TMI BlogInordinate delay in registering transfers, endorsing calls, sub‑dividing and consolidating share certificates and returning defective documentsX X X X Extracts X X X X X X X X Extracts X X X X ..... delay in registering transfers, endorsing calls, sub ‑ dividing and consolidating share certificates and returning defective documents 1. It has been brought to the notice of Government that an inordinately long time is taken by companies listed on recognised stock exchanges when shares are lodged with them for various matters like transfer and registration, or for endorsement of call ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onverted into cash are of utmost importance from the point of view of investors. The listing regulations specifically prescribe a maximum period of one month for return of documents by listed companies. In the interest of investors, documents should be returned to them much earlier as, for instance, is the case in the USA and the UK where it does not take more than a few days. 3. Government is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ties are not penalised and buying‑in and selling‑out are avoided. It is equally undesirable that, when documents are found to be defective or not in order on presentation to the company, they should not be returned forthwith to the parties concerned. The delay of weeks and at times of months which frequently occurs makes it difficult to rectify the documents in time and creates avoid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt and that in any case it is mandatory on them under the listing agreement to do so within a month; b. that documents should be scrutinised by listed companies promptly on presentation, and if found to be defective or not in order, they should be returned forthwith to the parties concerned, and in any case, expeditiously within a week, with a memo clearly stating the nature of the defect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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