Market regulator SEBI has come up with simplified and standardized norms for investor service requests including putting in place framework for furnishing PAN, KYC details, bank details, signature, issue of duplicate shares, change of status for NRIs, nomination details and other by holders of physical shares.
SEBI has made it mandatory for all physical share holders to furnish their PAN, nomination (for all eligible folios), contact details, bank account details and specimen signature.
In case any one of the mentioned details/ documents are not provided those Folio will be frozen by the RTA on and after 1st April 2023.
It further states that the frozen account which remain to be frozen till 31st December 2025 will be referred by the RTA to the administering authority under Benami Transactions (Prohibitions) Act, 1988 and or Prevention of Money Laundering Act, 2002.
In light of the new laws, it is imperative for all physical share holders to initiate and complete process of updating of their details in the company’s records and recover their shares at the earliest.
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