Dematerialised Securities
OFS-7.5.4
As per Paragraph OFS-1.5.5,
securities issued to the public after the effective date of this Module must have an allocated ISIN and be in dematerialised form and theissuer is required to designate the clearing house, or depository facility in which suchsecurities will be deposited.January 2014OFS-7.5.5
For the purposes of Article 178 of the CBB Law and Volume 6, dematerialised
securities shall meansecurities issued and entered in the registry in an electronic format anddematerialisation means the conversion of asecurity certificate from a physical form to an electronic form forsecurities that have already been issued before the effective date of this Module.January 2014OFS-7.5.6
For the purposes of
dematerialisation , each subscriber orshareholder will have to open an account with alicensed clearing house or alicensed central depository , acceptable to the CBB, and then request fordematerialisation of his certificates through the depository.January 2014OFS-7.5.7
The dispatching of the dematerialised
securities must be done in accordance with the CSD Module and SROs business rules.January 2014OFS-7.5.8
The ownership and entitlement of allotted
securities for each subscriber or allottee is established by book entry in the register maintained by thelicensed clearing house and orlicensed central depository , rather than through the issuing of a physical share certificate.January 2014
