SEBI postpones new rules on delivery instruction slips till October

Due to difficulties expressed by the depositories and the depository participants, SEBI said it  has decided to postpone its new norms on delivery instruction slips -DIS till October

Market regulator Securities and Exchange Board of India (SEBI) on Friday said its new framework to strengthen the supervisory and monitoring role of depositories and their participants for issuance and processing of delivery instruction slips (DIS) will come into force from October.


As per earlier plan, the new norms were to take effect from 7th July.


In a circular, the market regulator said: "In light of the difficulties expressed by the depositories and the depository participants (DPs) and considering their request, it has been decided to make the circular effective from 1 October 2014."


A DIS is used by sellers of securities to instruct their depository participants to debit their demat account.


The SEBI, which issued the norms on issuance and processing of DIS on 7th January, had said that the new framework would come into effect after six months - 7 July 2014.


Further, SEBI said that a period of one month may be given for receipt of DIS by the beneficial owners (BO).


"The DPs may accept old DIS during this transit period. Further, while issuing new DIS the DPs shall intimate the BO that old DIS cannot be used after the new DIS is received," the regulator added.


According to new guidelines, depositories needs to ensure that the DIS is standardised across all depository participants in terms of serial number and layout and size of DIS to facilitate scanning and easy retrievability of records.


The depositories would have to prescribe a standard method of serial number and ensure that these numbers are unique.


Also, DPs need to ensure that same DIS will not be used for giving both market and off-market instruction. Besides, a single DIS will not be used for transactions with multiple execution dates.


The depositories will have to ensure that their participants have adequate infrastructure, systems and processes to implement scanning, storage and transfer of the scanned DIS in the manner specified by the depositories.


They also need to ensure that the systems set up by the DPs maintain proper records of all scanned DIS images and put in place adequate checks and procedures to prevent unauthorised changes.


Six problems with Indian highways and 11 ways to improve them

With almost 15 crore vehicles using national highways across India, a 10-minute idling per vehicle at toll booths and octroi posts result in a loss of about Rs1,272 crore everyday

I have always enjoyed driving, having learnt to drive at a young age of 12, with a pillow on the sofa seat of a Mark-I Ambassador way back in 1984.

In between the six cars that my dad and me have owned since 1984, I have covered almost 5 lakh plus kms on Indian roads, covering large parts of Uttar Pradesh, Himachal, Punjab, Uttarakhand and Rajasthan. The trigger to this love for driving being a 1988 drive that my father did with a co-driver from Surat to Hoshiarpur in Punjab, in an Maruti 800, in two days flat , and the stories I heard from him.

Also having driven almost 2,000 miles in the US from New York to Washington, New York to Pennsylvania, and multiple short trips from New Jersey to Delaware and Atlantic city, and having being driven around In Japan and UK , I can contrast the experiences while driving long distances in India compared with the advanced world.

However, what triggered this article is the fact that, a promise to children in my family to treat them royally, post their 9+ CGPA scores made me plan a drive from Noida to Jaipur, Mount Abu and Udaipur, and the stark contrast in driving experiences within India. Some observations, and maybe with some luck this will reach the powers to be to ponder about the challenges and the resultant wastage in fuel, price rise, pollution, stress , wear and tear etc.

National Wastage:

A quick illustration of the wastage before I get down to the business of pointing out the issues and possible solutions:

Registered Vehicles in India as of 31st Mar 2012 * ( in crore)

Idling Cost p/min (in Rs) **

Total wastage per day @10 minutes of idling per vehicle





My Observations:

  1. 1) Vehicles wait on toll gates due to:
    a. Need of Exact Change for an absurd amount of Rs27 or Rs54 etc. (No One at NHAI heard about Rounding Off?)
    b. “Jaanta Nahin Mera Baap Kaun Hain?” the 'Special Status' arguments holding up traffic
    c. Malfunctioning systems
    d. Changeover of staff, taking two minutes to log off and log in as per the attendant and  balancing cash 
    e. Drivers chatting with attendants too
    f. Manual collection of tolls (Pilferage?) 
    2) Small undulations, imperfections on seemingly well laid roads where you need to brake suddenly while cruising at a speed of 80+, thus wasting precious fuel
    3) Potholes, rather Martian craters necessitating deliberate slowdowns, trying to find road to drive on, at roads which are between Highways and City limits (‘No Man’s Roads’)
    4) Lack of road sense and feeling of entitlement, plying in the middle of two lanes road holding up traffic, and upon asking for side, get a glare back.
    5) Wrong lane driving due to
    a. Missing U turns near a habitation
    b. Missing exits necessitating either long drives for exits or drive in wrong lanes
    c. Missing underpasses
    d. Bad road conditions
    6) Lack of sufficient signage well before the exits. Many a times exit signs are almost on EXIT, necessitating backing up, rather than taking the next exit (Indian trait)
    With almost 15 crore vehicles across India a 10-minute idling daily costs about Rs1,272 crore! 


There are almost 273 tolls as per the NHAI site. There are many other toll plazas in remote areas where toll is collected manually, with printed slips. To try and untangle the mess, we need to start from the toll plazas.

  1. Interlink all NHAI tolls enabling usage of a single smart card 'INDIA-Pass', which works across all toll plazas in the country

  2. Ensure that this smart card, named “INDIA-Pass” or 'i-Pass' is also compatible with metro services, trains and bus stations at a future date and time of choosing thereby encouraging widespread usage

  3. All private, state transport buses, and trucks ( almost one crore in numbers ) to necessarily have these smart cards to breeze through the toll plazas, without holding up traffic

  4. Incentivize smart card, tag users by lower toll fares as against cash payments

  5. Compulsory road survey of state and national highways every two months ,
    reporting any damages immediately and rectifying the same within a month

  6. Road projects to be given only to well known Infra companies, and be held responsible for certain minimum life of these roads

  7. Every road Project to have a sacrosanct deadline, with heavy penalties for non performance

  8. Road Ministry to work with the Prime Minister's Office (PMO) to get all relevant clearances. Roads projects should be declared as of National Importance brooking no opposition

  9. Use the latest polymer and concrete technologies as appropriate depending on terrain and weather, which may be costly initially but lower maintenance costs and longer life

  10. Enforce and check overloading of trucks, which damages the roads and reduces the life of roads

  11. Plan better roads, truck bays, parking for trucks before Toll Plazas or Octroi Posts so that heavy vehicles like trucks, buses do no spill over the roads blocking highways by hap hazard parkings

Finally the soul of any change for improvement of processes is the ease of compliance and cost of compliance. If we keep the cost of compliance low, and penalties exorbitant, I am sure we can make a change to the way the State and National Highways look and feel today.

(Amit Gupta is an Economics graduate and holds an Executive PG Diploma in International Business. He works as a Senior Manager for Strategy Consulting with a captive of an insurance MNC based in Noida)



Abhijit Gosavi

3 years ago

At long last, issues related to transportation infrastructure are getting highlighted in the media! This should have started a long time back. Of course, shoulda coulda woulda... but now the govt. must *accelerate* construction of four-lane highways and bullet train tracks --- to make up for the lost 15 years!


3 years ago

Well, not all vehicles enter a tollgate every day, in fact I would think a very small percentage end up going through a tollgate and idling, so your math is extremely flawed.

That said, I do agree with your points in general. I lived in US for 13 years, and with a limited amount of exposure to highways in India, I have experienced most of the bad things that you mention. On the infrastructure side, I drove on some highways that I was very satisfied with, except for the road manners of the drivers, but I presume more highways are not upto that level.

BTW, electronic passes will self-promote, once drivers see the difference in speed at which they can get through the tollgate, so you don't need a financial incentive. However, considering how the tolls are managed privately by possibly thousands of contractors (please correct me if I am wrong on this), having a single pass that would work across the country could be a long stretch.


Amit Gupta

In Reply to Hari 3 years ago

1) So not all vehicles go through toll roads sir, but have you imagined a 10 KM drive In Kanpur / Lucknow / Delhi / Bangalore / Surat / Kolkata /Pune?

Every 1 hour drive has an average 10 Minute wait, irrespective of the fact whether you come across a toll road or not .

2) Japan has such cards, Netherlands has such cards, What makes it so long a stretch in India ?


In Reply to Amit Gupta 3 years ago

Your article is talking about idling at tollgates, not the idling at signals and other sorts of jams at regular roads.

BTW, I forgot to mention another annoyance that I came across on highways, which is to find intersections. Highways should strictly avoid intersections. There are entries and exits for merging and then there are overpasses.

Sanjoy K Guha

3 years ago

Thanks for sharing your thoughts and I do completely agree with your views especially the I pass.

Have lived in Europe and south East Asian countries - Vietnam and Singapore, it's quite difficult to understand why we cannot implement the toll on electronic platform. It not only allows transparency and 100% pilfer proof it provides much needed savings on energy.

On the quality of road , it's true there are number of good technical solutions where the roads or highways are maintenance free for almost 20 years. We need to encourage innovation and high tech in our all walks of life. Why should India be behind.

On the signage part, we need to follow common color code and follow the distance rule which allows drivers to be forewarned and navigate with ease.

Would like to touch on another aspect, where I found Europe to be quite progressive, the highway rest locations and support infrastructure, which allows tired drivers and families to rest.

Hope we will be able to make India as a preferred country for all to live and work comparable to best of the countries.



Amit Gupta

In Reply to Sanjoy K Guha 3 years ago

Thanks Sanjoy,

I agree the road side support infrastructure leaves a lot to be desired in India. May be with time, and ideas and demands from aware citizens like you , we will get there.

Gopalakrishnan T V

In Reply to Sanjoy K Guha 3 years ago

When everything is designed and programmed with collection of bribe directly and indirectly,nothing can be expected to improve so easily.India has all the brains but unfortunately crooked brains do contribute more and the entire society suffers.No doubt we have to keep on fighting and exposing all wrong things and wrong doers.Let us all keep our hopes alive to have a better life ahead.

Amit Gupta

In Reply to Gopalakrishnan T V 3 years ago

Dear Sir,

lets continue to do what we can to create awareness and support the good initiatives. Maybe we will make the change !


3 years ago

Good observations and valid suggestions,
1) Whether people in India actually even complain ........ manner? ONE WHO HAS NEVER EXPERIENCED GOOD SYSTEM, WILL NOT ASK FOR IT. IT IS LIKE METRO/ BULLET TRAINS/ IT FACILITY
2) Whether the present Central Government will be able to get State Governments to work together on resolving this?.....

The deeper reason is, ofcourse, that not too many people think about the benefit to society part of road transport, and choose to treat it as a revenue generator for short-term benefits and siphons?......
Unless India's Neta-Babu-Cop-Judge nexus .......


3 years ago

You could try sending a link to this article to the Chief Planning Engineer in the MoRT&H



Amit Gupta

In Reply to Java 3 years ago

Thanks For the inputs dear!
Sincerely appreciate .

I will try to reach out at the mentioned email.


3 years ago

Unless India's Neta-Babu-Cop-Judge nexus have to pay personally for these looses they will never care. Indian taxes, inflation and bribes keep them in a luxurious bubble immune to prices, escalating costs and the enormous dangers to Indian citizens in daily life. Cut their pay and perks to a point where they feel what their serfs feels, and you may see a difference.

Gopalakrishnan T V

3 years ago

All the concerns expressed are genuine. The fact remains that there is no professionalism in the laying of roads, in fixing the toll charges, in providing traffic signals and in giving driving licenses. Trucks are always found on the extreme right line and they take a sudden left and come in between two left racks if there are three lane tracks. Traffic Constables have no exposure to high way traffic rules and driving rules.The author would be heard if he has some high contacts and even then no action can be expected. There is no such arrangement in our system. Somehow go on grubling and survive or withdraw with all grace from fighting the system. The authorities have also visited all these countries and even more and they also know how the system works efficiently in various countries. If they introduce them, gradually the opening to get regular flow of funds from different quarters gets closed and their chances of vising abroad and enjoying worldly comforts and luxuries get dried up. Any way the author deserves appreciation for having brought out the issues which every driver in India experiences day in and day out.

Veeresh Malik

3 years ago

Good observations and valid suggestions, a lot will depend on-

1) Whether people in India actually even complain about these things in a cogent and documented manner.

2) Whether the present Central Government will be able to get State Governments to work together on resolving this, since road transport is a State subject.

The deeper reason is, ofcourse, that not too many people think about the benefit to society part of road transport, and choose to treat it as a revenue generator for short-term benefits and siphons.

Narendra Doshi

3 years ago

Well said Amitji.
I have travelled (NOT DRIVEN)say 5% of your record in States of Gujarat, Maharashtra, Karnataka, Tamilnadu, Original Andhra, Pondicherry, Dadra Nagar Haveli, Daman, Chandigarh, Haryana, Punjab, Kerala in my last 40 odd years etc.and wish the concerned do improve and better up for a better than a world class in a short time.
Low cost and high penalties is the way to go this and many other daily disobediences in all aspects of our life.

ED slaps laundering case against ex-IAF chief Tyagi
The ED decided to slap a criminal case to track the 'illegal money' of the bribe, alleged to be over Rs360 crore, dealt between the middlemen and other people named by CBI

Stepping up the heat in the Rs3,600-crore AgustaWestland VVIP chopper deal, the Enforcement Directorate (ED) on Friday registered a money laundering case against SP Tyagi, the former chief of Indian Air Force (IAF) and others to probe proceeds of crime in the alleged kickbacks paid to procure the flying machines.
The ED, which earlier registered a case under foreign exchange laws in this deal, decided to slap a criminal case to track the "illegal money" of the bribe, alleged to be over Rs360 crore, dealt between the middlemen and other people named by Central Bureau of Investigation (CBI) in its first information report (FIR) in March 2013.
Taking cognisance of the more-than-a-year-old CBI complaint, the agency has booked Tyagi, his family members, European nationals Carlo Gerosa, Christian Michel and Guido Haschke and four companies -- Italy-based Finmeccanica, UK-based AgustaWestland and Chandigarh-based IDS Infotech and Aeromatrix -- in its criminal complaint filed under the provisions of the Prevention of Money Laundering Act (PMLA).
A total of 13 entities have been named by ED in the case.
Sources said the agency will soon initiate the process of recording of statements of these people even as it dispatches Letters Rogatory (LRs), or judicial requests to a few European countries, including Italy, seeking their cooperation.
Sources said the agency has already zeroed in on some of the immovable and movable assets of the accused which will be attached under the provisions of the laundering laws.
In order to track the alleged "bribe money" in this deal, it was important for the agency to register a criminal case as that would be conducive for it to seek cooperation from other countries under existing treaties and tax information exchange protocols, the sources added.
The supply of 12 VVIP helicopters from AgustaWestland came under the scanner after Italian authorities alleged that bribe was paid by the company to clinch the deal.
The Italian prosecutor who carried out the preliminary inquiry alleged that the CEO of Finmeccanica, the parent company of UK-based AgustaWestland, had used the services of middlemen to bribe Indian officials.


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