"As an on-going measure to enhance ease of dealing in securities markets and with a view to make the transmission process more efficient and investor friendly, the procedure for transmission of securities has been further simplified, Sebi said in a circular.
This comes after the regulator reviewed the process being followed by the Registrars to an Issue and Share Transfer Agents (RTAs) and the depositories/ issuer companies for effecting transmission of securities.
For ease of reference, a ready reckoner listing out the documents required for transmission of securities, in case of demise of the sole holder, has been provided by the regulator, according to a circular.
Sebi has also come up with operational guidelines for processing of investor service requests for the purpose of transmission of securities.
In case of transmission of securities held in single name with nomination, Sebi said documents like the 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.
For transmission of securities held in single name without nomination, documents including a notarised 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.
Legal Heirship Certificate or its equivalent certificate issued by competent government authority will be an acceptable document for transmission of securities.
Last month, the capital markets regulator amended the Listing Obligations and Disclosure Requirements or LODR Regulations, whereby it revised the existing threshold limit for simplified documents to ₹5 lakh from ₹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 ₹15 lakh from the present level of ₹5 lakh.
