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ARTICLE · 10 MAY 2024

Compulsory Dematerialization Of All Securities Required By September 30, 2024

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The Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 ("PAS Rules 2023") were issued in October 27, 2023...

IndiaCorporate/Commercial Law
Xerxes Antia
Xerxes Antia
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The Companies (Prospectus and Allotment of Securities) Second Amendment Rules, 2023 ("PAS Rules 2023") were issued in October 27, 2023, requiring mandatory dematerialisation of all securities of every private Indian company (except small companies) by September 30, 2024. This obligation is also incumbent on the holders or any securities.

In brief, Dematerialisation is the process by which physical security certificates are converted into electronic balances. In order to dematerialise your company's securities, please see below a brief process involved to be followed by the Company and its the shareholders/security holders with various third parties, viz. Depository Participant ("DP"), Registrar and Transfer Agent ("RTA") and one or more of the depositories in India, viz. National Securities Depository Limited ("NSDL") and Central Depository Services Limited ("CDSL").

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