SEBI amends Schedule VII of the SEBI (LODR) Regulations

NOTIFICATION No. SEBI/LAD-NRO/GN/2022/80, Dated 25.04.2022

The SEBI has notified the SEBI (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2022. Amendments have been made to Regulations 40, 61 and Schedule VII of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The amended regulations require the listed entity to comply with the procedural requirements as specified in Schedule VII with respect to the transmission of securities also. The extant Regulations requires the listed entity to comply with procedural requirements as specified in Schedule VII with respect to transfer of securities.

As per the amended norms the following documents are required to be submitted in case of transmission of securities –

1. Where the securities are held in single name with nomination – The documents are as under

a) Transmission request form duly signed by nominee

b) Original death certificate or copy of death certificate attested by the nominee subject to verification by a notary public or by a Gazetted Officer

c) Self-attested copy of PAN card of the nominee, issued by Income Tax Department

2. Where the securities are held in single name without nomination – The documents are as under –

a) A notarized 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. Where the legal heir is named in the Succession Certificate, an affidavit from such legal heir alone is sufficient.

b) Transmission request form duly signed by the legal heirs/claimants

c) Original death certificate or copy of death certificate attested by the legal heirs/ claimants subject to verification by a notary public or by a Gazetted Officer.

d) Self-attested copy of the PAN card of the legal heirs/claimants, issued by the Income Tax Department.

e) A copy of Succession Certificate or Legal Heirship Certificate or its equivalent certificate issued by a competent government authority, attested by legal heirs/claimants subject to verification by a notary public or by a Gazetted Officer.

The following documents may be submitted by the legal heirs/claimants in case, where a copy of Succession Certificate or Legal Heirship Certificate or its equivalent certificate is not available and for cases where the value of securities for listed entity is up to Rs. 5 lakhs in case of securities held in physical mode and for securities held in dematerialized mode, value of securities per beneficial owner is up to 15 lakhs –

a) No objection certificate from all legal heirs stating that they do not object to transmission of securities duly attested by a notary public or by a Gazetted Officer,
b) A notarized indemnity bond made on a non-judicial stamp paper of relevant value, indemnifying the Share Transfer Agent/listed entity, in the format as specified by the Board.

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