SEBI issues circular on transmission of securities to joint holders

While noting some cases where due to counterclaim / dispute from the legal representative of one of the deceased holder, the RTAs have not effected transmission to the surviving joint holder(s), the SEBI has issued a circular advising RTAs to comply with the provisions of the Companies Act, 2013 and transmit securities in favour of surviving Joint holder(s), in the event of demise of one or more joint holder(s), provided that there is nothing contrary to the same in the Article of Association of the company.