Capital markets regulator Sebi on Tuesday decided to provide a facility for exemption from one-time password (OTP) to facilitate the reversal of erroneous transfers of securities in demat accounts.
Under the rule, all off-market transfer of securities will be permitted by the depositories only by the execution of a physical Delivery Instruction Slip (DIS) duly signed by the client himself/herself or by way of electronic DIS.
The depositories also put in place a system of obtaining the client’s consent through OTP for such off-market transfer of securities from the client’s demat account.
The facility came after Sebi received representations from depositories regarding the challenges being faced with regard to obtaining OTP in case of reversal of erroneous transfers in the demat accounts, and was requested to address the issue.
“It is decided that a well-balanced and operational mechanism for exemption from OTP may be provided for reversal of such erroneous transfers in the demat ..
Posts in category Business Standard
Sebi provides facility to remedy erroneous transfers in demat accounts (08-08-2023)
Maruti to issue preferential equity shares to Suzuki to buy Gujarat plant (08-08-2023)
MSIL has a cash balance of about Rs 46,000 crore, so certain proxy advisory firms were expecting a cash deal instead of a share swap deal
Maruti to issue preferential equity shares to Suzuki to buy Gujarat plant (08-08-2023)
MSIL has a cash balance of about Rs 46,000 crore, so certain proxy advisory firms were expecting a cash deal instead of a share swap deal
NIIT Learning valued at Rs 5,000 cr; Concord Biotech IPO subscribed 25x (08-08-2023)
Shares of NIIT Learning Systems-demerged from NIIT-finished at Rs 374 during their trading debut on Tuesday
NIIT Learning valued at Rs 5,000 cr; Concord Biotech IPO subscribed 25x (08-08-2023)
Shares of NIIT Learning Systems-demerged from NIIT-finished at Rs 374 during their trading debut on Tuesday
Wheat prices jump to 6-month high on robust demand, limited supply (08-08-2023)
The government should release stocks from its warehouses into the open market to avoid potential shortages during the festive season, said a Mumbai-based dealer associated with a global trade house
Wheat prices jump to 6-month high on robust demand, limited supply (08-08-2023)
The government should release stocks from its warehouses into the open market to avoid potential shortages during the festive season, said a Mumbai-based dealer associated with a global trade house
MFs step up buying as FPI flows thin; other DIIs remained sellers (08-08-2023)
Invested Rs 7,700 crore in July, highest in four months; Other DIIs remained sellers
MFs step up buying as FPI flows thin; other DIIs remained sellers (08-08-2023)
Invested Rs 7,700 crore in July, highest in four months; Other DIIs remained sellers
Panel to decide reversal of erroneous transfers in demat accounts (08-08-2023)
Depositories approached Sebi, highlighting the challenges faced concerning obtaining OTP for such trade reversal