Muthoot Securities, Group Company of The Muthoot Group announced that it will help people to transfer their physical shares into demat for free. As per SEBI notification, after 5th December 2018, unless the securities are held in the dematerialized form with a depository, the securities cannot be transferred to another person. Consequently, for affecting any transfer, the securities shall mandatorily require to be in Demat form.
According to George Alexander Muthoot, Managing Director, The Muthoot Group, “Currently, approximately only 3 crore people have demat accounts. There are majority of shareholders still un-tapped that hold securities of listed companies in physical form, senior citizens being a large part of it.”
He further added, “Muthoot Securities being a Depository Participant of NSDL and CDSL has arranged to provide required customer assistance and support for conversion of such physical share certificates to electronic form, free of cost, for a period till 30th November 2018.”
Dematerialization request need to be submitted to Registrar and Transfer Agent (RTA) through the customer’s DP. RTA will process it within 21 working days. The charges for converting the physical to demat form will include postage charges of Rs.50/- plus GST upto 5 certificates and thereafter Rs.10/- per certificate. We are providing the service for free of cost. To avail the services one can go to any of the Muthoot Finance or Muthoot Securities offices present across India.
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