Welcome step to DEMAT shares of even unlisted companies

Kashmir Times. Dated: 9/13/2018 12:43:01 AM

Dear Editor,
Union Ministry of Corporate Affairs has taken welcome decision requiring dematerialization-DEMAT of physical shares of even unlisted companies from 02.10.2018 directing that no trading will then be possible through physical shares. Already the ministry has made it compulsory for DEMAT of shares of listed companies by 05.12.2018 for trading and transfer.
Since there may be a huge share-holdings in name of dead or aged persons having forgotten about their holdings in various companies in form of shares, debentures and other instruments, Union Ministry of CorporateNomination should be made mandatory in all DEMAT accounts. To prevent frauds, DEMAT accounts should only be available in banks and government-companies like Stock Holding Corporation of India Limited. Presently private Depository-Participants lure investors to open DEMAT accounts with them providing totally free services even offering profits on shares in DEMAT accounts opened with them leading to apprehensions about some malpractice. There should be common forms for different purposes regarding shares in any company which should be available on ready-to-fill-and-download on websites of all companies and IEPF.
—Subhash Chandra Agrawal,
1775 Kucha Lattushah, Dariba, Chandni Chowk Delhi.

 

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