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RESTRICTION ON TRANSFER OF PHYSICAL SECURITIES - DEADLINE EXTENDED TILL APRIL 1, 2019

SEBI vide notification No. SEBI/LAD-NRO/GN/2018/24 dated June 8, 2018, has amended Regulation 40 of SEBI (Listing Obligations and Disclosure Requirements) 2015, mandating transfer of securities to be carried out only in dematerialised form with effect from December 5, 2018. In other words, with effect from December 5, 2018, requests for transfer of securities of listed entities shall not be processed unless the securities are held in the dematerialized form with depositories.

In view of the aforesaid SEBI Circular, BSE Ltd. has vide Circular no. LIST/COMP/15/2018-19 dated July 5, 2018 and National Stock Exchange of India Limited vide Circular No. NSE/CML/2018/26 dated July 9, 2018, advised listed entities to ensure compliance with the SEBI Circular, i.e., securities which are lodged for transfer shall be in dematerialized form only with effect from December 5, 2018.

However, on the basis of representations received from shareholders for extension of the date of compliance for transfer of securities only in Demat Form, SEBI has vide its “Press Release” PR. No. 49/2018 dated December 3, 2018, extended the deadline to comply with the requirement of transfer of securities only in Demat Form, which shall now come into force from April 1, 2019”.

In view of the above, please note that Registrar and Transfer Agent (RTA) of the Bank viz., Karvy Fintech Private Ltd. (KARVY) and the Bank shall not accept any request for transfer of securities in physical form with effect from April 1, 2019.

The said restriction is however not applicable on transmission (i.e. transfer of title of shares by way of inheritance/ succession) and transposition (i.e. re arrangement/ interchanging of the order of name of the shareholders) of securities.

With a view to facilitate seamless transfer of securities in future, investors holding securities in physical form are requested to dematerialize their shareholding in the Bank and are requested to get in touch with any of the SEBI Registered Depository Participant (DP) or alternatively, contact any of the nearest Branch Office of the Karvy (email ID - einward.ris@karvy.com) for any assistance on procedure for Dematerialization of securities:

You may also visit website of any of the depository viz., NSDL or CDSL to know more about Demat procedure and also to know the names of the DP's registered with NSDL / CDSL:

NSDL website: https://nsdl.co.in/faqs/faq.php

CDSL website: https://www.cdslindia.com/investors/open-demat.aspx

Notes:

  • The said amendments does not prohibit investors from holding the securities in physical form, it only restricts transfer of securities, and therefore investors have an option of holding securities in physical form even beyond April 1, 2019.
  • You may please note that the Depository System permits reconversion of electronic Securities into physical form through a process of rematerialisation. However, for the purpose of transfer of securities it is required to hold the securities in dematerialised mode.

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