Exemption dematerlize securities - Some Public Companies- Series - 411

Exemption dematerlize securities-
[1]In continuation of Article No. 398

Amended Rules                 22.01.2019

Article updated as on 22nd January, 2019

Earlier Provision:

MCA vide it's notification dated September 10, 2018 inserted Rule 9A in Companies (Prospectus and Allotment of Securities) Rules, 2014, making it mandatory for all the unlisted public companies to dematerlize it's securities w.e.f. October 2, 2018 without any exemption to Nidhi Company or Government Company (unlisted public company).

MCA on 22nd January, 2019 has published Companies (Prospectus and Allotment of Securities) Amendment Rules, 2019. By these amended rules “in rule 9A, after sub-rule (10)” follow new rules inserted

This rule shall not apply to an unlisted public company which is:
(a) A Nidhi;
(b) A Government company or
(c) A wholly owned subsidiary.”

Whether Nidhi Company as a public Company required getting its securities dematerlize?

W.e.f. 22nd January, 2019 MCA has given exemption to Nidhi Companies from the provisions of dematerialization. Therefore, one can opine that Nidhi Company don’t required to get its share in Demat.

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(Author – CS Divesh Goyal, GOYAL DIVESH & ASSOCIATES Company Secretary in Practice from Delhi and can be contacted at csdiveshgoyal@gmail.com)
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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