Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode
Summary
This circular mandates that the transmission of securities held in dematerialized mode must follow the documentary requirements prescribed for physical mode under the SEBI LODR Sixth Amendment Regulations, 2018. Recognized Depositories and Stock Exchanges are directed to amend their Bye Laws accordingly and disseminate this information to their participants or members. The provisions of this circular become applicable with immediate effect.
Text
In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018, 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 has been prescribed as documentary requirement for transmission of securities held in physical mode.
With regard to transmission of securities held in dematerialized mode, the same is dealt in terms of bye laws of the Depositories. In order to harmonize the procedures for transmission of securities in dematerialized mode with that of transmission of securities in physical mode, it has been decided that transmission of securities held in dematerialized mode shall be dealt in line with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018.
Accordingly, the Depositories and Stock Exchanges are directed to: a) bring the provisions of this circular to the notice of their participants/ members, and also disseminate the same on their websites; and b) suitably amend their Bye Laws;
The provisions of this circular shall be applicable with immediate effect.
This 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.
Source: SecMarx — Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.