Muthoot Securities has announced that it will help people to transfer their physical shares into demat for free.
As per SEBI notification, after December 5, unless the securities are held in the dematerialised form with a depository, the securities cannot be transferred to another person. Consequently, for effecting any transfer, it is mandatory that the securities should be in demat form.
Currently, approximately 3 crore people have demat accounts. There are still many shareholders that hold securities of listed companies in physical form, senior citizens being a large part of it, said George Alexander Muthoot, Managing Director, The Muthoot Group.
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, until November 30, he said.
Dematerialisation request need to be submitted to the 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 ₹50 plus GST up to 5 certificates and thereafter ₹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 the country.