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of <h1>Regulator mandates standard reason code TLH for nominee-to-legal-heir securities transfers to tax authority, effective January 1, 2026</h1> The regulator directs registrars, listed issuers, depositories and depository participants to adopt a standard reason code 'TLH' (Transmission to Legal Heirs) when reporting nominee-to-legal-heir securities transmissions to the tax authority, to prevent inappropriate capital gains withholding on transfers statutorily treated as exempt. Procedural requirements under existing listing and registrar rules remain unchanged. Entities must update systems and implement the change from January 1, 2026. The measure follows a working group recommendation after consultations with the tax authority and aims to streamline transmission processes and reduce refund-related inconvenience for nominees.
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