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of <h1>Clause 56: Companies Bill 2011 Sets Rules for Securities Transfer; Non-compliance Leads to Fines and Potential Jail Time.</h1> Clause 56 of the Companies Bill, 2011, governs the transfer and transmission of securities. It mandates that a company can only register a transfer of securities if a properly executed and stamped instrument of transfer is delivered within 60 days, along with the relevant certificate or letter of allotment. The company may register transfers with lost instruments under certain indemnity terms. It also details the timelines for delivering security certificates and specifies that transfers by legal representatives of deceased persons are valid. Non-compliance results in fines for the company and potential imprisonment or fines for responsible officers.
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