SEBI extends Deadline for Restriction on Transfer of Listed Securities in Physical Form, upto 1 April 2019
Based on representations from stakeholders, the SEBI has extended the deadline upto 1 April 2019, for compliance with the new requirements for transfer of listed securities in dematerialised form with effect from 5 Dec. 2018, i.e. now restriction on transfer of listed shares, debentures, etc. securities held in physical form shall be applicable from 1 April, 2019.
The Board, on March 28, 2018, decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in the dematerialized form with a depository. This measure was to come into effect from December 5, 2018.
Subsequently, SEBI has received representations from shareholders for extension of the date of compliance. In view of the same, the deadline has been extended and the aforesaid requirement of transfer of securities only in demat form shall now come into force from April 1, 2019.