Restriction on Transfer of Shares in “Physical Shares” – “Listed Company” - Series 399

Oval: Series 399

Restriction on Transfer of Shares in “Physical Shares” – “Listed Company

SEBI has amended the listing Obligation and Disclosure Requirements (LODR) regulations. In a new directive, shareholders holding physical share certificates should convert it into dematerialized form by December 5, 2018:-

Notification for same has been issued on “The gazette notification was issued on June 8, 2018

     A.    Impact:
The shareholders who continue to hold shares and other types of securities of listed companies in physical form even after 05.12.2018, will not be able to lodge the shares with company / its RTA for further transfer.

Note: Only the requests for transmission and transposition of securities in physical form, will be accepted by the listed companies / their RTAs.

 In this case, Shareholder will not be able to sell or transfer your shares after December 5, 2018. You will have to wait for demat of shares before being able to sell/transfer them.

Transmission and transposition of shares held in paper form will continue to be allowed. Transmission happens upon death of any or all shareholders. Transposition means change in ownership pattern; eg. From combination A & B (in this order) to B & A or from A & B & C to B & A & C. Though these will still be possible in paper form even after Dec. 4, 2018, conversion to demat is still suggested for many other benefits it offers.Issue its securities only in dematerialized form; and

       D.    Conclusion:

Therefore one can opine that all the securities holder of shares of Listed Companies are required to dematerialized their physical shares before 05.12.2018. After 05.12.2018 share cant be transfer if shall be in physical mode.

(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at 

Disclaimer: The entire contents of this document have been prepared on the basis of relevant provisions and as per the information existing at the time of the preparation. Although care has been taken to ensure the accuracy, completeness and reliability of the information provided, I assume no responsibility therefore. Users of this information are expected to refer to the relevant existing provisions of applicable Laws. The user of the information agrees that the information is not a professional advice and is subject to change without notice. I assume no responsibility for the consequences of use of such information. IN NO EVENT SHALL I SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM, ARISING OUT OF OR IN CONNECTION WITH THE USE OF THE INFORMATION


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