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<h1>Dematerialisation requirement: unlisted companies must issue and maintain securities in dematerialised form and obtain ISINs before offers.</h1> Unlisted public companies must issue securities only in dematerialised form and facilitate dematerialisation of existing securities; before offers, buybacks, bonus or rights issues promoters', directors' and key managerial personnel holdings must be dematerialised. Companies must apply to a depository, obtain ISINs, inform security holders, pay admission and annual fees, maintain a minimum security deposit with the depository and registrar-to-an-issue and share transfer agent, and comply with depository and related regulations. Defaults bar further offers until cured. Companies must file prescribed half-yearly certification (Form PAS-6) and notify depositories of capital discrepancies; grievances lie with the Investor Education and Protection Fund Authority. Exemptions apply for Nidhi, Government companies and wholly owned subsidiaries.