Issue of securities in dematerialized form has been made mandatory for every UPC and UPC is also required to facilitate dematerialization of all its existing securities.
Pre-requisite defined for offer for issue of any securities or buyback of securities or issue of bonus shares or rights offer by UPC is to ensure that entire holding of securities of its promoters, directors, key managerial personnel has been dematerialized
All subscriptions and transfer of shares in unlisted public companies post-October 2, 2018 shall be done only in dematerialized mode.
Further, the companies are required to:
- facilitate demat of all its existing securities by making necessary application to a depository and shall secure ISIN for each type of security and shall in-form all its existing security holders about such facility.
- makes timely payment of fees to the depository and RTA;
- maintains security deposit at all times, of not less than two years, fees with the depository and RTA
- complies with the regulations or directions or guidelines or circulars, if any, issued by the SEBI or Depository in this regard
- Submit Reconciliation of Share Capital Audit Report (as per regulation 55A of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996) on a half-yearly basis to the Registrar under whose jurisdiction the registered office of the company is situated.
Investor Education and Protection Fund Authority will handle the grievances, if any, of security holders of UPC herein.
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