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By above Circular coming into effect from 1st January, 2022, SEBI has enhanced ease of doing business for investors in securities market. Circular inter alia provide that all service requests in Form ISR-1, excluding that relating to transmission, together with copies of documents submitted in hard copies shall be processed by RTA if attested by the share holder(s) with date. RTA shall not insist on affidavits or attestation/notarization of documents. RTA shall not insist on indemnity unless the same is provided in law. Circular provide that RTA shall enable the holder/claimant to provide documents/details by any one of following mode.
- In person verification i.e. authorized person of the RTA shall verify original documents furnished by the investor and retain copy(ies) with IPV stamping with date and initials.
- Hard copies which are self attested and dated.
- Electronic mode with e-sign.
Circular provide that RTAs will raise all objections in one go only and seek additional information only if deficiency/discrepancy is found in the documents/details furnished by the holders. It is mandatory for physical security holders to furnish PAN, nomination, contact details, bank account details, specimen signature. RTA has been empowered to freeze all folios where said details are not made available, on and from 1st April 2023. RTA shall also freeze folios where valid PAN does not exist by 31st March, 2022 or any later date notified for the purpose.
Click below for details
https://csrajeshagarwal.in/wp-content/uploads/2021/11/SEBI_Circular_03112021.pdf