(1) Separate accounts shall be opened by every participant in the name of each of the beneficial owners and the securities of each beneficial owner shall be segregated, and shall not be mixed up with the securities of other beneficial owners or with the participant’s own securities.
(2) A participant shall register the transfer of securities to or from a beneficial owner’s account only on receipt of instructions from the beneficial owner and thereafter confirm the same to the beneficial owner in a manner as specified by the depository in its bye-laws.
(3) Every entry in the beneficial owner’s account shall be supported by electronic instructions or any other mode of instruction received from the beneficial owner in accordance with the agreement with the beneficial owner.
Statement of accounts
60. Every participant shall provide statements of account to the beneficial owner in such form and in such manner and at such time as provided in the agreement with the beneficial owner.
Transfer or withdrawal by beneficial owner
61. Every participant shall allow a beneficial owner to withdraw or transfer from his account in such manner as specified in the agreement with the beneficial owner.
Connectivity
62. Every participant shall maintain continuous electronic means of communication with each depository in which it is a participant.
Monitoring, reviewing and evaluating internal systems and controls
63. Every participant shall have adequate mechanism for the purpose of reviewing, monitoring and evaluating the participant’s internal accounting controls and systems.
26 Reconciliation
64. Every participant shall reconcile his records with every depository in which it is a participant on a daily basis.
Returns
65. Every participant shall submit periodic returns to the Board and to every depository in which it is a participant in the format specified by the Board or the bye-laws of the depository, as the case may be.
Record of services