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					                                                               (To be stamped as an agreement)

       AGREEMENT FOR GILT ACCOUNT HOLDER’S SGL ACCOUNT

ARTICLES OF AGREEMENT made at this.........................day of ....................2009
between…………………………………………………………………..hereinafter called
the “Gilt Account Holder (GAH)”(which expression shall, unless repugnant to the
context or meaning thereof, be deemed to mean and include its successors and permitted
assigns)of the One part and SBI DFHI Ltd, a Company incorporated                 under    the
provisions of     the   Companies     Act, 1956 having its Registered Office at Voltas
House (3rd floor), 23, J.N. Heredia Marg, Ballard Estate, Mumbai - 400 001 and
accredited as a Primary Dealer by Reserve Bank of India, hereinafter called “ SBI DFHI
LTD” (which expression shall, unless repugnant to the context or meaning thereof, be
deemed and include its successors and Assigns)of the Other Part:
WHEREAS:
1. The Reserve Bank of India (RBI) has permitted SBI DFHI LTD to open a second SGL
account called “Constituents’ GAHs Subsidiary General Ledger (CSGL) Account”.
2. The GAH has requested SBI DFHI LTD to include its name as such and open a sub-
account in CSGL Account of SBI DFHI LTD with the RBI in its name for operation of
its transactions in dated Government securities and Treasury Bills.
3. SBI DFHI LTD has opened a CSGL Account with the RBI in the name of SBI DFHI
LTD.
4. The parties hereto are desirous of recording the terms and conditions of the said
agreement.
NOW THIS AGREEMENT WITNESSETH and it is hereby agreed by and between the
parties hereto as follows:
SBI DFHI LTD has opened an C-SGL Account with the RBI in the name of SBI DFHI
LTD and the GAH agrees to open a sub-account in the C-SGL Account with SBI DFHI
LTD.
At the time of purchase of a Government Security, the GAH will make a written request
specifying the type, rate and amount of the security and it will make available clear funds
to the credit of the Current Account of SBI DFHI LTD with Reserve Bank of India or
otherwise, to cover the settlement amount of such purchase. In case purchases are made


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from a third party, in addition to making available clear funds, arrangements must be
made by the GAH to ensure that a Letter of Confirmation ( on the GAH’s letter head)
specifying the type, rate and amount of the security being purchased is submitted well in
time (as may be agreed upon) so as to enable SBI DFHI LTD to settle the deal and credit
the GAH Account with SBI DFHI LTD.
At the time of the GAH selling a Government Security, on a written request from the
GAH, (on the GAH's letter head), SBI DFHI LTD will settle the deal after verifying and
confirming adequacy of the day’s opening balance of the relevant Security in the GAH’s
Account with SBI DFHI LTD. In case sales are made to a third party, the GAH must
ensure that a Letter of Confirmation (on the GAH’s letter head) specifying the type, rate
and amount of the security being sold is submitted well in time (as may be agreed upon)
so as to enable SBI DFHI LTD to settle the deal and debit the GAH Account with SBI
DFHI LTD after verifying and confirming adequacy of the day’s opening balance of the
relevant Security in the GAH’s Account with SBI DFHI LTD.
The GAH hereby agrees to the following covenants:


1. In the event a deal with a counterparty is not honoured for technical reasons including
a systemic failure, there shall be no liability of whatsoever nature on SBI DFHI LTD..
2. The deals will be settled based on the opening balance available in the GAH’s Account
with SBI DFHI LTD on the day of the transaction and the same will not be settled against
any securities deposited by the GAH on the same day. However, this is subject to the
prevailing policy of the regulators.
3. If the balance of the security in the GAH’s Account is inadequate, the deal will not be
put through and the GAH will be informed of the same over telephone/fax/e-mail and
SBI DFHI LTD shall have no further liability under these circumstances.
4. In case of any sale entered into by the GAH the proceeds will be paid to the GAH as
early as possible but not later than the next working day.
5.On redemption of Government Securities, the payment to the GAH will be made by
SBI DFHI LTD on the next day of the due date, provided the relative credit is afforded by
RBI on due date. Similar procedure will be followed for payment of coupon/interest
payable on the securities held in CSGL Account. The payment will be made by way of



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RBI/Banker’s cheque in places where SBI DFHI LTD’s branches are situated and /or by
way of Telegraphic Transfer to the account of the GAH in other RBI centres.
6. SBI DFHI LTD shall send a statement of a/c as at the end of each quarter if there are
no transactions during the quarter and once in a fortnight for the fortnight in which
transactions have been conducted. The statement will also be sent in accordance with
and at the specific request of the GAH. The GAH shall arrange to verify the statement
and confirm the correctness or otherwise within two working days from the date of
receipt of the statement. If no information is received within two working days from the
date of receipt of the statement, it will be deemed that the balance as shown in the
statement has been found to be correct and accepted by the GAH.
7. The GAH hereby undertakes to pay to SBI DFHI LTD service charges as may be
specified and revised from time to time and also the out-of pocket expenses incurred by
SBI DFHI LTD in extending the facility.
8. The GAH Account is being opened and operated solely to assist the GAH and SBI
DFHI LTD shall not be responsible for monitoring the value paid and/or received for
securities.
9. The GAH may also operate the CSGL account for such other purposes as may be
permitted from time to time by the regulators.
10. The GAH hereby agrees and undertakes to abide by all the guidelines applicable to
the securities transactions issued from time to time by the RBI and other authorities.
11.The GAH hereby agrees and undertakes to indemnify and keep indemnified SBI
DFHI LTD and officials of SBI DFHI LTD from time to time against all the losses,
damages, claims, penalties, costs and expenses which may be incurred by SBI DFHI LTD
in pursuance of opening and operating the said GAH Account.
12.     The GAH hereby confirms that it does not have any other demat/CSGL account
for holding government securities other than the one it will be opening with SBI DFHI
LTD.
13    SBI DFHI LTD agrees to ensure that at all times, the securities held on behalf of
GAH are clearly segregated in its books from its own holding held in SGL account.
14. SBI DFHI LTD agrees to ensure that at no point of time the assets of one GAH are
mixed with those of another GAH.



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15. SBI DFHI LTD agrees to refrain from setting off securities in the CSGL account or
otherwise deal with them to extinguish partly or fully any amounts due to it from the
GAH without the latter’s express consent in writing.
16.    This agreement may be terminated by either of the parties hereto by giving to the
other party three months notice in writing specifying its intention to terminate the
agreement and at the end of three months this agreement will stand terminated, subject to
both parties settling the amount due and payable in terms of money/ securities.


IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed
on the day and year first hereinabove written and in the manner hereinafter mentioned.




The Common Seal of ___________________                 )
the within named has been hereunto affixed             )
pursuant to the resolution of its Board of             )
Directors/Trustees passed at a meeting held on         )
_________________in the presence of                    )
Mr._________________Director/Trustee and               )
Mr._________________Authorised Official/s              )
who have signed these presents in token                )
thereof.                                               )




Signed and delivered on behalf of                      )
SBI DFHI Ltd.                                          )
With in named by the hand of Mr._________              )
its duly authorised official in the presence of        )



1.


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