Standardization and Simplification of Procedures for Transmission of Securities
Summary
This circular modifies the documentary requirements for the transmission of securities held in physical mode to enhance efficiency and investor friendliness. It mandates stock exchanges and depositories to amend their respective agreements, byelaws, and regulations to align with the updated Annexure-A. The modifications must be implemented within 45 days of the circular's issuance under powers conferred by Section 11(1) of the SEBI Act, 1992.
Text
With a view to make the process of transmission of securities more efficient and investor friendly, Securities and Exchange Board of India had issued a circular no. CIR/MIRSD/10/2013 dated October 28, 2013.
Pursuant to various investors requests and complaints from the investors with regard to the clarification of certain points mentioned in clause 2 of the Annexure- A to the aforesaid circular dated October 28, 2013, SEBI decided to modify clause 2 of the said Annexure -A.The modified Annexure is enclosed with this circular.
All the stock exchanges are directed to make necessary amendments, wherever applicable, to the listing agreements for listing of various securities.
The depositories are directed to make necessary amendments, wherever applicable, to the relevant byelaws/ rules and regulations/circulars in this regard.
The circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets and shall be complied with at the earliest and not later than 45 days from the date of issue of the circular.
For securities held in single name with a nominee: i. Duly signed transmission request form by the nominee. ii. Original or Copy of death certificate duly attested by a Notary Public or by a Gazetted Officer. iii. Self attested copy of PAN card of the nominee.
For securities held in single name without a nominee... Affidavit from all the legal heirs made on appropriate non judicial stamp paper – to the effect of identification and claim of legal ownership to the securities.
For value of securities upto` 2,00,000 (Rupees Two lakh only) per issuer company as on date of application, one or more of the following documents: Succession certificate or probate of will or will or letter of administration or court decree... In absence thereof, NOC from all legal heir(s)... and An Indemnity bond...
For value of securities more than `2,00,000 (Rupees Two lakh only) per issuer company as on the date of application: Succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925.
Source: SecMarx — Standardization and Simplification of Procedures for Transmission of Securities. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.