Summary of the circular issued by SEBI on 02/12/2020
SEBI issues Operational guidelines for Transfer and Dematerialization of re-lodged physical shares
Further to the SEBI Circular dated 07/09/2020 fixing 31/03/2021 as the cut-off date for re-lodgement of transfer requests and stipulating that such transferred shares shall be issued only in DEMAT mode, SEBI has now issued the operational guidelines in this regard to be followed by the Registrar and Transfer Agents (RTAs), Investors and Depository Participants (DPs).
As per this guideline, RTAs, upon receiving the transfer re-lodgement request, are required to issue a Letter of Confirmation (LoC) to the investor(the transferee), who has to submit the same along with the Demat Request to the DP within 90 days of receipt of LoC. Format of LoC is annexed to the said circular.
Additional details on these guidelines are available in the circular, which is integrated in our free-to-use website www.ca2013.com for your ready reference.