RTA to comply with norms pertaining to ‘Transmission of Securities’ as provided in Cos. Act: SEBI

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Registrars to an issue and share Transfer Agents to comply with norms pertaining to Transmission of Securities

SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/644, Dated 18.10.2021

The market regulator, SEBI has been observed in some cases that due to counterclaim/dispute from the legal representative of one of the deceased holders, the RTAs have not effected transmission to the surviving joint holder(s).

In this regard, the SEBI has directed RTAs to comply with clause 23 of Table F in schedule 1 read with section 56(2) &56(4)(c)of the Companies Act 2013 and transmit securities in favour of surviving Joint holder(s), in the event of the demise of one or more joint holder(s), unless contrary prescribed in AOA.

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