India:
Model Tripartite Agreement For Appointment Of Share Transfer Agents
08 June 2023
Stratage Law Partners
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SEBI vide a circular dated May 25, 2023 (available here)
("Circular"), has notified the
following:
- SEBI has prescribed a format for a model tripartite
agreement to be executed by a listed company, in the
event of change of the Share Transfer
Agent ("STA").
- The said agreement would be executed between the
existing STA, the new
STA and the listed company,
as required under the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015.
- The model tripartite agreement sets
out the responsibilities of the listed
company, the existing STA,
and the new STA, along with a checklist
of records, data and documents to be handed over by the existing
STA to new STA.
- STAs and listed companies are required to
publish the format of the
tripartite agreement on their
respective websites.
- STAs are required to submit proof of
compliance with the Circular to SEBI via email by
June 1, 2023, along with a link to their website
containing the format of the said agreement.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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