No. NHB.DRS.MGC/CMD/01/2008

Pursuant to the Mortgage Guarantee Companies having been specified as Non-Banking Financial Companies by the Reserve Bank of India under Section 45I (f) (iii) of the Reserve Bank of India Act, 1934, the National Housing Bank, in exercise of the powers conferred on it under Section 35B of the National Housing Bank Act, 1987 (53 of 1987), hereby declares that effective from 15th January 2008, all the provisions of Chapter V of the National Housing Bank Act, 1987 shall not apply to a Mortgage Guarantee Company.

S. Sridhar
Chairman & Managing Director