sebi:WTM/VKC/MIRSD/DPS-2/99/07
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Facts / Headnote
Ex-parte interim order directing AMI Computers (I) Ltd to cease all Registrar to Issue and Share Transfer Agent activities forthwith and to transfer records of existing clients to another registered STA; directing NSDL and CDSL to put on hold all dematerialization and rematerialization requests received through AMI.
Provisions invoked
- s. 11B
- s. 11
- s. 19
- s. 11(1)
- s. 12(1)
- s. 12
- s. 11D
Regulations
- Reg. 13
Parties
- M/s. AMI Computers (I) Ltd
Holding
AMI Computers (I) Ltd, having allowed its certificate of registration as a Share Transfer Agent to expire on September 15, 2006, was directed to cease all Registrar to Issue and Share Transfer Agent activities forthwith and to transfer its clients' records to another registered STA. NSDL and CDSL were directed to put on hold all dematerialization and rematerialization requests received through AMI.
Full text
2 dealings on behalf of MFL. 2.3 Since there was no response from AMI in this regard, SEBI wrote to the Depositories viz. NSDL vide letter dated May 9, 2007 and Central Depository Services (India) Ltd (hereinafter referred to as CDSL) vide letter dated May 9, 2007 to provide information on the details of the current Share Transfer Agent of MFL and also to confirm if the demat connectivity for MFL was through AMI. SEBI also wrote to the Depositories to confirm if AMI was undertaking share transfer activity on behalf of MFL and/or other companies after September 15, 2006.
3 2.6 CDSL in its reply vide letter dated June 13, 2007 and July 24, 2007 has mentioned that it has issued a termination notice to AMI on May 25, 2007 and further notices have been issued by CDSL to 18 companies serviced by AMI, instructing them to shift the share transfer records to another STA. Also, it was mentioned by CDSL that they have put on hold further requests for demateriliasation and remateriliasation received through AMI. NSDL vide its letter dated July 25, 2007 has inter alia stated that it has no regulatory jurisdiction vis-à-vis R&T agents and therefore they have not taken any action against AMI.
4 requests in respect of MFL. NSDL vide its letter dated May 16, 2007 had informed that from September 16, 2006 to May 11, 2007, AMI had confirmed 237 demat requests in respect of MFL and 1 request for remat request and had also given the list of companies which were still acting through AMI.
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Source: SecMarx — sebi:WTM/VKC/MIRSD/DPS-2/99/07. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.