Simplification of the procedure and standardization of the formats of documents for transmission of titles


On May 18, 2022, SEBI issued a circular on simplifying the procedure and standardizing document formats for the transmission of securities in accordance with the amendments to the SEBI Regulations (Registration and Disclosure Requirements) of 2015. In order to facilitate transactions on the securities markets and with In order to make the process of transmission more efficient and investor-friendly, the procedure for the transmission of securities has been further simplified by the SEBI regulations (registration obligations and disclosure requirements ) (Fourth Amendment) 2022 of April 25, 2022 (“LODR Amendment Regulations”). The LODR amending regulations, among other things, strengthened the monetary limits for simplified documentation for the transmission of titles, authorized the “legal heir certificate or equivalent certificate” as one of the acceptable documents for transmission and provided clarifications regarding the acceptability of the will as one of the valid documents for conveyance of title. In accordance with the notification of the LODR amending regulations, this circular is issued to specify the formats of the various documents which must be provided for the processing of the transmission of securities. Various annexes are attached to this circular, some of which provide details of the documents required for the transmission of securities, the operational guidelines for the processing of service requests from investors for the purposes of transmission of securities, the format of the form to be filed by the nominee(s)/legal heir(s) when requesting the transfer of securities, format of the Letter of Confirmation to be issued by the RTAs/Issuing Companies, etc.

The common standards stipulated in SEBI circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 of November 3, 2021 and SEBI circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/687 of December 14, 2021 must be applicable for transmission service requests. The provisions of this circular come into force with immediate effect, replacing the following circulars:

  1. Circular No. CIR/MIRSD/10/2013 of October 28, 2013,
  2. Circular No. SEBI/ HO/ MIRSD3/ CIR/ P/ 2016/ 0000000085 of September 15, 2016, (c) Circular No. SEBI/ HO/ MIRSD/ DOP/ CIR/ P/ 2019/ 05 of January 4, 2019, and
  3. Circular No. SEBI/ HO/ MIRSD/ MIRSD_RTAMB/ P/ CIR/ 2021/ 644 dated October 18, 2021.
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