**Summary:**
This circular, issued by the Securities and Exchange Board of India (SEBI) on February 25, 2022, extends the relaxation in adherence to prescribed timelines for Registrars to an Issue and Share Transfer Agents (RTAs), Recognized Stock Exchanges, Listed Companies, Recognized Depositories, and Depository Participants due to the ongoing COVID-19 situation. This circular extends the relief provided in previous circulars No. SEBI/HO/MIRSD/RTA/MBC/IR/P/2020/59 dated April 13, 2020, and No. SEBI/HO/MIRSD/RTA/MB/CIR/2021/558 dated April 29, 2021.
Specifically, intermediaries and market participants are granted an additional 30 days beyond the standard timelines to process seven categories of service requests, including:
1. Processing of Remat Requests
2. Processing of Transmission Requests
3. Processing of requests for Issue of Duplicate Share Certificates
4. Processing of Requests for Name Deletion/Name Change/Transposition
5. Processing of Requests for Consolidation/Split/Replacement of Share Certificates/Amalgamation of Folios
6. Handling Investor Correspondence/Grievances/SCORES complaint
7. Processing of the demat requests
The extended timeline is applicable until June 30, 2022. Stock Exchanges and Depositories are directed to inform their constituents about this circular and the contents of the previous circulars dated April 13, 2020, and April 29, 2021.
This circular is issued under the authority granted by Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect investor interests, promote securities market development, and regulate the securities market.
For further information, contact Aradhana Verma, Deputy General Manager, Market Intermediaries Regulation and Supervision Department, at Tel. No. 022-2644 9633 or via email at aradhana[at]sebi.gov.in. The circular is available on the SEBI website (www.sebi.gov.in) under the categories "Legal Framework" and "Circulars."
Key Entities Referenced
Securities and Exchange Board of India (SEBI): The regulatory body issuing the circular related to relaxation in adherence to prescribed timelines due to Covid-19.
Registrars to an Issue and Share Transfer Agents (RTAs): Entities to whom the circular is addressed and who are granted relaxations in timelines.
Recognized Stock Exchanges: Exchanges that are recognized by SEBI and are required to disseminate the circular.
Recognized Depositories: Depositories recognized by SEBI that are required to disseminate the circular.
SEBI Circular SEBI/HO/MIRSD/MIRSD/RTAMB/CIR/P/2020/59: SEBI circular dated April 13, 2020, providing relaxations in adherence to prescribed timelines due to Covid-19.
SEBI Circular SEBI/HO/MIRSD/RTAMB/PCIR/2021/558: SEBI circular dated April 29, 2021, extending relaxation in prescribed timelines due to the second wave of Covid-19.
Securities and Exchange Board of India Act, 1992: The act under which the circular is issued, empowering SEBI to protect investors and regulate the securities market.
SCORES: A platform for handling investor complaints and grievances mentioned in the context of processing timelines.
CIRCULAR
SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/26 February 25, 2022
To,
All registered Registrars to an Issue and Share Transfer Agents(RTAs)
All Recognized Stock Exchanges
All Listed Companies through Recognized Stock Exchanges
All Recognized Depositories
All Depository Participants through Depositories
Dear Sir / Madam,
Sub: Extension to SEBI Circular on “Relaxation in adherence to prescribed
timelines issued by SEBI due to Covid 19” dated April 13, 2020
1. SEBI had issued circular No. SEBI/HO/MIRSD/RTAMB/CIR/P/2020/59 dated
April 13, 2020 wherein “Relaxations in adherence to prescribed timelines” for
carrying out various shareholder requests and for other regulatory filings were
granted to RTAs in view of the Covid-19 pandemic.
2. Further, SEBI had issued circular no. SEBI/HO/MIRSD/RTAMB/P/CIR/2021/558
dated April 29, 2021 wherein relaxation in prescribed timelines were extended in
view of second wave of the Covid-19 pandemic and resultant lockdown. The
circular listed 13 items that were eligible for relief in terms of timelines, out of
which 7 items related to service requests are mentioned in the table below:
Sr. No. Particulars
Processing of Remat Requests
1
Processing of Transmission Requests
2
Processing of request for Issue of Duplicate Share Certificates
3Processing of Requests for Name Deletion / Name Change / Transposition
4
Processing of Requests for Consolidation / Split / Replacement of Share
5
Certificates / Amalgamation of Folios
Handling Investor Correspondence / Grievances / SCORES complaint
6
Processing of the demat requests
7
3. Relaxation is hereby being given to intermediaries / market participants w.r.t.
compliance with the prescribed timelines which has been extended to June 30,
2022 in view of the Covid-19 situation. The aforesaid relaxation shall be
applicable for items No. 1-7 mentioned at para no. 2 above.
4. Accordingly, the intermediaries / market participants may take an additional 30
days over the prescribed timelines for completion of service requests mentioned
in the table at para no. 2 above.
5. The Stock Exchanges and Depositories shall bring the contents of this circular
along with the circular dated April 13, 2020 and April 29, 2021 to the notice of all
their respective constituents.
6. This circular is being issued in exercise of powers conferred under Section 11 (1)
of the Securities and Exchange Board of India Act, 1992, to protect the interests
of investors in securities and to promote the development of, and to regulate the
securities market.
7. This circular is available on SEBI website at www.sebi.gov.in under the categories
“Legal Framework -> Circulars”.
Yours faithfully,
Sd/-
Aradhana Verma
Deputy General Manager
Market Intermediaries Regulation and Supervision Department
Tel. No. 022-2644 9633
Email id - aradhanad@sebi.gov.in
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