{"id":240375,"date":"2020-12-09T15:56:48","date_gmt":"2020-12-09T10:26:48","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=240375"},"modified":"2020-12-09T15:55:40","modified_gmt":"2020-12-09T10:25:40","slug":"sebi-issues-operational-guidelines-for-transfer-and-dematerialization-of-re-lodged-physical-shares","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2020\/12\/09\/sebi-issues-operational-guidelines-for-transfer-and-dematerialization-of-re-lodged-physical-shares\/","title":{"rendered":"SEBI issues operational guidelines for Transfer and Dematerialization of re-lodged physical shares"},"content":{"rendered":"

SEBI has fixed March 31, 2021, as the cut-off date for re-lodgment of transfer requests and has stipulated that such transferred shares shall be issued only in Demat mode.<\/span><\/p>\n

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\n
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Operational guidelines for crediting the transferred shares into the respective Demat account of the investor, with inputs from stakeholders, are as under:<\/span><\/strong><\/h4>\n
\n
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\n

i. Guidelines to credit the transferred physical shares in Demat mode:<\/strong><\/span><\/p>\n

\n
\n
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a. Subsequent to processing of the re-lodged transfer request, the RTA shall retain the physical shares and intimate the investor (transferee) about the execution of transfer through Letter of Confirmation. This letter shall be sent through Registered \/ Speed Post or through email with a digitally signed letter and shall, inter-alia, contain details of endorsement, shares, folio of investor (required on Demat request form) as available on the physical shares.<\/span><\/p>\n

\n
\n
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b. The investor shall submit the Demat request, within 90 days of issue of Letter of Confirmation, to Depository participant (DP) along with the Letter of Confirmation. RTA shall also issue a reminder at the end of 60 days of issue of Letter of Confirmation, informing the investor to submit the Demat request as above.<\/p>\n

c. Depository Participant will process the Demat Request on the basis of Letter of Confirmation, as this letter is a confirmation of holding of physical shares on behalf of the investor by RTA.<\/p>\n

d. The suggested format of the Letter of Confirmation is given at Annexure – A.<\/p>\n

\n
\n
\n

ii. In case of the shares that are required to be locked-in as per the SEBI Circular SEBI\/HO\/MIRSD\/DOS3\/CIR\/P\/2018\/139, dated November 06, 2018, the RTA while approving\/confirming the Demat request, shall also incorporate\/intimate the Depository about the lock-in and its period. Such shares shall be in lock-in Demat mode for 6 months from the date of registration of transfer.<\/p>\n

iii. In case of non-receipt of Demat request from the investor within 90 days of the date of Letter of Confirmation, the shares will be credited to Suspense Escrow Demat Account of the Company.<\/p>\n

\n
\n
\n

3. Depositories shall;<\/span><\/h4>\n

a) make necessary amendments to the relevant bye-laws, rules and regulations for the implementation of the above directions, as may be applicable; and<\/p>\n

b) bring the provisions of this circular to the notice of their participants and also disseminate the same on their websites.<\/p>\n

\n
\n
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4. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.<\/p>\n

5. The Stock Exchanges are advised to bring the provisions of this circular to the notice of listed companies and also to disseminate the same on their websites.<\/p>\n

Read the Circular here:<\/strong> <\/span>CIRCULAR\u00a0<\/a><\/p>\n

\n

Securities Exchange Board of India<\/strong><\/p>\n

[Circular dt. 02-12-2020]<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

SEBI has fixed March 31, 2021, as the cut-off date for re-lodgment of transfer requests and has stipulated that such transferred shares <\/p>\n","protected":false},"author":8808,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8051,1188,2],"tags":[39643,42756,29785,44392,2563,37170],"class_list":["post-240375","post","type-post","status-publish","format-standard","hentry","category-business_news","category-hot_off_the_press","category-news","tag-demat-account","tag-investor","tag-law","tag-physical-shares","tag-SEBI","tag-stock-exchange"],"yoast_head":"\nSEBI issues operational guidelines for Transfer and Dematerialization of re-lodged physical shares | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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shall be marked by the Depositories in the depository system in the Beneficial Owner\u2019s Demat Account for the shares offered in tender offers. \u00a0 Key guidelines are: Every detail of shares\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, 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Mahalingam, (Whole Time Member) has granted limited relaxations to the noticee, namely N. Ravichandran, Anita Ravichandran and Hemant Patel, for inter alia availing benefits of corporate actions during the restraint period, dematerializing physical shares and extension of timeline for selling shares lying\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":260646,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/26\/sebi-issues-circular-on-issuance-of-securities-in-dematerialized-form-in-case-of-investor-service-requests\/","url_meta":{"origin":240375,"position":2},"title":"SEBI issues circular on issuance of securities in dematerialized form in case of investor service requests","author":"Bhumika Indulia","date":"January 26, 2022","format":false,"excerpt":"On January 25, 2022, the Securities and Exchange Board of India (SEBI) has issued circular on Issuance of Securities in dematerialized form in case of Investor Service Requests. This shall come into force on January 25, 2022. Key features: Listed companies shall issue the securities in dematerialized form only. Securities\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 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3x"},"classes":[]},{"id":249520,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/06\/10\/investor-education-and-protection-fund-authority-accounting-audit-transfer-and-refund-amendment-rules-2021\/","url_meta":{"origin":240375,"position":4},"title":"Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021","author":"Bhumika Indulia","date":"June 10, 2021","format":false,"excerpt":"The Central Government hereby makes the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2021, further to amend the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, namely The following shall be inserted in the Investor Education and Protection Fund\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation 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pay Rs 80 lakhs costs for illegal and invalid freezing of demat accounts","author":"Simranjeet","date":"August 29, 2024","format":false,"excerpt":"Respondents have not shown any active role of petitioner in the capacity of the promoter, in the management of the company, Shrenuj, and any role and obligation factually fastened on petitioner in the various compliance which are required to be undertaken under SEBI (LODR) Regulations, at the time of freezing\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"Bombay High Court","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Bombay-High-Court.webp?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2024\/02\/Bombay-High-Court.webp?resize=350%2C200&ssl=1 1x, 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