DBOD.No.FSC.BC. 84 /24.76.002/2002-03

March 26, 2003

All Commercial Banks
(excluding RRBs and LABs)

Dear Sir,

Please refer to Annexure V to our circular DBOD.No.FSC.BC.150/ 24.76.002/99-2000 dated March 23, 2000 read with our circular No.DBOD.BC.FSC.24 dated September 11, 2001; in terms of which " Tata TD Waterhouse Securities Ltd." was permitted to enter into ready forward contracts. Consequent upon withdrawal of authorisation to act as a Primary Dealer with effect from the close of business on February 06, 2003, it is advised that the permission granted to " Tata TD Waterhouse Securities Ltd." to enter into ready forward contracts stands revoked.

2. Please also refer to item No. 24 of Annexure V to our aforementioned circular dated March 23, 2000, in terms of which " IDBI Mutual Fund " was permitted to enter into ready forward contracts. With the change in name of " IDBI Mutual Fund " to " IDBI-Principal Fund ", it is advised that " IDBI-Principal Fund " is permitted to enter into ready forward contracts.

3. The following consequential amendments may please be carried out to Annexure V to paragraph 11.2(i) of Manual of Instructions Vol.I – Part I :-

1. The name " Tata TD Waterhouse Securities Ltd. " at item No.15 may be deleted.
2. The present item No.24 may be read as " IDBI-Principal Fund ".

4. Please acknowledge receipt.

Yours faithfully,