SEBI issues circular on simplified procedure for issuance of duplicate securities certificates.

LegalitySimplified

The Securities and Exchange Board of India on 25th May 2022, has simplified the procedure and documentation requirements for issuance of duplicate securities, with a view to make the issuance of duplicate securities more efficient and investor friendly.

The requirements are as specified below:

  • Submission by the security holder of copy of FIR including e-FIR/Police complaint/Court injunction order/copy of plaint, necessarily having details of the securities, folio number, distinctive number range and certificate numbers.
  • Issuance of advertisement regarding loss of securities in a widely circulated newspaper.
  • Submission of Affidavit and Indemnity bond as per the format prescribed by the Board.
  • The applicant shall quantify the value of the securities on the basis of the closing price of such securities at any one of the recognized stock exchanges a day prior to the date of such submission in the application.

In case of non-availability of Certificate Nos./Distinctive Nos./ Folio nos., the RTA (upon written request by the security holder) shall provide the same, to the security holder only where the signature and the address of the security holder matches with the Registrars to an Issue and Share Transfer Agents  (RTA) / listed company’s records. In case the signature and/or the address do not match, the security holder shall first comply with the KYC procedure and then only the details of the securities shall be provided to the security holder by the RTA/listed company.

The listed company shall take special contingency insurance policy from the insurance company towards the risk arising out of the requirements relating to issuance of duplicate securities in order to safeguard and protect the interest of the listed company.

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