 "sebi")
With an aim to simplify the procedure for transmission of securities, Sebi has revised the existing threshold limit for simplified documents to Rs 5 lakh from Rs 2 lakh currently for securities held in physical mode per listed issuer.
Also, the threshold in this regard for securities held in the dematerialised mode for each beneficiary account has been increased to Rs 15 lakh from the present level of Rs 5 lakh.
Legal Heirship Certificate or its equivalent certificate issued by competent government authority will be an acceptable document for transmission of securities, the regulator said in a notification issued on Tuesday.
The objective is to ensure that uniform processes are followed by the Registrars to an Issue and Share Transfer Agents (RTAs) / listed companies, which would further ease the transmission process for investors.
To effect this, the capital markets regulator has amended Sebi's Listing Obligations and Disclosure Requirements or LODR Regulations.
The move comes after the board of Sebi approved a proposal in this regard in its meeting in late March.
More From This Section
In its notification, the regulator has also listed documentation requirements in case of transmission of securities.
In case of transmission of securities, where the securities are held in single name with nomination, Sebi said documents like transmission request form by the nominee, original death certificate or copy of death certificate attested by the nominee and copy of Permanent Account Number (PAN) card of the nominee need to be submitted.
In case of transmission of securities, where the securities are held in single name without nomination, documents, including a notarized affidavit from all legal heirs made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities, need to be submitted.
In case the legal heirs are named in the succession certificate or Probate of Will, then the Legal Heirship Certificate or its equivalent certificate can be submitted, Sebi said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
