Select Your Location
Indian market regulator, the Securities and Exchange Board of India (SEBI), has released guidelines on the issuance of duplicate securities certificates. These guidelines have been issued with the purpose of simplifying the procedure and standardising the formats of documents that are submitted for the issuance of duplicate securities certificates.
Table of Contents
The guidelines titled “simplification of procedure and standardisation of formats of documents for issuance of duplicate securities certificate” are applicable to the following entities:
On 25th May 2022, SEBI issued guidelines simplifying the procedure and standardising the formats of the documents required for the issuance of duplicate securities certificates. This step has been taken to make the process of issuance of duplicate securities certificates more efficient and investor-friendly. Efforts have been made to put in place operational guidelines to process investors’ service requests to issue duplicate securities certificates. The guidelines provide a list of documents which the security holders need to submit to receive duplicate securities certificates.
Documents and Procedure to be followed by the Securities Holder
The following documents are required to be submitted by a security holder while applying for duplicate securities certificates:
Where the signature and/ or address do not match, the security holder will then need to comply with the KYC (Know Your Customer) procedure. Once the security holder is done with the KYC process, the details of the securities will be provided by the RTA or by the listed company itself.
SEBI has mandated that forged/ fake/ stolen certificates or those certificates against which duplicate certificates have been issued must be seized and defaced by the RTA or the listed company and disposed of in the manner authorised by the listed Company’s Board.
Listed companies to take contingent insurance policy
In order to protect the interests of the companies, SEBI has asked these listed companies to take a special contingent insurance policy from the insurance company against the risks arising out of the requirements related to the issuance of duplicate security certificates. It must be noted that according to guidelines, the duplicate securities shall be issued in a dematerialised mode only.
Additional Documents from the annexure are to be submitted by the Securities Holder
The guidelines mandate that the RTAs or the Listed Companies need to strictly adhere to the formats and documentation provided in the annexure of these guidelines for all the service requests related to the issuance of duplicate security certificates.
It is encumbent upon the stock exchanges to bring the particulars of these guidelines to the notice of listed companies and disseminate this information through their official websites.
This Circular has been issued in furtherance of the powers conferred under s. 11(1) of the SEBI Act, 1992, and the purpose of this circular is to protect the interests of investors and promote the development and regulation of the securities market.
The said guidelines have been released by SEBI after reviewing the process followed by the RTAs and the issuer companies in issuing the duplicate securities certificates. The market regulator has also taken into consideration the feedback from the investors and recent regulatory changes.
According to SEBI, this framework for issuance of duplicate securities certificates shall come into force with immediate effect.
Read Our Article: Procedure for Issuance of Duplicate Share Certificate
Prabhat has done his BA LLB (Hons) and has been writing research papers since his law school days. His interest in content writing made him pursue a career in legal research and content writing. His core areas of interest are indirect taxes, finance and real estate.
The Financial Action Task Force, i.e. FATF (the Force), is the global money laundering and terr...
Advance tax refers to the payment of the tax liability before the end of the relevant financia...
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Are you human?: 1 + 8 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
The SEBI through a notification on 14th November, has amended the SEBI LODR Regulation 2015 by inserting two new re...
29 Nov, 2022
The capital market has been an early adopter of technology. SEBI believes that encouraging the adoption and usage o...
25 Feb, 2021
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!