非实物化流程 | 私营公司及非上市公众公司的新规要求

此前，股份非实物化（dematerialisation）的概念仅适用于上市公司，允许股东通过非实物化账户持有股份。然而，根据2023年10月27日的通知，印度企业事务部（MCA）已将此要求扩展至非上市公众公司及私营公司，特定情况除外。

对于证券非实物化，公司必须遵循相关程序，以允许股东以非实物化形式持有股份。

本文探讨了股份非实物化所需遵循的程序：

1. 公司和股东应遵循什么程序来完成股份非实物化？

公司和股东需采取以下简便步骤进行证券非实物化：

1. 为公司发行的所有现有证券获取国际证券识别编码（ISIN）；
2. 在收到股东请求时，以非实物化形式提供股东证券；
3. 公司须在2024年9月30日前完成非实物化程序；

延伸阅读： 非上市公众公司提交PAS-6表格以进行股份资本审计对账报告

2. ISIN分配程序是什么？

2.1 存管机构与存管参与者的概念

• 存管机构是一个以非实物化形式持有证券（股票、优先股、债券、债权证等）的组织。在印度，NSDL和CDSL是两家政府注册的存管机构。它为电子形式的证券存储和交易提供便利。
• 此类股份通过存管参与者以非实物化形式持有。

• 存管参与者是公司与存管机构之间的注册中介，通过连接投资者与印度存管机构来促进交易流程。
• 存管参与者必须满足印度证券交易委员会（SEBI）及存管机构规定的净资产标准。
• 印度有许多存管参与者，例如Zerodha、Sharekhan、Groww等。

2.2 委任注册及股份过户代理人（RTA）

• RTA作为公司与存管机构（NSDL/CDSL）之间的中介，负责促进非实物化及发行人开展的公司行动。
• RTA代表公司向存管机构提交ISIN编码分配申请。
• 此外，它还负责核实从存管参与者处收到的股份非实物化请求，并将其转发给公司。

2.3 什么是ISIN？

• ISIN是一个分配给任何证券的唯一12位字母数字识别码。例如：INE081A01020。
• 不同的证券分配不同的ISIN，即如果一家公司拥有全额缴付股款的普通股、部分缴付股款的普通股、优先股、债权证等，则每种证券都应分配不同的ISIN。
• 因此，如果一家私营公司拥有不同类别的股份，则应在截止日期前为所有证券申请ISIN。

2.4 ISIN分配流程

• ISIN分配申请需由RTA代表公司向存管机构提交。
• 公司申请ISIN分配时需提交以下文件：
  • 授权任何董事或其他人签署ISIN分配文件的董事会决议；
  • 净资产证明；
  • ISIN激活表；
  • 由公司、RTA和NSDL/CDSL签署的三方协议。各相关方（包括存管参与者、RTA和发行人）均需签署三份协议副本。
  • 经审计的财务报告及签署的审计报告。
  • GST（商品及服务税）证书。
  • 组织大纲及章程（MOA/AOA）以及公司注册或转换证书。

2.5 ISIN分配的适用费用是多少？

对于ISIN分配，公司需支付以下费用：

1. RTA费用（按RTA报价），
2. CDSL/NSDL入会费（一次性）（基于实缴股本）
3. CDSL/NSDL年度托管费（基于实缴股本）
4. 保证金

3. Process of Dematerialisation of Shares

The shareholder and the company are required to follow the below-mentioned procedure for dematerialisation of securities:

3.1 Meaning of dematerialisation of shares

Dematerialisation is the process through which physically held shares are converted into electronic form and transferred to the Demat account of the shareholder. Dematerialisation only results in the conversion of the form of holding (from physical certificate to electronic share certificate).

3.2 Process of dematerialisation of shares?

• For dematerialisation, the shareholders are first required to open a Demat Account. If a shareholder is already having a Demat Account then no different account is required to be open.
• Then the shareholder shall fill out a “Dematerialisation Request Form” (DRF) and shall submit the same to the depository participant along with a physical copy of the share certificate.
• Such request shall be forwarded by the DP to the concerned issuer company or the RTA of the company for further processing.
• Once the confirmation is received from the Company or the RTA, the DP shall credit such securities in the Demat account of the shareholder.

Source: NSDL FAQs

3.3 What are the pre-conditions for dematerialisation of shares?

The following are prerequisites for dematerialisation of shares:

• Shares should be registered in the name of the shareholder in the record of the company or its RTA.
• The Company must have obtained the ISIN for such securities
• Shares must be free from any lien charge or encumbrance.

4. Other Issues

4.1 Can a private company issue shares in physical form?

• The due date for conversion of shares in Demat form is 30th September 2024. 
• Therefore, the company can issue shares in physical form till 30th September 2024 in physical form. However, such shares should be dematerialised by the due date.
• After 30th September 2024, the company shall be allowed to issue the shares in dematerialised form only.

4.2 Can new shares be issued in dematerialised form if the process is still not completed for existing shares?

• As per Rule 9B of PAS Rules, the company shall be allowed to issue new shares post-due only if the promoters, directors, and key managerial personnel have dematerialised their holding.
• The new shares are required to be issued in dematerialised form.

4.3 What are the penal provisions for non-compliance?

• No specific penalty is provided for the validation of demat provisions. Therefore, a general penalty clause, i.e., Section 450 of the Act will apply. 
• As per Section 450 of the Act, on the company and every officer in default, the following amount of penalty shall be levied:
  • INR 10000/-
  • In case of continuing contravention, a further penalty of INR 1000/- per day during which default continues

• Maximum penalty shall be levied of INR 2,50,000 in case of a company and INR  50,000 in case of an officer in default

5. Conclusion

Dematerialisation is a new concept for private companies, and the entire process of obtaining ISIN and dematerialising shares is time-consuming. Therefore, companies are required to initiate the process well in advance so that compliance can be completed by the due date.