In a move to expedite the transfer process of equity shares capitals market regulator Securities and Exchange Board of India (SEBI) has reduced the timeline for registration of transfer of shares to 15 days from the existing one month.
It also decided to reduce the time period for transfer of debt securities to 15 days.
The new directive will come into effect from October 1,this year.
“With a view to expedite the transfer process in the interest of the investors,it has been decided,in consultation with Registrars Association of India,Stock Exchanges and market participants to reduce the time-line for registering the transfer of shares to 15 days,” SEBI said in a circular today.
The same time-line shall also be applicable for transfer of debt securities,it added.
“This circular is issued in exercise of powers conferred under SEBI Act,1992,to protect the interests of investors in securities and to promote the development of,and to regulate the securities markets and shall come into force with effect from October 01,2012,” SEBI said.