Erroneous transfer reversal: OTP exemption permitted after committee review, with hearing, written reasons, and email notification to transferee. Establishes an operational mechanism permitting exemption from OTP for reversal of erroneous demat transfers, requiring depositories to form internal and joint committees headed by a Public Interest Director (minimum three members). Committees must examine documentary evidence, give both parties a hearing, record written reasons, and decisions must be acted upon with email notification to the transferee. Depositories must also implement beneficiary add-and-verify facilities, amend bye-laws, publish SOPs, and report implementation status to the regulator.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Erroneous transfer reversal: OTP exemption permitted after committee review, with hearing, written reasons, and email notification to transferee.
Establishes an operational mechanism permitting exemption from OTP for reversal of erroneous demat transfers, requiring depositories to form internal and joint committees headed by a Public Interest Director (minimum three members). Committees must examine documentary evidence, give both parties a hearing, record written reasons, and decisions must be acted upon with email notification to the transferee. Depositories must also implement beneficiary add-and-verify facilities, amend bye-laws, publish SOPs, and report implementation status to the regulator.
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