On September 7, 2020, the Securities and Exchange Board of India (“SEBI”) issued circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/166 (“Circular”).
The Circular mentioned that under regulation 40(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, transfer of securities held in physical mode had been discontinued with effect from April 1, 2019. Subsequently, it was clarified that transfer deeds lodged prior to deadline of April 01, 2019 and rejected/returned due to deficiency in the documents may be re-lodged with requisite documents.
However, the Circular provides that it has been decided to fix March 31, 2021 as the cut-off date for re-lodgement of transfer deeds. Further, it was also clarified that shares that are relodged for transfer (including those requests that are pending with the listed company/registered Registrar & Share Transfer Agents, as on date) will henceforth, be issued only in demat mode.
Please find a copy of the Circular here.
This update has been contributed by Adity Chaudhury (Partner) and Kshitija Naik (Associate).
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