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<h1>Unlisted Companies Must Dematerialize Securities and Comply with SEBI Regulations Under the Depositories Act, 1996</h1> Unlisted public companies must issue securities in dematerialized form and facilitate the dematerialization of existing securities per the Depositories Act, 1996. Before offering securities, the holdings of promoters, directors, and key personnel must be dematerialized. Transfers or subscriptions post-October 2, 2018, require dematerialization. Companies must apply for ISINs, inform holders, and maintain deposits for fees. Compliance with SEBI regulations is mandatory. Non-compliance with fee payments restricts securities offers. Companies must submit Form PAS-6 biannually and report discrepancies in issued versus dematerialized capital. Grievances go to the Investor Education and Protection Fund Authority, which consults SEBI for actions. Exceptions include Nidhis, government companies, and wholly-owned subsidiaries.