SEBI UPDATES : SEBI Circular : Standardization and Simplification of procedures for transmission of securities.
Securities and Exchange Board of India (SEBI) has issued Circular SEBI/HO/MIRSD3/CIR/P/2016/0000000085 dated September 15, 2016 regarding Standardization and Simplification of Procedures for Transmission of Securities to all recognized stock exchanges, all registrars to an issue and share transfer agents registered with SEBI and all Depositories,
The circular states that:
1. With a view to make the process of transmission of securities more efficient and investor friendly, Securities and Exchange Board of India had issued a circular no. CIR/MIRSD/10/2013 dated October 28, 2013.
2. Pursuant to various investors requests and complaints from the investors with regard to the clarification of certain points mentioned in clause 2 of the AnnexureA to the aforesaid circular dated October 28, 2013, SEBI decided to modify clause 2 of the said Annexure - A.The modified Annexure is enclosed with this circular.
3. All the stock exchanges are directed to make necessary amendments, wherever applicable, to the listing agreements for listing of various securities.
4. The depositories are directed to make necessary amendments, wherever applicable, to the relevant byelaws/ rules and regulations/circulars in this regard.
5. The circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets and shall be complied with at the earliest and not later than 45 days from the date of issue of the circular.