1. SEBI vide circular dated May 18, 2022, has reviewed the process being followed by the Registrars to an Issue and Share Transfer Agents (“RTAs”) and the Depositories/ Issuer companies for effecting the transmission of securities.
2. This Circular is Applicable to:-All registrars to an Issue, Share Transfer Agents, Recognized Stock Exchanges, Listed Companies, Depositories, Depository Participants, Investors’
Associations.
3. 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.
4. 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 the 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.
5. 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 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.
6. 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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