00:00The SEBI board met today and the key decisions are I'm going to start the
00:08first one relates to simplifying and standardizing the framework for
00:15transmission of securities. As you know it's very important for issue for easier
00:21transmission of securities to legal heirs and claimants of deceased
00:27investors. SEBI has been doing several reforms on this in this area earlier in
00:34the past in further taking it forward now we are creating a new category of
00:42quick transmission processing QTP for small value claims which is up to 10,000
00:52for physical holdings per script and up to 30,000 for dematerialized holding. It
01:01has been introduced to facilitate efficient processing of subjects with minimal
01:05documentation. The second is that simplified documentation which already
01:15exists the limit is being increased from 5 lakh to 10 lakh for physical holdings
01:21per listed company and from 15 lakhs to 30 lakhs for dematerialized holdings per
01:30beneficial owner. Then several simplifications have been done in terms of
01:39documentation. Existing requirement of submission of PAN has been removed
01:47considering that PAN is already available for opening DMAT accounts. Mandatory
01:54requirement of probate of will has been done away with in line with recent
01:58amendments to succession laws. Combined Affidavit come NOC will be there in place of
02:06separate Affidavit and NOC which was earlier there. In addition to original or
02:13attested copy of the death certificate a copy of death certificate with QR code
02:19has been added as eligible document in view of ease of verification using the QR
02:25code. And for death certificate issued in foreign jurisdictions additional modes
02:31for verification from overseas branches of Indian banks or any foreign bank with whom Indian
02:40banks have correspond correspondent banking relationships have been specified. So these
02:47proposals have been deliberated with industry standard forum for the registrars to an issue
02:54and share transfer agents and association of mutual funds in India. And also there was a
03:01consultation paper and we have received very important feedback from public on this.
03:11The second decision relates to the open market buyback through stock exchanges and review of SEBI buyback of
03:26Securities Regulations 2018. So as you are aware the buybacks can be undertaken through tender offer route and open market
03:38route through book building.
03:42Earlier the open market route through stock exchanges was also available which was closed due to several taxation issues which
03:55led to iniquity.
03:58And now that the taxation amendment has taken place in case of buyback so therefore it is being introduced now
04:07again with effect from 1st of August 2026.
04:14Now some of the other changes in the structure of this particular category are as follows.
04:24There will be requirement to send intimation to shareholders regarding open market buyback offer electronically.
04:33This is in addition to what used to be there from papers and newspapers and others means.
04:43Then open market buyback offer on stock exchange shall be completed in 66 working days.
04:50Working days has also been defined as you know these are the work days not not the calendar days.
04:58The requirement of separate window and display of the identity of the company on electronic screen as a purchaser may
05:05is to be dispensed with.
05:07So it will be like available on the normal window normal trading window and not a separate trading window.
05:20There will be a mechanism in place to freeze the holdings of promoters and their associated ISIN level during the
05:29period of buyback.
05:31Because the promoters cannot participate in buyback so therefore there will be a mechanism to freeze the ISINs.
05:41There will be a requirement that buyback should not result in breach of minimum public shareholding requirement.
05:48Well that is normally guided by the MPS regulations so it will be followed in any case is being followed
05:57in any case.
05:58But just to make it very clear we are also introducing a cross reference here for seeing that whenever buyback
06:08are undertaken that MPS needs to be maintained.
06:15The interval between two buybacks of a company shall be in accordance with the interval as specified in the Companies
06:23Act 2013.
06:24Today that interval has been specified as one year based on present provisions of Companies Act.
06:33However we are removing that specificity and rather linking it to as Companies Act provides.
06:42So that if in future if there could be amendments we don't have to again amend our regulations.
06:48As I ask no more questions, we don't have to if there are no other regulations using the affectedayı.
06:48So I'll see you next time open on this website.
06:48I'll see you next time.
06:48I'll see you on my next time.
06:49Bye go!
06:49Bye-bye!
06:50Bye.
06:50I'll see you next time.
Comments