Securities and Exchange Board of India (SEBI) vide its circular dated 11th February, 2019 under Section 11(1) of SEBI Act, 1992 read with regulation 101 and 102 of the Listing Obligations and Disclosure Requirements (LODR), addresses the difficulties faced by investors in transfer of physical shares as many of the non-residents do not possess PAN card. Therefore, it has provided relaxation from requirement to furnish a copy of PAN for transfer of equity shares of Listed entities executed by non- residents. Relaxation shall be available for transfer executed after 1st January, 2016 and shall only be available to non commercial transactions i.e. transfer by way of gift among immediate relatives.. The non- resident shall provide copy of an alternate valid document to ascertain identity as well as the non resident status.
Content of this Circular is attached below:-
