May 18, 2022
To
All registered Registrars to an Issue and Share Transfer Agents (RTAs)
All Recognized Stock Exchanges
All Listed Companies through Recognized Stock Exchanges
All Recognized Depositories
All Depository Participants (DPs) through Depositories
All Investors’ Associations
1. SEBI has reviewed the process being followed by the Registrars to an Issue and Share Transfer Agents (“RTAs”) and the Depositories/ Issuer companies for effecting transmission of securities.
2. As an on-going measure to enhance ease of dealing in securities markets and with a view to make the transmission process more efficient and investor friendly, the procedure for transmission of securities has been further simplified vide the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2022 (“LODR Amendment Regulations”) Gazette Notification no. SEBI/LAD-NRO/GN/2022/80 dated April 25th, 2022).
3. The LODR Amendment Regulations has inter alia enhanced the monetary limits for simplified documentation for transmission of securities, allowed ‘Legal Heirship Certificate or equivalent certificate’ as one of the acceptable documents for transmission and provided clarification regarding acceptability of Will as one of the valid documents for transmission of securities. Pursuant to the notification of the LODR Amendment Regulations, this Circular is being issued to specify the formats of various documents which are required to be furnished for the processing of transmission of securities.
4. For ease of reference, a ready reckoner listing out the documents required for transmission of securities, in case of demise of the sole holder, is provided in Annexure – A to this Circular. The Operational Guidelines for processing investor’s service request for the purpose of transmission of securities are provided in Annexure – B to this Circular.
5. The format of the form to be filed by nominee/claimant/legal heir while requesting transmission of securities is provided in Annexure – C to this Circular.
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