CA NeWs Beta*: BSE circulars regarding Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode

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Thursday, January 10, 2019

BSE circulars regarding Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode

BSE has issued the following circulars to the Listed Companies regarding amendments to SEBI Regulations and Circulars issued by SEBI
 
BSE Circular Date
BSE Circular Number
Circular Title
Effective Date
1
January 7,  2019 
LIST/COMP/34/2018-19
Acceptance of Probate of  Will  or Will for Transmission of Securities held in dematerialized mode
January 4, 2019
2
January 7,  2019 
LIST/COMP/35/2018-19
Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018
December 31, 2018
3
January 8,  2019 
LIST/COMP/36/2018-19
Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018  
December 31, 2018
4
January 8,  2019 
LIST/COMP/37/2018-19
Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018 
April 1, 2019

1.   BSE Circular no  LIST/COMP/34/2018-19  dated  January 7 2019  titled  “Acceptance of Probate of  Will  or Will for Transmission of Securities held in dematerialized mode

Securities and Exchange Board of India (SEBI) has issued Circular SEBI/HO/MIRSD/DOP/CIR/P/ 2019/05 dated January 04, 2019 regarding “Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode”.

The summary of the aforesaid SEBI Circular  is given hereunder.


1. In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018, succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925 has been prescribed as documentary requirement for transmission of securities held in physical mode.

2. With regard to transmission of securities held in dematerialized mode, the same is dealt in terms of bye laws of the Depositories. In order to harmonize the procedures for transmission of securities in dematerialized mode with that of transmission of securities in physical mode, it has been decided that transmission of securities held in dematerialized mode shall be dealt in line with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018.



2.    BSE Circular no  LIST/COMP/35/2018-19  dated  January 7 2019  titled  “Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018"

Securities and Exchange Board of India (SEBI) has notified the Third Amendment to the (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/55 dated December 31, 2018.

The summary of the aforesaid amendment is given hereunder.

  1. Sub-regulation 4 of Regulation 29 (Disclosure of acquisition and disposal)  provides that shares taken by way of encumbrance shall be treated as an acquisition and shares given upon release of encumbrance shall be treated as a disposal, and disclosures shall be made by such person accordingly in such form as may be specified

However, proviso to Sub-regulation 4 currently exempts “scheduled commercial bank” or “public financial institution” as pledgee in connection with a pledge of shares for securing indebtedness in the ordinary course of business, from the disclosure requirement provided in said regulation:

  1. The current amendment has now extended the said exemption to housing finance company” and  a “systemically important non-banking financial company”.


3.    BSE Circular no  LIST/COMP/36/2018-19  dated  January 8 2019  titled  “Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018   "

Securities and Exchange Board of India (SEBI) has on December 31, 2018 notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/57.

The said amendment has made in Regulation 253 and Schedule XVI of the ICDR Regulation 2018.



4.    BSE Circular no  LIST/COMP/37/2018-19  dated  January 8 2019  titled  “Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018   "

Securities and Exchange Board of India (SEBI) has on December 31, 2018 notified the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/59.

Listed Companies are requested to take note of these circulars  and comply accordingly.
--
Thanks & Best Regards,
To,
The  Compliance Officer / Company Secretary

 Dear Sir / Madam
 BSE has issued the following circulars to the Listed Companies regarding amendments to SEBI Regulations and Circulars issued by SEBI
 
BSE Circular Date
BSE Circular Number
Circular Title
Effective Date
1
January 7,  2019 
LIST/COMP/34/2018-19
Acceptance of Probate of  Will  or Will for Transmission of Securities held in dematerialized mode
January 4, 2019
2
January 7,  2019 
LIST/COMP/35/2018-19
Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018
December 31, 2018
3
January 8,  2019 
LIST/COMP/36/2018-19
Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018  
December 31, 2018
4
January 8,  2019 
LIST/COMP/37/2018-19
Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018 
April 1, 2019

1.   BSE Circular no  LIST/COMP/34/2018-19  dated  January 7 2019  titled  “Acceptance of Probate of  Will  or Will for Transmission of Securities held in dematerialized mode

Securities and Exchange Board of India (SEBI) has issued Circular SEBI/HO/MIRSD/DOP/CIR/P/ 2019/05 dated January 04, 2019 regarding “Acceptance of Probate of Will or Will for Transmission of Securities held in dematerialized mode”.

The summary of the aforesaid SEBI Circular  is given hereunder.

1. In terms of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018, succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925 has been prescribed as documentary requirement for transmission of securities held in physical mode.

2. With regard to transmission of securities held in dematerialized mode, the same is dealt in terms of bye laws of the Depositories. In order to harmonize the procedures for transmission of securities in dematerialized mode with that of transmission of securities in physical mode, it has been decided that transmission of securities held in dematerialized mode shall be dealt in line with Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Sixth Amendment) Regulations, 2018.



2.    BSE Circular no  LIST/COMP/35/2018-19  dated  January 7 2019  titled  “Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018"

Securities and Exchange Board of India (SEBI) has notified the Third Amendment to the (Substantial Acquisition of Shares and Takeovers) (Third Amendment) Regulations, 2018 vide notification No. SEBI/LAD-NRO/GN/2018/55 dated December 31, 2018.

The summary of the aforesaid amendment is given hereunder.

  1. Sub-regulation 4 of Regulation 29 (Disclosure of acquisition and disposal)  provides that shares taken by way of encumbrance shall be treated as an acquisition and shares given upon release of encumbrance shall be treated as a disposal, and disclosures shall be made by such person accordingly in such form as may be specified

However, proviso to Sub-regulation 4 currently exempts “scheduled commercial bank” or “public financial institution” as pledgee in connection with a pledge of shares for securing indebtedness in the ordinary course of business, from the disclosure requirement provided in said regulation:

  1. The current amendment has now extended the said exemption to housing finance company” and  a “systemically important non-banking financial company”.


3.    BSE Circular no  LIST/COMP/36/2018-19  dated  January 8 2019  titled  “Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018   "

Securities and Exchange Board of India (SEBI) has on December 31, 2018 notified the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/57.

The said amendment has made in Regulation 253 and Schedule XVI of the ICDR Regulation 2018.



4.    BSE Circular no  LIST/COMP/37/2018-19  dated  January 8 2019  titled  “Securities and Exchange Board of India (Issue of Capital And Disclosure Requirements) (Amendment) Regulations, 2018   "

Securities and Exchange Board of India (SEBI) has on December 31, 2018 notified the Securities and Exchange Board of India (Prohibition of Insider Trading) (Amendment) Regulations, 2018, vide notification No. SEBI/LAD-NRO/GN/2018/59.

Listed Companies are requested to take note of these circulars  and comply accordingly.

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