Back Custom print Link Text Only Rich Text Print

  • Dematerialisation of Securities

    • CSD-2.7.1

      A company shall, in respect of securities listed or quoted on a licensed exchange give notice to the public and its shareholders of its intention to dematerialise the securities. Any issue of such securities after this Module comes into effect shall be in dematerialised form.

      Amended: April 2016

    • CSD-2.7.2

      A listed company may from time-to-time after consultation with the licensed exchange prescribe that any security listed or quoted on the licensed exchange, or proposed to be listed or quoted on the licensed exchange, be dematerialised.

      Amended: April 2016

    • CSD-2.7.3

      On or after the dematerialisation date, every issuer of a security prescribed as a dematerialised security shall:

      (a) Surrender the physical register of securities holders to the central depository; and
      (b) Provide or instruct its registrar to provide information to the central depository of any securities holder who appears in the appropriate register as a holder of a certificate not already dematerialised by the central depository.
      Amended: April 2016

    • CSD-2.7.4

      A central depository shall maintain information of the holders of securities in a computerised record form, in accordance with the relevant provisions of Module AML (Anti-Money Laundering & Combating Financial Crime).

      Amended: April 2016

    • CSD-2.7.5

      No issuer shall after the dematerialisation date issue any certificate in respect of a dematerialised security.

      Amended: April 2016

    • CSD-2.7.6

      With effect from the dematerialisation date, a reference in respect of a dematerialised security, to:

      (a) A register of members or securities holders including branch registers, maintained by a company under the Commercial Companies Law, 2001, shall be deemed to be a reference to the record of securities holders maintained by the central depository;
      (b) A transfer of securities from a transferee shall be deemed to be a reference to a book entry transfer performed by the central depository; and
      (c) Any certificate, instrument of transfer or any movable property representing any security which is used as prima facie evidence of ownership of the security shall be deemed to be a reference to a statement of account issued by the central depository.
      Amended: April 2016