The Securities and Exchange Board of India said on Monday it had constituted a group to suggest suitable measures to address issues relating to difficulties faced by the investors while dealing with transfer of securities in physical and dematerialised mode.
The group will be headed by R K Nair, executive director, Sebi. The other members of the group are A P Bakliwal, president, Bombay Shareholders Association, S V M D Rao, general manager, Sebi and Ananta Barua, joint legal adviser, Sebi. Jeevan Sonparote, deputy general manager, Sebi, will be the Member Secretary of the group.
The terms of the reference of the Group are: examine various procedures followed by the listed companies and registrar and share transfer agents for transmission of physical shares; explore the implementation of the concept of either or survivor in depository system; suggest uniform norms and procedures relating to the transmission of physical shares, specifically with reference to documentation required for transmission.
The group will submit its report along with its suggestions within a period of two months, a Sebi release said.