioned in
the application.

(3) The Bank shall, if it is satisfied about the loss, theft, destruction, mutilation or
defacement of the stock certificate, issue a duplicate stock certificate.

14. Publication of list. - (1) The list referred to in sub-regulation (4) of regulation 11
shall, as soon as possible, be published in the Gazette of India or in the Official
Gazette of the State concerned, as the case may be.

(2) The list referred to in sub-regulation (1) may contain the following particulars,
namely -

(a) the nomenclature of the loan;

(b) the security number;
(c) the value of the security;
(d) the person to whom the security was issued;
(e) the date from which the security bears interest;
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 (f) the interest warrant number and coupon details;
(g) the date of coupon;
(h) the name of the applicant for a duplicate;
(i) the number and the date of the order passed by the Bank for payment of the
interest or issue of a duplicate; and
(j) date and particulars of the Official Gazette in which it was notified by the
applicant.

15. Consideration of a mutilated security for issuance of its duplicate or renewal.

- It shall be at the option of the Bank to treat a security which has been mutilated or
defaced as a security requiring issuance of a duplicate thereof under the regulations 11
or 13 or for renewal under regulation 16.

16. Procedure for issue of new securities on conversion, consolidation, sub-

division and renewal. - Subject to any general or special instructions of the Bank, the
Public Debt Office may, by its order, on the application of the holder of the
Government Promissory Note -

(a) convert the Government promissory note into stock certificate provided
that the promissory note has not matured and all un-encashed interest warrants
are surrendered and has been endorsed,

(i) in the case of Government promissory note of the Central

Government, “Pay to the President of India” and

(ii) in the case of Government promissory note of a State Government

“Pay to the Governor of …………. (the name of the State concerned)”;

(b) renew, sub-divide, consolidate a stock certificate provided that the stock
certificate has not matured and has been receipted in Form - IX, X, or XI, as
the case may be;

(c) convert Government securities of one loan into another loan if -

(i) the inter-loan conversion is permissible; and

(ii) the conditions governing such conversion are complied with;

(d) convert the Government promissory note (s) or stock certificate (s), as the
case may be, into stock to be held at the credit of the account of the holder in
the subsidiary general ledger account including a constituents’ subsidiary
general ledger account or bond ledger account and such Government
promissory note (s) or stock certificate (s) is to be discharged in the form as
under: -

“Tendered for cancellation and credit to ……………….. (name of the holder)

's subsidiary general ledger account or constituents’ subsidiary general ledger
account or bond ledger account

Signature of the holder”;

(e) convert stock held at the credit of the holder’s account in the subsidiary
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 general ledger account including a constituents’ subsidiary general ledger
account or bond ledger account into stock certificate (s) subject to compliance
with such formalities as the Public Debt Office may require.

CHAPTER V

SUMMARY DETERMINATION AND VESTING ORDER

17. Procedure for making vesting order. - (1) The person claiming to be entitled to
a Government security or the payment of interest thereon shall apply to the Bank and
adduce documentary evidence in support of his claim.
(2) On receipt of the application under sub-regulation (1), if the Bank contemplates
making a vesting order under the Act, the Bank may suspend the payment of interest
or the maturity proceeds of the security or postpone the passing of any order under
section 11 of the Act or the registration of any transfer of the security until the vesting
order has been made.

(3) The Bank shall give notice, in writing to each claimant of whom it has knowledge,
stating the names of all other claimants and the time when the officer of the Bank by
whom the determination of title shall be made.

(4) On the date and time fixed in the notice, the officer, as directed by the Bank under
sub-section (3) of section 12 of the Act, shall examine the evidence adduced by the
parties and hear the parties affected and record such evidence as they may adduce:

Provided that no further evidence shall be recorded or entertained in cases

where the District Magistrate has recorded the evidence or has been requested
to have the evidence recorded.

(5) After determination of the issue by the officer, as directed by the Bank under sub-
section (3) of section 12 of the Act, the Bank shall give notice in writing to each
claimant of the determination so made.

(6) The notices laid down in sub-regulation (4) and (5) shall be published in:

(a) the Gazette of India and the local Official Gazette where they relate to a
security of the Central Government, and

(b) the Official Gazette of the State concerned, where they relate to security of
a State Government,

as soon as possible after the date on which they are respectively issued.

(7) The Bank may direct the person who is entitled to the security or payment of
interest or both, to execute a bond in Form – XII.

(8) On the expiry of one month from the date of publication of the notices referred to
in sub-regulation (6), subject to the provisions of section 17 of the Act, the Bank may
make a vesting order in respect of the security in favour of such person who is
entitled.

(9) The Bank, subject to production of documentary evidence, may make vesting
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order, with -

(a) a title limited to drawal of interest, in guardian of a minor or a manager of

the property of an insane person; and

(b)full title, in the minor or the insane person to take effect on the minor
attaining the age of majority or on the insane person becoming sane.

CHAPTER VI

GRANT OF INFORMATION AND INSPECTION OF DOCUMENTS

18. Application for grant of information or inspection relating to Government

security. - (1) A person may submit an application to the Bank or its agent for
information regarding Government security or inspection thereof subject to the
provisions of this regulation.

(2) An application under sub-regulation (1) shall contain the following, namely:-

(a) security number;

(b) nomenclature of the loan;

(c) face value of security; and

(d) a statement of the purpose for which the information is required as well as
the interest of the applicant in the security.

(3) If any of the particulars referred to in sub-regulation (2) are not known to the
applicant, the Bank or its agent may supply the required particulars, if available, to the
applicant subject to provisions of this regulation and regulations 19 and 20.

19. Disposal of application for grant of information or inspection. - (1) If the

applicant asks for any information in respect of Government security which has been
renewed, converted, consolidated, sub-divided otherwise than in the name of the
person who has renewed, converted, consolidated or sub-divided, or asks for
inspection of such security, or any register or book kept or maintained by the Bank or
its agent in respect thereof or of any entry of such Government security in such
register or book, the application shall be refused.

(2) In other cases, other than the cases referred to in sub-regulation (1), the Bank or its
agent may, subject to the provisions hereinafter mentioned, grant a certified copy of
an endorsement on a Government security or an entry in any register or book
maintained or kept by that office relating to any Government security, on being
satisfied that the security in question has stood in the name of the applicant, or of a
person in whom the applicant has a representative interest, and further that the
applicant has a bona fide interest in the security in respect of which the application is
made:

Provided that if the Government security has been cancelled on payment of the
due thereof, no copy of endorsement thereon shall be granted which purports
to give a title subsequent to the termination of the applicant's interest in the
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 Government security.

(3) If the application relates to the grant of permission for inspection of an interest
warrant or information relating to payment of interest for a specific half-year or half-
years, the information may be granted by the Bank, provided that the applicant was
the person to whom interest was paid or has a bonafide interest in the same.
20. Indemnity bond in connection with grant of information or inspection. -
Before furnishing any information or granting permission for inspection, the Bank, or,
as the case may be, its agent may, if it considers necessary, require the applicant to
execute a bond of indemnity in Form - XIII for an amount twice the face value of
Government security or securities involved and the interest paid thereon from the date
of issue.

CHAPTER VII

PLEDGE, HYPOTHECATION OR LIEN OF GOVERNMENT SECURITY

21. Pledge, Hypothecation or Lien of Government security. - (1) The holder of a

Government security may create a pledge, hypothecation or lien in respect of a
Government security by-

(a) issuing a notice of pledge, hypothecation or lien to the Bank, or, as the case
may be, its agent, in triplicate in Form - XIV; and
(b) submitting the stock certificate and the duly executed Form - III in relation
thereto; or the duly executed Forms - III, IV or V, as may be applicable to the
Government security, where a pledge, hypothecation, or lien is to be created
for the Government security held in subsidiary general ledger account or
constituents' subsidiary general ledger account or bond ledger account, as the
case may be.

(2) The Bank, or, as the case may be, its agent may on receipt of the notice as referred
to in clause (a) of sub-regulation (1), -

(a) record the pledge, hypothecation or lien in its records and confirm the same on
the duplicate and triplicate of the Form - XIV and such confirmation shall be
conclusive proof of the creation of pledge, hypothecation or lien; and

(b) where any discrepancy is found in the Form - XIV, issue a return memo on the
duplicate and triplicate of the notice in Form - XIV, stating the reasons for not
recording the pledge, hypothecation or lien.

(3) The pledgee or creditor, at any time, when wants to invoke the pledge,
hypothecation or lien may file an application in Form - XV in duplicate, to the Bank,
or, as the case may be, its agent for transferring the Government securities in his
favour alongwith the following documents, namely, -

(a) the stock certificate, if any;

(b) Form - XIV wherein the Bank, or, as the case may be, its agent has
confirmed the recording of pledge; and

(c) Forms - III, IV or V which may be applicable to the Government security

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 and was executed at the time of creation of pledge, hypothecation or lien by
the holder of the Government security.
(4) The Bank, or, as the case may be, its agent may on receipt of the application under
sub- regulation (3) -

(a) record in its books, the invocation of pledge, hypothecation or lien and
transfer of the securities in favour of the pledgee or the creditor and confirm
the same on the duplicate of the application in Form - XV; or

(b) issue a return memo to the pledgee or creditor on the duplicate of the
application in Form - XV, if any discrepancy is found, stating the reasons for
not transferring the securities in the name of the pledgee or the creditor.

(5) The pledgee or the creditor may, at any time, before the registration of transfer of
the Government securities in the books of the Bank or its agent in his favour, apply to
the Bank, or, as the case may be, its agent in Form - XVI in triplicate for cancellation
of such pledge, hypothecation or lien application registration.

(6) The Bank, or, as the case may be, its agent may on receipt of the application under
sub-regulation (5) -

(a) record the cancellation of pledge, hypothecation or lien registered in its

books and confirm the cancellation on the duplicate and triplicate of the
application in Form - XVI; and

(b) issue a return memo on the duplicate and triplicate of the application in
Form - XVI to the pledgee or the creditor, stating therein the reasons for not
cancelling the pledge, hypothecation or lien.

(7) The Forms - III, IV or V executed at the time of creation of pledge, hypothecation
or lien, shall be valid during the currency of the pledge, hypothecation or lien created
in respect of the Government security.

(8) Subject to the forms prescribed in this regulation, the transfer form, notice of
pledge, hypothecation or lien, confirmation of pledge, hypothecation or lien,
application for cancellation or invocation of pledge, hypothecation or lien, or return
memo, may be executed in electronic form under digital signature, as defined in
clause (p) of section 2 of the Information Technology Act, 2000 (21 of 2000).

22. General provisions relating to pledge, hypothecation and lien.- (1) The Bank
or, as the case may be, the Government shall not be responsible to any person creating
pledge, hypothecation or lien or party to thereof for any loss caused to him on account
of the invocation of the pledge, hypothecation or lien by the pledgee or the creditor in
violation of the terms of pledge, hypothecation or lien or the provisions of any other
law for the time being in force.

(2) The Bank or, as the case may be, its agent shall
(a) not take cognizance of any notice or claim of any person that may be
received by it before it has taken the steps required to be taken under regulation 21 on
receipt of Forms - XIV, XV or XVI;
(b) take the steps required under regulation 21 as if it had not received such
notice or claim.
- 13 -
(3) No transfer by the holder of any Government security in respect of which pledge,
hypothecation or lien is in force shall be effected by the Bank or its agent without the
prior concurrence of the pledgee or the creditor, as the case may be.

(4) The Government security in respect of which pledge, hypothecation or lien has
been recorded in the books of the Bank or its agent, as the case may be, matures for
repayment, the maturity proceeds shall not be payable to the holder of the security,
without the written concurrence of the pledgee or creditor along with duly executed
Form - XVI.

Explanation; For the purpose of regulation 21 and this regulation, –

(a) “pledgee” means a person in whose favour the Government security has
been pledged;

(b) “creditor” means a person in whose favour the Government security has
been hypothecated or a lien in respect thereof has been created.

CHAPTER VIII

PAYMENT OF INTEREST AND MATURITY PROCEEDS

23. Payment of interest. - Payment of interest on Government security shall be made

and acknowledged in the following manner, namely, -

(1) Government promissory note - Where post dated interest warrants have not been
issued, interest shall be paid by interest warrants issued by the Bank or if the holder so
desires, by credit to his bank account through electronic means, on presentment of the
Government promissory note.

(2) Stock or bond - Interest on stock or a bond held in a bond ledger account shall be
paid by interest warrants issued by the Bank or its agent, as the case may be, or if the
holder so desires, by credit to his bank account through electronic means.

(3) Bearer bond - Interest on a bearer bond, where applicable, shall be paid to any
person who presents the coupon entitling him to such interest at the Public Debt
Office or the treasury or sub-treasury, as the case may be, at which the bond is
registered or enfaced for payment of interest.

(4) Notwithstanding anything contained in the provisions of this regulation, the Bank
may arrange for payment of interest on a Government security at any place not
provided herein or through any mode not provided herein.

24. Discharge of a security. - (1) For obtaining maturity proceeds due on a

Government security, held in any of the following forms i.e.;

(a) a Government promissory note; or

(b) a bearer bond; or

- 14 -
 (c) a treasury savings deposit certificate; or

(d) a defence deposit certificate;

the security shall be presented at the office at which the interest on the security is
payable or at the Public Debt Office of domicile and signed, except in the case of a
bearer bond by the holder, on its reverse, and in the case of bearer bond, coupon or
coupons, if any, for the half-year preceding the date of payment of the principal shall
be surrendered with the bond or bonds.

(2) (a) In the case of stock held in the subsidiary general ledger account or
constituents’ subsidiary general ledger account, payment of the maturity proceeds
shall be made by a pay order issued by the Public Debt Office at which the stock is
registered or by credit to the current account maintained with the Bank or any other
account of the holder in any bank having facility of receipt of funds through electronic
means;

(b) in the case of a Government security held in a bond ledger account, with
the Bank or its agent, payment of the maturity proceeds shall be made by a pay
order issued by the Public Debt Office or the agent, as the case may be, or by
credit to the account of the holder in any bank having facility of receipt of
funds through electronic means;

(c) in the case of a stock for which a stock certificate has been issued, payment
of maturity proceeds shall be made by a pay order issued by the Public Debt
Office at which the stock certificate is registered or by credit to the account of
the holder in any bank having facility of receipt of funds through electronic
means;

(d) for the purposes of making payment in respect of the securities, the
original subscriber or the subsequent holders of such Government securities,
as the case may be, shall submit to the Bank or its agent, as the case may be, in
whose books such Government securities are registered, the relevant
particulars of their bank account.

(3) Payment of maturity proceeds to the registered holder of a Government security

on maturity date, in accordance with the provisions of sub-regulation (2), shall be a
valid discharge for payment due thereon.

(4) A prize bond shall be presented for payment on maturity at the Public Debt Office
or at any office authorised by the Government as an office of issue at the time when
the loan to which the prize bond belongs was open to subscription.

(5) A defence deposit certificate shall be duly discharged by the holder on maturity
and presented for payment at the Public Debt Office, New Delhi.

(6) If the Public Debt Office is of the opinion that a doubt exists relating to the title to
a Government security, it may require the claimant to execute a bond in Form - XII
with one or more sureties approved by the Public Debt Office, or to furnish an

- 15 -
indemnity bond not exceeding twice the value of the security, in favour of the Bank
with a right to assign the bond or security to any person.

(7) The payment in respect of the securities referred to in sub-regulation (1) shall be
made by Public Debt Office in good faith and without negligence to the person who
purports to be the last holder of the same and such payment shall discharge the Bank
and the Government of its liability under the said security.

25. Disposal of securities which have been repaid, renewed, converted, etc. - A
Government security in respect of which a duplicate or a new Government security
has been issued or which has been discharged by payment may be perforated,
punched, cut or otherwise disposed of by the Bank in such manner as the Bank may
consider necessary to ensure that the original security is not misused.

CHAPTER IX

FEES

26. Fees. - (1) A fee of rupees twenty shall be payable for renewal, conversion or sub-
division of the Government security and a fee of rupees hundred shall be payable for
issue of a duplicate Government security:

Provided that no fee shall be payable -

(a) in respect of the conversion of a Government promissory note into stock

certificate or credit thereof to subsidiary general ledger account including a
constituents' subsidiary general ledger account or conversion credit of stock
certificates to subsidiary general ledger account including a constituents'
subsidiary general ledger account; or

(b) in respect of consolidation of Government securities; or

(c) in respect of the renewals due to filling up of interest cages at the back of
Government promissory note (s) or filling up of transfer endorsement cages at
the back of stock certificate (s).

(2) A fee of rupees ten shall be payable for obtaining information regarding
Government security under regulations 18 or 19 and a fee of rupees two shall be
payable for each page of certified copy granted under regulation 19 by way of cash
against proper receipt or by demand draft or bankers cheque payable to the Bank.

PRABAL SEN
Principal Chief General Manager

- 16 -
 FORM - I

[See regulation 3 (2)]

SUBSISDIARY GENERAL LEDGER/CONSTITUENTS' SUBSISDIARY

GENERAL LEDGER ACCOUNT DETAILS

1. Name of Member (s) or Account Holder (s):-

2. Subsidiary General Ledger or Constituents’ Subsidiary General Ledger
account number:-
3. Account Type:-
4. Current Account number or Settlement Account number or Designated
Bank Settlement Account number of the member or account holder:-
5. Details of the transactions including therein;-
(a) Name of the counterparty:-
(b) Member Identification of the counterparty:-
(c) Transaction amount:-
(d) Balance:-
(e) Transaction reference:-
(f) Transaction type:-
(g) Date of transaction:-
(h) Description of the transaction:-
(i) Clearing Corporation of India Ltd. Transaction Reference
number:-
6. Nomenclature of the security including therein;-
(a) Face value of the security:-
(b) Date of maturity of the security:-
(c) Name of the Government which has issued the security:-
(d) Rate of interest:-
(e) International Security Identification Number (ISIN):-
7. Total free balance:-
8. Anticipation balance:-
9. Details of securities under pledge or hypothecation or lien:-
10. Permanent Account Number (PAN):-

- 17 -
 FORM – II

[See regulation 3 (3)]

BOND LEDGER ACCOUNT DETAILS

1. Name of investor:-
2. Bond ledger account number:-
3. Nomenclature of the scheme(s):-
4. International Security Identification Number (ISIN):-
5. Details of the investment including therein;-
(a) Date of investment;-
(b) Cumulative / non-cumulative;-
(c) Investment amount;-
(d) Investment number:-
6. Details of transfer:-
7. Details of repayment:-
8. Details of nomination:-
9. Details of investor’s bank account:-
10. Details of payment options (ECS/EFT/NEFT/RTGS/Payment
Order/Interest Warrant):-
11. Details of investment under pledge or hypothecation or lien:-
12. Permanent Account Number (PAN) of the investor:-

- 18 -
 FORM - III

[See regulations 4 (1) (c) and 21]

TRANSFER OF STOCK CERTIFICATES

I/We* …………………………. (transferor/s) do hereby assign and transfer my/our*

interest or share in the inscribed stock certificate number ……………..of …………
percent Government Loan of ……………. amounting to Rs. ………. being the
amount /a portion of the stock for Rs. ………. as specified on the face of this
instrument together with the accrued interest thereon to
……………………….(transferee/s), his / her / their* executors, administrators or
assigns, and I/We* …….………… do freely accept the stock certificate number
……………….to the extent it has been transferred to me/us*.

I/We* ………………………. (transferee/s) hereby request that on my/our* being

registered as the holder/s of the stock transferred to me/us*, the above stock certificate
to the extent it has been transferred to me/us* may be renewed in my/our* name
(s)/converted in my/our* name(s).

@I/We*………………………. (transferor/s) hereby request that on the above

transferee(s) being registered as the holder/s of the stock hereby transferred to
him/them*, the aforesaid stock certificate to the extent it has not been transferred to
him/them* may be renewed in my/our* name (s).

As witness, our hand the …………… day of …………… two thousand and
………………

Signed by the above-named transferor Signature of transferor………………..

in the presence of** ……………………. Address: ……………………………...
……………………………………….. ………………………………………..
Signed by the above-named transferee Signature of transferee………………..
in the presence** ………………………. ………………………………………..
……………………………………….. ………………………………………...

*: Delete whichever is not applicable.

@: This paragraph is to be used only when a portion of the Certificate is transferred.
**: Signature, occupation and address of witness. Witness should be different for
transferor and transferee.

Transferred:

Stock Certificate issued No/s …………………. dated ……………………………..

Manager, Reserve Bank of India, …………………………..

- 19 -
 FORM - IV

[See regulations 4 (1) (d) and 21]

TRANSFER OF STOCK HELD IN THE RESERVE BANK OF INDIA (RBI) IN

THE SUBSIDIARY GENERAL LEDGER ACCOUNT (SGL) INCLUDING A
CONSTITUENTS' SUBSIDIARY GENERAL LEDGER ACCOUNT (CSGL)
RELATING TO GOVERNMENT SECURITIES

Seller's Reference Number Buyer's Reference Number

(A) Securities Transfer

1. Name(s) of the transferor (seller) SGL or CSGL A/c. (to debit)

2. Name(s) of the transferee (buyer) SGL or CSGL A/c. (to credit)

3. If sale is on behalf of the constituent, name of the constituent

4. If purchase is on behalf of the constituent, name of the constituent

5. Particulars of Government securities:

SI. Nomenclature ISIN Face Sale Price of Total Cost of Accrued

No. of the Security Value (in the security Security (Rs.) interest (Rs.)
Rs.) (in percent)
(Sale Price/100 x
Face Value)

(B) Transaction Details - Applicable for both outright and first leg of Repo
transactions

1. Type of transaction- Outright / Repo 2. Is it RBI or inter-bank Repo

3. Date of Contract 4. Date of Settlement

5. Income tax, if any, (Rs.) 6. Other payments, if any, (Rs. ):

7. Consideration amount (in words) Rupees:

Broker Amount: Brokerage Code:

8. For Buyer: Rs:

Broker Amount: Brokerage Code:

9. For Seller: Rs:

- 20 -
(C) Details in respect of Repo transactions:

1. Date of Repurchase: 2. Repurchase agreement rate

(2nd Leg) ………………………………………. (in percent)

3. Consideration amount for Repurchase leg (in words) Rupees. Rs

We hereby authorise RBI to debit / credit our above referred SGL or CSGL Accounts
and credit / debit our current accounts / settlement accounts designated for the purpose
with the amount of consideration as stated under item B(7) and or C (3), as the case
may be, per contra as specified.

Signed on the day of the month of of the year

Signature(s) of transferor: ………………… Signature(s) of transferee: ……………......

PAN No.: PAN No.:

(In case of electronic submission, digital signatures of the authorized officials for SGL
Account and Current Account of transferor and transferee will replace physical
signatures)

Notes:

1. The form should be submitted to RBI within one working day after the date of
signing the transfer form and on or before the settlement date, failing which, it is liable
to be rejected.

2. All the instructions in the form should be complied with, failing which the form is
liable to be rejected.

3. The Current Account designated or linked to the SGL or CSGL Account as per the
mandate will be operated.

4. In case of Repo transactions, this form will be considered for effecting the
repurchase leg of the transaction as per the details given under item (C) above.

5. The transactions conducted on behalf of the constituents should be given effect to

in the constituents' account maintained with the principal (SGL account holder)
immediately.

- 21 -
 FORM - V

[See regulations 4 (1) (e) and 21]

TRANSFER OF SECURITIES HELD IN THE RESERVE BANK OF INDIA

(RBI) IN THE BOND LEDGER ACCOUNT RELATING TO GOVERNMENT
SECURITIES

I/We* …………………………. (transferor/s) do hereby assign and transfer my/our*

interest or share in the Bond Ledger Account of the ……………….. Bonds
amounting to Rs… being the amount / portion of the bonds for Rs… held in the Bond
Ledger Account No. ……………… together with the accrued interest thereon due for
repayment on …………. to …………………. (transferee/s), his/her/their* executors,
administrators or assigns, and I/We* …….………… (transferee/s) do freely accept
the Bonds in the above Bond Ledger Account No. ……………. amounting to Rs…

I/We* …………………………………………………. (transferee/s) request that

I/We* may be registered as the holder/s of the Bond hereby transferred to me/us* and
a Bond Ledger Account may be opened in my/our name* credited to my/our Bond
Ledger Account No* ………………….

@I/We* ……………………………………. (transferor/s) hereby request that on the

above transferee(s) being registered as the holder(s) of the Bond hereby transferred to
him/them* the aforesaid Bond, to the extent it has not been transferred to him/them*,
may continue in my/our* Bond Ledger Account No ……………………..

As witness, our hand the …………… day of …………… two thousand and
………………

Signed by the above-named transferor Signature of transferor………………..

in the presence of** ……………………. Address: ……………………………...
……………………………………….. ………………………………………..
Signed by the above-named transferee Signature of transferee………………..
in the presence** ………………………. ………………………………………..
……………………………………….. ………………………………………...

*: Delete whichever is not applicable.

@: This paragraph is to be used only when a portion of the Bond is transferred.
**: Signature, occupation and address of witness. Witness should be different for
transferor and transferee.

- 22 -
 FORM - VI [See

regulation 7]

NOMINATION

I/We …………………………………………………………… (Name and address),

the holder/s of Stock certificate/BLA No ……………… for the loan ………………..
hereby nominate the following person/s who shall on my/our death have the right to
the Government securities/Bonds and receive payment of the amount for the time
being due on the Government securities / Bonds specified below:

PARTICULARS OF NOMINEE:

Date Amount Date of Full name with Date Relation- Particulars

of Rs. repayment expanded of ship to of bank
issue initials and birth holder/s account
address of in case
nominee of
minor

To be filled in case if nominee is minor: As ……………………………………….

the sole nominee above is a minor on this date, I/We appoint Shri/Smt./Kum
…………………………………………… to receive the amount for the time being
due to the above Government securities/Bond in the event of my/our death during the
minority of the said nominee .........................................................................

If the nomination is in substitution of the one already made: This nomination is in

substitution of the nomination dated ………………… made by me/us and registered
on your books at ……………………….. which shall stand cancelled on registration
of this nomination.

Place: (Signature(s) of the Stock Certificate holder (s)

Date: / BLA holder(s))

Signature with name and address of witnesses:

1…………………………………………………………………………………………
2…………………………………………………………………………………………

Acknowledgment

We acknowledge having registered the nomination in favour of ………………………

(Name of nominees) for the Stock Certificate/BLA No. …………………… for the
loan ……………………… and the nomination registration no. is …………………
Please quote the above nomination registration no. in all communication pertaining to
change or cancellation of nomination.

Date: …………………. Authorised Official ……………………..

- 23 -
 FORM - VII

[See regulation 7]

CANCELLATION OF NOMINATION

I/We ……………………………………… (name and address) do hereby cancel the

nomination dated ………………………… made by me/us in respect of the following
Stock certificate/Bond Ledger Account No., and registered by the Public Debt
Office/branch of the Agency bank on ……………………(date) vide registration no.
………………...

Particulars of the Stock Certificate/Bonds

Date of Issue Nomenclature of Stock Certificate / Amount (Rs.)

the loan BLA No.

Place: (Signature(s) of the Stock Certificate holder (s)

Date: / BLA holder(s))

Signature with name and address of witnesses:

1…………………………………………………………………………………………
2…………………………………………………………………………………………

Acknowledgment

We acknowledge having cancelled the nomination in favour of ………………………

(Name of nominees) for the Stock Certificate/BLA No. …………………… for the
loan ……………………… noted vide our nomination registration no. ……………..
dated …………………

Date: …………………. Authorised Official ……………………..

- 24 -
 FORM - VIII

[See regulation 11 (3)]

NOTIFICATION OF LOST (STOLEN, DESTROYED, MUTILATED OR

DEFACED, AS THE CASE MAY BE) GOVERNMENT PROMISSORY
NOTE.

“The Government promissory note no. ………………... of the …………….

(Nomenclature of the loan) for Rs… originally standing in the name of
…………………….. and last endorsed to this notifier, by whom it was never
endorsed to any other person having been lost (stolen, destroyed, mutilated or
defaced) notice is hereby given that payment of the above note or notes and the
interest thereupon has been stopped at the Public Debt Office and that application
is about to be made for the issue of a duplicate in favour of this notifier. The
public are cautioned against purchasing or otherwise dealing with the above
promissory note or notes. The public are requested to inform the notifier at the
following address if they come across the above Government promissory note or
notes.

Name of person notifying:

Address:

- 25 -
 FORM - IX

[See regulation 16 (b)]

ENDORSEMENT FOR THE RENEWAL OF A STOCK CERTIFICATE

Received in lieu hereof a renewed Stock Certificate of the …… per cent loan of
…………………… for Rs… in the name of ………………………… with interest
payable at …………………………….

Signature of the registered holder/duly authorised representative of (name of

registered holder)………………………………….

FORM - X

[See regulation 16 (b)]

ENDORSEMENT FOR SUB-DIVISION OF A STOCK CERTIFICATE

Received in lieu of this stock certificate, ………. stock certificates for Rs…
respectively of the ………………… per cent loan of ……………. with interest
payable at …………………………..

Signature of the registered holder/duly authorised representative of (name of

registered holder)…………………..

FORM - XI

[Regulation 16 (b)]

ENDORSEMENT FOR CONSOLIDATION OF STOCK CERTIFICATES

Received in lieu of stock certificate nos. …………. for Rs… respectively of the
……………. per cent loan of ………………, a stock certificate for Rs…of the ……
per cent loan of ………………. with interest payable at ……………………...

Signature of the registered holder/duly authorised representative of (name of

registered holder) ……………………………

- 26 -
 FORM - XII

[See regulation 24(6)]

SECURITY BOND

This Agreement is made on the ..................... day of ...............…………… between

....................................... son/daughter/wife of …………….......................... resident of
...................................... on the one part and the Reserve Bank of India on the other
part.

Whereas I/we am/are…………….............................. the true and lawful owner/s of

the Government securities specified in the Schedule “A” hereto annexed.

And whereas I/we have applied to the Reserve Bank of India, Public Debt Office,
....................... for issue of the duplicate/repayment of the said Government securities
and the said Bank have consented so to do upon my/our giving a security of Rs.
……………. to meet a claim by a rightful owner to the said securities in case there
shall be such a claim.

Now these Present witness that in pursuance of the aforesaid agreement I/we hereby
oblige myself/ourselves to make good the claim of the rightful owner in respect of the
said securities and I/we hereby further agree that this bond may be held by the said
Bank and the said Bank may assign the Bond to the rightful owner of the said
securities.

In witness whereof I/we have subscribed my/our name/names this ....................... day
of …………….

Signed by the within-mentioned in the presence of .................................

…………..
Principal

I/We ………………………… son/daughter/wife of ………………………… resident

of ………………………………………………… hereby undertake to make good
any claim to the rightful owner of the Government securities mentioned in the
schedule hereto in case the principal/principals makes/make default in payment of the
claim by virtue of the above agreement.

Signed by the within-mentioned in the presence

of………………………………………
....................
Surety

Schedule “A” referred to in the Bond

Nomenclature of the Distinctive Date of Issue Amount

security Number

- 27 -
 FORM - XIII [See

regulation 20]

INDEMNITY BOND

Whereas I/We ………………………….. son/daughter/wife of …………….resident

at ……………………. (and son/daughter of resident at)…………… claim to be
entitled ……………………… (here state in what capacity claim to the notes is made)
to the security(ies) specified in the schedule hereunder written and have represented
to the Reserve Bank of India, Public Debt Office,……………………… that the said
security(ies) has/have been……………….. and have applied to the Reserve Bank of
India, Public Debt Office,……………………, for an inspection of the said
security(ies) and also for all other information and particulars respecting the said
security(ies) and whereas the Reserve Bank of India, Public Debt
Office,……………………has agreed to give inspection and to afford to me/us all
information and particulars affecting the said security(ies), I/We oblige
myself/ourselves my/our heirs and assigns whatsoever …………………. (to be
omitted if bond taken from one person only) jointly and severally to guarantee and
defend and relieve the Reserve Bank of India, Public Debt Office,…………………..
and the Government to the extent of Rs……………………from all and any claim,
question and expenses which may be raised against or incurred by the Reserve Bank
of India, Public Debt Office,………………………. or the Government in reference to
the said note(s) and/or security(ies).

In witness hereof I/We have subscribed my/our name(s) this…………..day of

…………………….

Signed by the within mentioned in the presence of

……………………………………….

……………………..
Applicant’s signature

[The schedule referred to in the foregoing Bond]

- 28 -
 FORM - XIV

[See regulations 21 (1), (2), (3) and 22(2)]

NOTICE OF PLEDGE/HYPOTHECATION/LIEN OF GOVERNMENT

SECURITIES

To, To, To,

The Regional Director The Manager, The Manager
Reserve Bank of India Name of CSGL A/c Holder Name of the agent
Public Debt Office Address: ………………… Address: …………………
………………….. …………………………... …………………………...

Dear Sir,

Please take notice that I/we …………………………………………… [name(s) of the

holder(s)] have pledged/hypothecated/created lien1 on the Government securities
specified in Schedule 'A' hereto annexed {and have deposited the original scrip(s)
with…..………………………………………………………………….name(s) of the
Pledgee(s)/Creditor(s)} 1 . A duly executed transfer form is deposited with the
pledgee 2 . Please record pledge/hypothecation/lien 1 in your books of account in
respect of the securities listed in Schedule ‘A’ and oblige.

Yours faithfully,

Signature(s) and name(s) of the Holder(s) / Borrower(s)…………………………

Mailing address: …………………………………………………………………..
Signature(s) and name(s) of the Pledgee(s) / Creditor(s)…………………………
Mailing address: ………………………………………………………………….
Dated this ……………day of …………………….

Schedule 'A'

Nomenclature of Distinctive SGL/CSGL/ Date of Face value of

the security and number of the Bond maturity security
ISIN physical Ledger
security Account No

Note: (i) This form has to be submitted in triplicate. Counter receipt will be issued if
submitted at the counter. The Public Debt Office will retain the original. Confirmation
of having recorded the pledge/hypothecation/lien in the books of Public Debt Office
will be issued on the duplicate and triplicate. Holder(s)/borrower(s) or
pledge(s)/creditor(s) shall arrange to collect the same by surrendering the counter
receipt duly discharged.

1
Strike out in the case of hypothecation, lien on securities held in SGL, CSGL A/c or BLA.
2
Strike out in the case of hypothecation or lien.

- 29 -
(ii) If this Form is submitted otherwise than at the counter, the duplicate and triplicate
of the Form shall be dispatched by Post/Courier at the mailing addresses.
For Office use only:

Return Memo

Notice of pledge/hypothecation/lien could not be recoded in the books of account of

Public Debt Office for the following reason(s).

‰ Discrepancies in the particulars of securities/Account No(s).

‰ Discrepancies in the names of holders.
‰ Form is incomplete.
‰ Enclosures not compiled properly.
‰ Signature not matching.
‰ Security not eligible for pledge/hypothecation/lien
‰ Security already under pledge/hypothecation/lien in favour of another creditor.
‰ Claims in respect of the security are pending.
‰ Under Stoppage.
‰ Any other reason………………………………………………………………

Authorised Officer

Confirmation

Confirmed that the notice of pledge/hypothecation/lien is recoded in the books of

account of Public Debt Office / CSGL Account Holder / Agent.

Authorised Officer

- 30 -
 FORM - XV

[See regulations 21 (3),(4) and 22 (2)]

APPLICATION FOR TRANSFER OF GOVERNMENT SECURITIES UNDER

PLEDGE/HYPOTHECATION/LIEN

To, To, To,

The Regional Director The Manager, The Manager
Reserve Bank of India Name of CSGL A/c Holder Name of the agent
Public Debt Office Address: ………………… Address: …………………
………………….. …………………………... …………………………...

Dear Sir,

Pledge/hypothecation/lien* was created on the securities listed in Schedule ‘A’ below.

I/we now submit herewith the following documents, namely:

(1) Original scrips 1

(2) Form - XV containing the confirmation of pledge/hypothecation/ lien, and
(3) Transfer deed executed in our favour [at the time of creating pledge] 2

I/We request that the Government securities specified in Schedule 'A' be transferred in
your books of account in my/our favour.

Yours faithfully,

Signature(s) and name(s) of the Creditor(s) ……………………………

Mailing address: ……………………………………………………………………
Dated this ……………day of …………………….

Schedule 'A'

Nomenclature of Distinctive SGL/CSGL/ Date of Face value of

the security and number of the Bond maturity security
ISIN physical Ledger
security Account No

Note: (i) This form has to be submitted in duplicate. Counter receipt will be issued if
submitted at the counter. The Public Debt Office will retain the original. Confirmation
of having transferred the securities in favour of the Creditor(s) in the books of Public
Debt Office will be issued on the duplicate. Creditor(s) shall arrange to collect the
same by surrendering the counter receipt duly discharged.
(ii) If this Form is submitted otherwise than at the counter, the duplicate of the Form
shall be dispatched by Post / Courier at the mailing address.

1
To be struck off in case the securities are held in SGL, CSGL or BLA Account.
2
To be struck off in the case of hypothecation and lien
* Strike off whichever is not applicable

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For Office use only:

Return Memo

Securities could not be transferred in the books of account of PDO in favour of the
creditor(s) for the following reason(s).

‰ Discrepancies in the particulars of securities/account no(s).

‰ Discrepancy in the name(s) of holders.
‰ Form is incomplete.
‰ Enclosures not compiled properly.
‰ Signature not matching.
‰ Claims in respect of the security are pending.
‰ Under Stoppage.
‰ Any other reason………………………………………………………

Authorised Officer

Confirmation

Confirmed that the pledge/hypothecation/lien recorded in respect of the securities has

been cancelled and the securities have been transferred in the books of account of
Public Debt Office in favour of the creditor(s)

Authorised Officer

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 FORM - XVI

[See regulations 21 (5) (6) and 22 (2) (4)]

CANCELLATION OF PLEDGE/HYPOTHECATION/LIEN

To, To, To,

The Regional Director The Manager, The Manager
Reserve Bank of India Name of CSGL A/c Holder Name of the agent
Public Debt Office Address: ………………… Address: …………………
………………….. …………………………... …………………………...

Dear Sir,

The holder(s) of the Government securities listed in Schedule ‘A’ had created
pledge/hypothecation/lien*, on the said Government securities in my/our favour. I/we
enclose in original, the duplicate of Form - XV containing the confirmation regarding
the recording of the said pledge/hypothecation/lien* in your books of account and
request that the said pledge/hypothecation/lien be cancelled and that my/our name(s)
be deleted from your books of account as the pledgee(s)/ creditor(s) in respect of the
said Government securities.

Yours faithfully,

Signature(s) and name(s) of the Pledgee(s)/Creditor(s)……………………………….

Mailing address: ……………………………………………………………………….
Dated this ……………day of …………………….
*: Strike out whichever is not applicable

Schedule 'A'

Nomenclature of Distinctive SGL/CSGL/ Date of Face value of

the security and number of the Bond maturity security
ISIN physical Ledger
security Account No

Note: (i) This form has to be submitted in triplicate. Counter receipt will be issued if
submitted at the counter. The Public Debt Office will retain the original. Confirmation
of having cancelled the pledge/hypothecation/lien in the books of Public Debt Office
will be issued on the duplicate and triplicate. Holder(s)/borrower(s) or
pledgee(s)/creditor(s) shall arrange to collect the same within by surrendering the
counter receipt duly discharged.
(ii) If this Form is submitted otherwise than at the counter, the duplicate and triplicate
of the Form shall be dispatched by Post/Courier at the mailing addresses.

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For Office use only :

Return Memo

Cancellation of pledge/hypothecation/lien could not be recorded in the books of

account of PDO for the following reason(s).

‰ Discrepancies in the particulars of securities/account no(s).

‰ Discrepancies in the names of holders.
‰ Form is incomplete.
‰ Enclosures not compiled properly.
‰ Signature not matching.
‰ Any other reason…………………………………………

Authorised Officer

Confirmation

Confirmed that the pledge/hypothecation/lien has been cancelled in the books of

account of Public Debt Office.

Authorised Officer

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