SEBI vide its Notification No. SEBI/LAD-NRO/GN/2018/24 dated 8th June, 2018 notified the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Fourth Amendment) Regulations, 2018 which mandated that w.e.f. 5th December, 2018 no physical shares are allowed to be transferred (except in case of transmission or transposition of Shares) unless the securities are held in the dematerialized form. SEBI vide it’s another Notification No. SEBI/ LAD-NRO/GN/2018/49 dated 30th November, 2018 notified that the said Amendment Regulations, 2018 shall come into force with effect from 1st April, 2019.
Accordingly, as per the aforesaid Amendment Regulations, the requests for effecting transfer of shares shall not be processed after 31st March, 2019 unless the securities are held in dematerialized form. However, the said regulation shall not affect the process of transmission and transposition of shares. Hence, the members holding their shares in physical form are requested to dematerialize their securities before 1st April, 2019.
The process of dematerialization is given below:
Process of dematerialization:
- Dematerialization starts with opening a D-mat account. For demat account opening, you need to shortlist a Depository Participant (DP) that offers Demat services.
- To convert the physical shares into electronic/demat form, a Dematerialization Request Form (DRF), which is available with the Depository Participant (DP), has to be filled in and deposited along with share certificates. On each share certificate, ‘Surrendered for Dematerialization’ needs to be mentioned.
- The DP needs to process this request along with the share certificates to the company and simultaneously to registrars and transfer agents through the depository.
- Once the request is approved, the share certificates in the physical form will be destroyed and a confirmation of dematerialization will be sent to the depository.
- The depository will then confirm the dematerialization of shares to the DP. Once this is done, a credit in the holding of shares will reflect in the investor’s account electronically.
In case of any query regarding dematerialization, shareholders may write to:
Shri Deepak Banga
Inox Wind Limited
Inox Towers, Plot No.17
Sector- 16A, Noida – 201 301