December 5th, 2018 deadline to covert physical shares into demat is now extended till 31st March 2019
SEBI vide press release (2018 PR No.: 49/2018) dated 3rd December, has extended the deadline and the requirement of transfer of securities only in demat form shall now come into force from April 1, 2019
SEBI, on March 28, 2018, decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. This measure was to come into effect from December 5, 2018. Subsequently, SEBI has received representations from shareholders for extension of the date of compliance which now vide “”3rd December 2018 Press release” has been extended till 31st March 2019 thereby providing soothing relief to lakhs of investor.
On 6th November 2018 circular of SEBI gave a perfect Diwali bonanza for Investor who is finding it difficult due to cumbersome and ambiguous process to transfer their Old physical shares
SEBI received lot of representations, highlighting difficulties faced by transferees in providing documents for effecting transfer of securities and the documents sought used to vary across RTAs (Registrar & Transfer Agent) for cases relating to transfer of old shares in physical form where PAN card of transferor not available, name mismatch, signature mismatch etc. SEBI has laid down standard process in such cases so that there remains not ambiguity.
While 6th November-2018 circular gave reasons to Cheer and 3rd December 2018 Press release (regarding extension of timeline) has put icing on the cake – Big relief to the investors at large.
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