Simplification of procedure and standardisation of formats of documents for issuance of duplicate securities certificates

SEBI vide circular dated 25th May, 2022 has simplified the procedure and documentation requirements for the issuance of duplicate securities. This Circular outlines the operational guidelines for processing of investor’s service request for issuance of duplicate securities and also prescribes the standardized formats for the documents to be submitted for issuance of duplicate share certificates

Pursuant to the said circular:

  1. There is no requirement of FIR in case the value of securities as on the date of submission of application by the shareholder is less than Rs. 5 Lakhs;
  1. Further, for the ease of an overseas securities holder, in lieu of providing FIR, he shall be permitted to provide 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;
  1. In case of non-availability of Certificate Nos./Distinctive Nos./ Folio nos., the RTA (upon written request by the security holder) 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 have to 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;
  1. The listed company shall have to take special contingency insurance policy from the insurance company towards the risk arising out of the requirements relating to issuance of duplicate securities in order to safeguard and protect the interest of the listed company.

This circular has brought clarity and standardisation in the process of issuance of duplicate share certificates across all the Companies/RTA’s.