SEBI

SEBI simplifies procedure & standardize formats pursuant to amendments to SEBI (LODR) Regulations

SEBI simplifies procedure and standardization of formats of documents for transmission of securities pursuant to amendments to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to SEBI (LODR) (Fourth Amendment) Regulations, 2022 dated April 25th, 2022, SEBI has issued circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65 to Simplify procedure and standardization of formats of documents for transmission of securities.

The LODR Regulations as amended 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, the said Circular has been issued to specify the formats of various documents which are required to be furnished for the processing of transmission of securities.

For ease of reference, the circular contains a ready reckoner listing out the documents required for transmission of securities, in case of demise of the sole holder. The Operational Guidelines for processing investor’s service request for the purpose of transmission of securities are also provided.

The revised documentation requirements in case of transmission of securities are as below:

Where the securities are held in a single name with a nomination, nominee shall be informed about the procedure to be followed for the claim on the receipt of the intimation of death of the security holder.

Where the securities are held in single name with a nomination, the following documents shall be submitted:
 
(a) duly signed transmission request form by the nominee;
 
(b) original death certificate or copy of death certificate attested by the nominee subject to verification with the original or copy of death certificate duly attested by a notary public or by a gazetted officer;
 
(c) self-attested copy of the Permanent Account Number card of the nominee, issued by the Income Tax Department.
 
Where the securities are held in single name without nomination, the following documents shall be submitted:
 
(a) duly signed transmission request form by the legal heir(s)/claimant(s);
 
(b) original death certificate or copy of death certificate attested by the legal heir(s)/claimant(s) subject to verification with the original or copy of death certificate duly attested by a notary public or by a gazetted officer;
 
(c) self-attested copy of the Permanent Account Number card of the legal heir(s)/claimant(s), issued by the Income Tax Department;
 
(d) a notarized affidavit, in the format provided from all legal heir(s) made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities. However, in case the legal heir(s)/claimant(s) are named in any of the documents for transmission of securities as specified in the circular, an affidavit from such legal heir(s)/claimant(s) alone shall be sufficient;
 
(e) a copy of other requisite documents for transmission of securities as may be applicable as per this Circular , attested by the legal heir(s)/claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer:
 
In cases where a copy of Will is submitted as may be applicable in terms of Indian Succession Act,1925 (39 of 1925) the same shall be accompanied with a notarized indemnity bond from the claimant (appropriate beneficiary of the Will) to whom the securities are transmitted, in the format provided in the Circular.
 
For value of securities up to rupees five lakhs per listed entity in case of securities held in physical mode, and up to rupees fifteen lakhs per beneficial owner in case of securities held in dematerialized mode, as on date of application by the claimant, and where the documents mentioned in circular are not available, the legal heir(s) /claimant(s) may submit the indemnity bond and NOC as specified.

Read Full text of Circular Click Here >>

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