{"id":361003,"date":"2025-09-22T09:30:33","date_gmt":"2025-09-22T04:00:33","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=361003"},"modified":"2025-09-22T08:54:23","modified_gmt":"2025-09-22T03:24:23","slug":"nominee-to-legal-heir-sebi-tlh-code-smooth-transmission-of-securities-legal-compliance","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2025\/09\/22\/nominee-to-legal-heir-sebi-tlh-code-smooth-transmission-of-securities-legal-compliance\/","title":{"rendered":"Nominee to Legal Heir Made Easy: SEBI\u2019s New Framework for Seamless Securities Transmission"},"content":{"rendered":"<div style=\"text-align: justify; line-height: 150%;\">\n<p style=\"margin-bottom: 3%;\">On 19-9-2025, the Securities and Exchange Board of India (&#8216;SEBI&#8217;) issued a circular titled <span style=\"font-weight: bold;\">Ease of Doing Investment: Smooth Transmission of Securities from Nominee to Legal Heir<\/span>. This directive aims to streamline the process of transferring securities from nominees to legal heirs, eliminate procedural bottlenecks, and reduce tax-related inconveniences, effective from 1-1-2026.<\/p>\n<h3>Key Points:<\/h3>\n<ol style=\"list-style-type: decimal;\">\n<li>\n<p>SEBI through this circular introduces a uniform reporting framework to simplify the transmission of securities and eliminate unnecessary tax burdens for nominees.<\/p>\n<\/li>\n<li>\n<p>The circular is issued under the authority of:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001534272\" target=\"_blank\">11(1)<\/a><\/span> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002768476\" target=\"_blank\">SEBI Act, 1992<\/a><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001541325\" target=\"_blank\">19<\/a><\/span> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002768477\" target=\"_blank\">Depositories Act, 1996<\/a><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\">Regulation 40(1)<\/span> and <span style=\"font-weight: bold;\">Regulation 101<\/span> of <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9000488887\" target=\"_blank\">SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015<\/a><\/p>\n<\/li>\n<li>\n<p><span style=\"font-weight: bold;\"><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9000814432\" target=\"_blank\">SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993<\/a><\/span><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Originally, the <span style=\"font-weight: bold;\">appointment of a nominee<\/span> in investment accounts was seen as a mechanism to ensure smooth succession.<\/p>\n<\/li>\n<li>\n<p>SEBI formally recognizes the nominee as a <span style=\"font-weight: bold;\">trustee<\/span> of the securities held by the original investor:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>The nominee does <span style=\"font-weight: bold;\">not become the owner<\/span> of the securities.<\/p>\n<\/li>\n<li>\n<p>Instead, they act as a <span style=\"font-weight: bold;\">custodian<\/span> who facilitates the transfer of securities to the rightful legal heirs as per the succession plan (will, inheritance laws, etc.).<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>This clarification aligns the nominee&#8217;s role with succession laws, ensuring that ownership rights are preserved for legal heirs.<\/p>\n<\/li>\n<li>\n<p>Under the existing procedure, when a nominee transfers securities to a legal heir, the transaction can inadvertently be assessed for <span style=\"font-weight: bold;\">capital gains tax<\/span>. This created issues because:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><span style=\"font-weight: bold;\">Clause (iii) of Section <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0001559840\" target=\"_blank\">47<\/a><\/span> of the <a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-0002955939\" target=\"_blank\">Income Tax Act, 1961<\/a> clearly states that such transmission is <span style=\"font-weight: bold;\">not considered a &#8220;transfer&#8221;<\/span> and is therefore <span style=\"font-weight: bold;\">exempt from capital gains tax<\/span>.<\/p>\n<\/li>\n<li>\n<p>Despite this exemption, nominees often face tax assessments and had to go through the cumbersome process of claiming refunds.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>To address this issue, SEBI constituted a <span style=\"font-weight: bold;\">Working Group (&#8216;WG&#8217;)<\/span> that engaged with the <span style=\"font-weight: bold;\">Central Board of Direct Taxes (&#8216;CBDT&#8217;)<\/span>. The WG recommended a standardized approach to reporting such transactions to prevent wrongful tax assessments.<\/p>\n<\/li>\n<li>\n<p>The key recommendation was the introduction of <span style=\"font-weight: bold;\">Transmission to Legal Heirs<\/span> (<span style=\"font-weight: bold;\">&#8216;TLH&#8217; code<\/span>) to be used by all reporting entities when filing such transactions with the CBDT.<\/p>\n<\/li>\n<li>\n<p>SEBI has directed the following entities to incorporate the TLH code into their reporting systems:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p style=\"font-weight: bold;\">Registrars to an Issue and Share Transfer Agents (RTAs)<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Listed Issuers<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Depositories<\/p>\n<\/li>\n<li>\n<p style=\"font-weight: bold;\">Depository Participants<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>Using the TLH code ensures that such transmissions are correctly classified as <span style=\"font-weight: bold;\">non-taxable events<\/span>, in accordance with the Income Tax Act.<\/p>\n<\/li>\n<li>\n<p>TLH code simplifies tax reporting, ensuring the integrity of the transmission process is maintained, with proper documentation and verification. The procedural requirements for transmission are governed by:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p><a href=\"https:\/\/www.scconline.com\/DocumentLink.aspx?q=JTXT-9000488887\" target=\"_blank\">SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015<\/a><\/p>\n<\/li>\n<li>\n<p>Master Circular for Registrars to an Issue and Share Transfer Agents, dated 23-6-2025<a id=\"fnref1\" href=\"#fn1\" title=\"1. https:\/\/www.sebi.gov.in\/legal\/master-circulars\/jun-2025\/master-circular-for-registrars-to-an-issue-and-share-transfer-agents_94735.html\"><sup>1<\/sup><\/a><\/p>\n<\/li>\n<\/ul>\n<\/li>\n<li>\n<p>All relevant market participants are directed to:<\/p>\n<ul style=\"list-style-type: disc;\">\n<li>\n<p>Take note of the new reporting requirement.<\/p>\n<\/li>\n<li>\n<p>Make necessary <span style=\"font-weight: bold;\">system changes<\/span> to accommodate the TLH code.<\/p>\n<\/li>\n<li>\n<p>Ensure <span style=\"font-weight: bold;\">implementation by 1-1-2026<\/span>.<\/p>\n<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<\/div>\n<hr\/>\n<p style=\"margin-left: 18pt; text-indent: -18pt;\"><a id=\"fn1\" href=\"#fnref1\">1.<\/a> <a href=\"https:\/\/www.sebi.gov.in\/legal\/master-circulars\/jun-2025\/master-circular-for-registrars-to-an-issue-and-share-transfer-agents_94735.html\" target=\"_blank\">https:\/\/www.sebi.gov.in\/legal\/master-circulars\/jun-2025\/master-circular-for-registrars-to-an-issue-and-share-transfer-agents_94735.html<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p style=\"font-style: italic;\">Effective January 1, 2026, SEBI introduces TLH code to eliminate tax hurdles and ease succession.<\/p>\n","protected":false},"author":67525,"featured_media":361088,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[11901,29414,31731,40311,89535,82743,13081,47366,3608,58722,3729,89537,3352,89536,2563,35980,89532,89534,31241,89533],"class_list":["post-361003","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications","tag-capital-gains-tax","tag-cbdt","tag-compliance","tag-depositories","tag-ease-of-investment","tag-financial-regulation","tag-income-tax-act","tag-indian-securities-market","tag-inheritance","tag-investor-protection","tag-legal_heir","tag-listed-issuers","tag-nominee","tag-rtas","tag-SEBI","tag-sebi-circular","tag-securities-transmission","tag-succession-planning","tag-tax-exemption","tag-tlh-code"],"yoast_head":"<!-- This site is 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