Intimation-shareholders
Intimation-shareholders
INFORMATION TO SHAREHOLDERS
COMMON AND SIMPLIFIED NORMS FOR PROCESSING INVESTOR’S SERVICE REQUESTS BY RTAS AND NORMS FOR FURNISHING PAN, KYC DETAILS AND NOMINATION.
Securities and Exchange Board of India ("SEBI") vide its circular - SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37, dated March 16, 2023, has mandated the furnishing of PAN, Nomination, Contact Details, Bank Account details and Specimen Signature ("mandatory KYC") by the shareholders holding shares in physical.The SEBI circular - SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37 dated March 16, 2023 stipulates that the shareholders holding shares in physical mode do not update the PAN, KYC and Nomination details or these details are not made available to the Company/their Registrar and Share Transfer Agents (RTA) on or after 1st October, 2023, then such folios shall be frozen by RTA as per the directive issued by SEBI. The Frozen folios shall be referred by the RTA / listed company to the administering authority under the Benami Transactions (Prohibitions) Act, 1988 and/or Prevention of Money Laundering Act, 2002, if they continue to remain frozen as on December 31, 2025.
Thereafter the SEBI came up with its circular- SEBI/HO/MIRSD/POD-1/P/CIR/2023/181, dated November 17, 2023 wherein the process of freezing of folio's and referral of folios by the RTA/listed company to the administering authority under the Benami Transactions Prohibitions) Act, 1988 and/or Prevention of Money Laundering Act, 2002, has been done away with / deleted.
For detailed information on the changes, please refer to the attached SEBI circular- SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/181 dated November 17, 2023.