W 37/05 COB — Kotak Mahindra (UK) Limited

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To Kotak Mahindra (UK) Limited
Address The Fairmont Dubai, Office No 515, P.O. Box 16498, Dubai - UAE
DFSA Firm Reference No. F000049
Notice No. W 37/05


The Rules specified in the table herein do not apply to the above mentioned Person in the form appearing in the Rulebook but instead apply to that Person in the modified form prescribed in that table below.

This notice is issued by the DFSA under Article 25 of the Regulatory Law 2004.

Effective date: This notice comes into effect on 28 November 2005 and expires on 28 November 2006, or the date on which any Rule specified herein is amended, which ever is the earlier.


The Rules listed in the left hand column of the table below are modified as shown in the right hand column of the table. In this table, underlining indicates new text and striking through indicates deleted text.

The version of Rules to which this notice relates is COB/VER2/08-05.

Rule Modified Text
COB 3.2.2.
(2) Any Person who does not meet the criteria in (1) is a Retail Customer.
(2) A Personal Investment Vehicle or the trustee of such a vehicle is a Client if it is established and operated for the sole purpose of providing a vehicle to facilitate efficient management of a Client's investment portfolio including, if applicable, that of any Close Relatives of that Client.
(3) For the purposes of (2) a Personal Investment Vehicle must be a:
(a) Body Corporate;
(b) Partnership;
(c) trust; or
(d) foundation
and have net assets or share capital of at least $1 million, or be ultimately owned by Persons who meet the requirements of 3.2.2 (1) (a) (i) and (ii).
(4) For the purposes of (2), the term Close Relative includes grandchildren of the Client.
(5) A Personal Investment Vehicle must be valued in accordance with (1) (c) or (d) as applicable and if a foundation, must be valued in the same manner as a trust.
(6) Any Person who does not meet the criteria in (1) or (2) is a Retail Customer.




The provisions in this notice are to be construed in accordance with GEN section 6.2 as if these provisions are provisions of the Rulebook.

Defined terms are identified in this notice by the capitalisation of the initial letter of a word or of each word in a phrase and are defined in the Glossary (GLO). Unless the context otherwise requires, where capitalisation of the initial letter is not used, an expression has its natural meaning.

This notice was issued by:
Name : David Knott
Position : Chief Executive
Date : 28 November 2005