Regulation 18

For the purposes of verifying the accuracy of the Depository Register and any record of account relating to depositors kept by the Depository, the Depository must, before or at the end of every quarter during a financial year, conduct a stock count of all documents evidencing title and any other document related to such documents held in custody by, or in the name of, the Depository or its nominee company.

The Depository must, within 21 days after the end of each quarter of a financial year, submit to the SGX‑ST, the issuers (in respect of book‑entry securities issued by each issuer) and the Authority a report on the outcome of such stock count, and such report must, if applicable, state what action the Depository proposes to take with regard to —

Despite paragraph (1), the Authority may, if it is not satisfied with such report or where it considers it appropriate, at any time conduct, or appoint an auditor to conduct, a stock count of all documents evidencing title representing the book‑entry securities and any other documents in relation to such documents.

Where the Authority is not satisfied with the report submitted to it by the Depository under paragraph (2), and conducts, or appoints an auditor to conduct, a stock count of all documents evidencing title pursuant to paragraph (3), the costs and expenses incurred by the Authority in respect of the stock count must be borne by the Depository.

The Authority may —

A Depository which fails, without lawful excuse, to comply with any direction given by the Authority under paragraph (5) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.