"7. Procedure and manner of furnishing information. - (1) Every banking company, financial institution and intermediary, as the case may be, shall communicate the name, designation and address of the Principal Officer to the Director.

(2) The Principal Officer shall furnish the information referred to in rule 3 to the Director on the basis of information available with the banking company, financial institution and intermediary, as the case may be. A copy of such information shall be retained by the Principal Officer for the purposes of official record.

(3) Every banking company, financial institution and intermediary may evolve an internal mechanism for furnishing information referred to in rule 3 in such form and at such intervals as may be directed by the Reserve Bank of India or the Securities and Exchange Board of India [ or the Insurance Regulatory and Development Authority]* , as the case may be.

(4) It shall be the duty of every banking company, financial institution and intermediary to observe the procedure and the manner of furnishing information referred to in rule 3 as specified by the Reserve Bank of India, the Securities and Exchange Board of India [ and the Insurance Regulatory and Development Authority]* under sub-rule (3), as the case may be."

* Inserted by Notification No. 15/2005 dated 13-12-2005