Security and exchange Board of India SEBI has fixed 05.12.2018 as date from which shares of companies will not be allowed to be transferred in physical form. But still there is a very large number of old share-holders who are not aware of SEBI decision. SEBI should extend the deadline till say 31.03.2018 but with regular and adequate media-publicity. Even all companies should be directed to inform individual share-holders to intimate about the decision both in Hindi and English so that aged ones specially may be able to transfer their holdings in physical form to their near ones or sell without requiring cumbersome procedure of Dematerialization DEMAT of shares. DEMAT accounts must have compulsorily nomination unless in joint names with DEMAT accounts allowed only in banks and public-sector companies like Stock Holding Corporation of India Limited to avoid frauds through private depository-participants.
All companies should also be directed to put on website details of share-holders who have not got shares dematerialized. Companies should also be directed to put regularly updated details of share-holders along with their holdings and unclaimed dividends transferred to Investor Education Protection Fund IEPF of Union Ministry of Corporate Affairs. Also IEPF should follow the same by putting such regularly updated details on its website. IEPF should revert back share-holdings and dividends in a time-bound period of lodging claim. Presently such revert-back is not done despite repeated visits to IEPF office at Jeevan Vihaar Building, Parliament Street, New Delhi where excuse is given about inadequate staff to deal with heavy incoming of postal-articles daily.
MADHU AGRAWAL