To:
All Category I Registrars to an issue and share transfer agents All Category II Share transfer agents.
Dear Sir,
Sub : Delay in processing dematerialisation requests.
It has come to our notice that some of the share transfer agents are taking an unduly long time for dematerialisation of shares and are also rejecting the dematerialisation requests on flimsy grounds without providing necessary reasons and legal documentation. Such practices are detrimental to the interest of the investors and slow down the process of dematerialisation.
You are therefore requested to expedite the processing of dematerialisation request, in any case ensuring that the request is processed within 15 days from the date of the such request. You are also advised not to reject the request on flimsy grounds or without specifying reason for rejection or without proper documents supporting your reason for rejection. A violation of this directive would invite suitable action.
Yours faithfully,
D RAVIKUMAR DIVISION CHIEF PRIMARY MARKET INTERMEDIARIES DIVISION