The Securities and Exchange Board of India (Sebi) on Monday extended the deadline for transfer of shares of listed companies only in demat form to April 1, 2019.
The last date has been extended after taking into consideration representations from shareholders as the initial deadline was to end on December 5, Sebi said.
Shares in the demat form will help in maintaining a transparent record of shareholding at companies amid rising concerns over beneficial ownership of entities.
In March, SEBI’s board decided that except in case of transmission or transposition of securities, requests for effecting transfer of securities will not be processed unless the securities are held in the dematerialised form with a depository. This measure was to come into effect from 5 December.
“Subsequently, the regulator 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 1 April, 2019,” it said in a statement.