Dematerialization requirement enables shift from Trade for Trade to Rolling Settlement when majority non promoter holdings are dematerialized. The circular permits shifting listed securities to normal Rolling Settlement where companies have established connectivity with both depositories, subject to the condition that a majority of non promoter holdings are held in dematerialized form. Certification of dematerialisation must be provided by the Registrar and Transfer Agent or, if none exists, by a practicing Company Secretary or Chartered Accountant. Exchanges must ensure no other grounds justify continued Trade for Trade Settlement and must report the action taken in their periodic development reports.