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of <h1>SEBI Circular: Committees to Oversee Erroneous Demat Transfers, Waives OTPs for Reversals, Effective January 1, 2024.</h1> The Securities and Exchange Board of India (SEBI) issued a circular addressing the reversal of erroneous transfers in demat accounts. SEBI received feedback regarding difficulties with obtaining One Time Passwords (OTPs) for such reversals. To address this, SEBI mandates that depositories establish committees to review and decide on erroneous transfers, exempting OTP requirements for reversals. These committees will provide hearings for involved parties and make decisions based on documented evidence. Depositories must also implement systems to verify beneficiaries before off-market transfers and ensure compliance with these guidelines. The provisions are effective immediately, with specific requirements starting January 1, 2024.
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