Capital markets regulator Securities and Trade Board of India (Sebi) at this time issued clarifications on tips pertaining to processing buyers’ service requests by Registrars to an Concern and Share Switch Brokers (RTAs) and norms for furnishing PAN, KYC particulars and nomination.
This comes after the Sebi obtained representations from the Registrars Affiliation of India.
“From January 1, 2022, the RTAs shall not course of any service requests or complaints obtained from the holder(s) / claimant(s), until PAN, KYC and nomination paperwork/particulars are obtained,” Sebi mentioned in a round.
With regard to nomination by holders of bodily securities, Sebi mentioned nomination type can be despatched out to the safety holder accounts in two phases.
Within the first section, such type can be obtainable for single account holders from January 1 onwards and joint account holders from April 1 onwards.
The RTA will make obtainable the smooth copy of the shape on its web site.
In case of minor mismatch in signature of the securities holder as obtainable within the folio of the RTA and the current signature, Sebi mentioned the timeline to course of the service request will begin after the discover interval of 15 days.
If the letter despatched by the RTA returns undelivered, it’ll advise the investor to acquire the signature verification by the banker in order to course of the request.
In case of an objection, the RTA, after eradicating the objection, will advise the investor to furnish signature verification by the banker together with any of the paperwork — Aadhaar, legitimate passport driving license, PAN card — amongst others.
With regard to main mismatch in signature or if the signature card isn’t obtainable, Sebi mentioned the holder or claimant must furnish unique cancelled cheque with identify of the safety holder printed on it or financial institution passbook or financial institution assertion attested by the financial institution and banker’s attestation of the signature.
In case of mismatch in identify, Sebi mentioned the driving licence in good card type, or copy of digital type can be accepted.
“For all service requests, besides transmission, copies of paperwork which can be submitted in exhausting copy shall be processed by the RTA if the identical is self-attested by the holder(s). RTA shall not insist on affidavits or attestation / notarization of paperwork,” Sebi mentioned.
On KYC particulars throughout all folios of the holder, maintained by the RTA, the regulator mentioned that RTA will replace the folios of the holder with the data on current tackle, financial institution particulars, e-mail ID and cellular quantity from the small print obtainable within the Shopper Grasp Checklist (CML), if the holder or claimant gives the CML.
Additional, particulars that are already obtainable with the RTA are to be overwritten on particular request obtained from the investor.
Within the regular course, solely particulars which aren’t obtainable for the bodily folio in RTA database, can be up to date from the demat account particulars.
Sebi additional mentioned securities in frozen folios can be eligible for any fee together with dividend, curiosity or redemption fee solely by means of digital mode.
Listed corporations must be sure that intimation is distributed to the holder that such fee is due and shall be made electronically upon complying with the sure necessities.
RTAs must present a certificates of compliance from a practising firm secretary inside 90 days from January 1 certifying the modifications carried out, techniques put in place to adjust to the framework. Earlier, the timeline was 45 days. PTI SP ABM ABM
Supply: Live Mint