SEBI Circular on Simplification of procedure and standardization of formats of documents for issuance of duplicate securities certificates

SEBI, vide its Circular dated 25 th May, 2022 have simplified procedure and documentation requirements for issuance of duplicate securities. SEBI has reviewed the process followed by the Registrars to an Issue and Share Transfer Agents (“RTAs”) and the Issuer companies for issuance of duplicate securities certificates and therefore, decided to make the process more efficient and investor friendly.

SEBI, further through this Circular provided requirements for issuance of duplicate certificates as mentioned below:

Copy of FIR including e-FIR/Police complaint/Court injunction order/copy of plaint, necessarily having details of the securities, folio number, distinctive number range and certificate numbers to be submitted by the security holder. Issuance of advertisement regarding loss of securities in a widely circulated newspaper. Submission of Affidavit and Indemnity bond as per the format prescribed by the Board.

The Circular further said that, the above mentioned requirements are not applicable if the value of securities as on the date of submission of application, along with complete documentation as prescribed by the Board does not exceed Rs. 5 Lakhs. The value of securities shall be quantified on the basis of the closing price of such securities at any one of the recognized stock exchanges a day prior to the date of such submission in the application.

Further, for overseas securities holder, in lieu of FIR, self-declaration of the security certificates lost/misplaced/stolen which shall be duly notarized/ apostilled /attested by the Indian Consulate / Embassy in their country of residence, along with self- attested copies of valid passport and overseas address proof shall be permitted.

Further it is to be noted that in case of non-availability of Certificate Nos./Distinctive Nos./ Folio nos., the RTA shall provide the same, to the security holder only where the signature and the address of the security holder matches with the RTA / listed company’s records. In case the signature and/or the address do not match, the security holder shall first comply with the KYC procedure and then only the details of the securities shall be provided to the security holder by the RTA/listed company.

Other than that, in case of any fake/forged/stolen certificates or duplicate certificates must be seized and defaced by the RTA/ listed company and disposed of in the manner as authorized by the Board of the Com