Circular titled “Common and Simplified Norms for processing investor’s service request by RTAs and norms for furnishing PAN, KYC details and Nomination” has been issued by SEBI on November 03, 2021 vide number SEBI/HO/MIRSD_RTAMB/CIR/2021/655.
As per the circular, it shall be mandatory for all shareholders of the Bank holding securities in physical form to furnish the following documents/details to the Registrar and Share Transfer Agent, M/s KFin Technologies Private Limited (RTA):
Nomination for all eligible folios.
Details of nomination details shall be furnished in hard copy or through electronic mode with e-signature, separately for each company, as follows:
- Nomination through Form SH-13 as provided in the Rules 19(1) of Companies (Shares capital and debenture) Rules, 2014 or
- Declaration to Opt out, as per Form ISR-3.
- In case of cancellation of nomination by the holder(s) through Form SH-14, then Declaration to Opt- out’ shall be provided by the holder(s).
- Shareholder(s) can change their nominee through Form SH-14.
Contact details: Postal address with PIN, Mobile number, E-mail address
RTA shall obtain the folio number from the mobile number and E-mail address provided by the holder, so as to validate the same.
Bank account details (bank name and branch, bank account number, IFS code)
Upon receipt or updation of bank details, the RTA shall suo-moto, pay electronically, all the moneys of / payments to the holder that were previous unclaimed / unsuccessful.
Further, the folios wherein any one of the cited document / details are not available on or after April 01, 2023, shall be frozen by the RTA. The securities in the frozen folios shall be:
- eligible to lodge grievance or avail service request from the RTA only after furnishing the complete documents / details as aforesaid.
- eligible for any payment including dividend, interest or redemption payment only through electronic mode and an intimation from the RTA to the holder that the aforesaid such payment is due and shall be made electronically upon complying with the requirements as aforesaid.
- referred by the RTA / Bank to the administering authority under the Benami Transactions (Prohibitions) Act, 1988 and or Prevention of Money Laundering Act, 2002, if they continue to remain frozen as on December 31, 2025.
- The RTA shall revert the frozen folios to normal status upon:
- receipt of all the aforesaid documents/details cited above or
- dematerialization of all the securities in such folios
Further, it is reiterated that The Central Board of Direct Taxes (CBDT), vide Notification S.O. 3814(E) dated September 17, 2021, has extended the date for linking PAN with Aadhaar number to March 31, 2022. SEBI issued advising:
- intermediaries to accept only valid PANs from this aforesaid date, while opening new accounts.
- existing investors to link their PAN with their Aadhaar number by the date specified by CBDT.
Accordingly, from March 31, 2022 or any other date as may be specified by the CBDT, RTAs shall:
- accept only valid PANs and
- also verify that the PAN in the existing folios are valid; i.e. whether it is linked to the Aadhaar number of the holder.
In this regard, the RTAs may use of the PBV facility from the service providers of ITD.
The folios in which PANs is / are not valid as on the notified cut-off date of March 31, 2022 or any other date as may be specified by the CBDT, shall also be frozen, as detailed above.
The SEBI Circular along with the relevant forms is placed as Annexure-I.
For any further queries feel free to mail the Share Department of Jammu and Kashmir Bank at the email id firstname.lastname@example.org or get in touch with Mr. Ain Altaf Kamili on 0194-2483775.