CDSCDS infoline infoline The newsletter of Central Depository Services (India) Limited January 2000 What’s inside? My best wishes to you for a happy and prosperous New Year. My greetings also embrace your family, the staff of What’s new? your organisations, and all others dear to you. It is my belief that we stand at the threshold of an era of plentitude and prosperity. Enlightened governance by men who are steadfast in their convictions will pave the The Spirit of Service way for accelerated growth and all-round progress. I have always been inspired in my life by an essay titled "The Spirit Of Service" written by my mentor Late Shri CDS today Krishna Gopal Sarda. To me personally, the work has been a treatise of conduct throughout my life. It has inspired, advised and comforted me during various phases of my life and like a beacon has always drawn me to itself, in times good as well as trying. CDS Associates "The Spirit of Service" is not a work that deserves to be hidden under a bushel, but is to be shared with all who Depository Participants like us and yourself have opted to be in Services Sector. I have no doubt that followed in letter and spirit this would help you achieve excellence in your business. Stock Exchanges CDS is a service organisation and the depository of the Registrars users, by the users and for the users.Weat CDS have been extremely focussed in striving for customer satisfaction. Companies Our improved services have attracted many investors, both individuals & corporate. We believe that our service by implementing the best of these, will become our About CDS product one-day. It is with this in mind that I sincerely appeal to you to help Board of Directors us make CDS as the depository of the Investors' choice. Management Team I wish every day in the ensuing year which happens to be the first year of the new century brings you all these and much more. For Private Circulation Only M G Damani Chairman & Managing Director Scrip Go less With CDS... What’s new? l CDS has signed an agreement with Bank of India (BOI), which has received registration from SEBI as a Depository Participant of CDS. Shri O.N.Singh, Executive Director,BOI and Shri M.G.Damani, Chairman & Managing Director, CDS signed the agreement in a warm ceremony held on December 16, 2000. l BOI has been closely associated with the BSE for over 75 years, both as a clearing bank and clearing house through a company called BOI Shareholding Ltd in which BOI holds 51% stake and BSE 49%. BOI, which was the first sponsor Bank of CDS, holds at present a 10% stake in CDS. l BOI will commence operations at its Stock Exchange branch and Capital Markets branch at Mumbai. BOI will shortly launch CDS-DP services from its branches at Calcutta, Bangalore, Ahmedabad, Chennai and New Delhi. l The workload on the clearing houses/clearing corporations has reduced substantially due to progress in dematerialisation. SEBI had thus earlier reduced the no delivery period to 7 days. l SEBI has vide its press release no. PR/226/2000 dated November 28, 2000 decided to do away with the concept of no delivery period for corporate actions such as issue of dividend and bonus shares for the companies whose securities are traded in the compulsory dematerialised form. l urities are traded in the compulsory dematerialised form. l SEBI also proposes to make this applicable to Rights Issues subject to ascertaining certain legal and procedural requirements. This will ensure continuous trading of shares on ex-basis and will reduce the possibilities of price manipulation during the no delivery period. l In order to further simplify the process of share transfer and processing of demat requests, SEBI would be preparing a model code for Registrars after holding discussions with the Registrars Association of India (RAIN). 2 Visit us at www.centraldepository.com Scrip Go less With CDS... THE SPIRIT OF SERVICE "Not once nor twice in our rough island story, The path of Duty was the way to glory". Man is, by nature, a social being. A man without a society to live in is either an angel or a beast. The angels or the beasts are either above or indifferent to human sufferings, sorrows or happiness. They have got little concern with humanity. The beasts live and die for themselves and not for others. An unsocial being's fate falls under the same category. His existence and non-existence both are alike in society. For a man who does not love others, live for others, nay, die for others is neither a human nor a divine being, but a being whose creator might be other than God. "Man is made after the image of God" says the Bible, and God is always helpful to his created beings. Then why should we-the created beings, not have the spirit of service in us? To imbibe this spirit, we should live together in society, for, as Cowper says, "Society, Friendship and Love are divinely bestowed upon man." Living together in society should give a free play to love and sympathy. It is love and sympathy that binds us all into one whole. Nay, it is the key-stone of the whole human organisation. To have this virtue in oneself, one must have a clear understanding of one's own duty to others. A true sense of duty infuses in man the 'spirit' of service to humanity and thereby to his divine Creator. Hence, 'the Spirit of Service' means the 'spirit' that leads people to help and serve others, their fellowmen, at the sacrifice of money, comforts and even life. We must convince men that they are all sons of one Heavenly Father and are bound to fulfil and execute one sole law here on earth; that each of them is bound to live not for himself but for others; that the aim of existence is not to be more or less happy, but to make themselves and others more virtuous, that to struggle against injustice and error (wherever they exist in the name and for the benefit of those brethren) is not only a right but a duty- a duty which may not be neglected without sin-a duty which continues throughout one's whole life. "Everyone has his duties", says Smiles, "to perform, the richest as well as the poorest. To some life is pleasure, to others suffering. But the best do not live for self-enjoyment or even for fame. Their strongest motive power is hopeful, useful work in every good cause". "The sphere of duty", he adds, "is infinite. It exists in every station of life. We have it not in our choice to be rich or poor, to be happy or unhappy. But it becomes us to do the duty that everywhere surrounds us." We have various duties, of which, duty to our neighbours and duty to our fellow-beings are the duties of the highest excellence that bind all-both man and God. There are two classes of obligations on the part of a good worker-one class makes him do good to others out of his own conscience, and the other makes him do the same when compelled under certain condition; of these two, the former yields greater benefit out of work done in the truest sense of the word, whereas the latter yields much less benefit. It does good to the soul to work for love and mercy and not with selfish or evil motives. Work done for love is a thousand times better than work done for money. The first inspires in us the sense of true heroism and self-devotion, whereas the second is a sort of bargain between the benefactor and the one who receives benefit. Look at the self-denying spirit of Grace Darling. When the steamer Forfarshire was on its voyage from Hull to Dundee, a storm arose in the sea. The steamer "struck with tremendous force the Hawkers rocks and snapped in two". Some of its crew took possession of a boat and saved their lives. Nine, climbed on the rock and began to cry for help. Grace Darling, a mere girl, who was on the lighthouse half a mile off, heard their cries and went out to them in a boat for their rescue. Although the fog lay thick and the sea was boisterous, she did not care for her own life and was successful in bringing them safe to the shore. That was a moment when she felt the true joy of her life. True happiness really comes from the service done to others in an unselfish and philanthropic spirit. We feel the greatest amount of satisfaction, when we find an opportunity to help and serve our fellowmen in a spirit that has no touch of selfishness in it. We are sent into the world by God to work and not to pass our days in mere idleness. If there be no work in life, life will ultimately become useless and dull, just like a sword which rusts and does not shine without use. A man loses all activities in life, if he does no work in any sphere of his earthly duties. We are sent into the world, not to indulge merely in self-gratification, but to do at least some amount of good to others which may be possible for us. No doubt we live primarily for ourselves, but unless and until we can lend some help to others, we cannot enjoy the real beauty of this life; for true heroism consists in giving away the thing which we prize most and love most, and the more we give the nobler we become; and this is why Shakespeare so loudly exclaims, "Love thyself last; and cherish those hearts that hate thee".