Instrument of transfer: mandated Form 7BB standardises OTC and not for profit company share transfer and CR procedures. The amendment inserts sub-rule (2A) to rule 5A requiring that an instrument of transfer for companies listed with the OTC Exchange of India and companies registered under section 25 be in Form 7BB. Form 7BB prescribes a Counter Receipt & Transfer Form capturing transaction, counter and investor details, transferor/transferee particulars, attestation and lodging data, and sets contractual terms: applicability of Exchange rules, brokerage and transaction fees, CR exchangeability, first-holder authority, transfer without company reference within prescribed limits, custody risk allocation, consequences for dishonoured payment or invalid documents, and arbitration and jurisdiction provisions.
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Instrument of transfer: mandated Form 7BB standardises OTC and not for profit company share transfer and CR procedures.
The amendment inserts sub-rule (2A) to rule 5A requiring that an instrument of transfer for companies listed with the OTC Exchange of India and companies registered under section 25 be in Form 7BB. Form 7BB prescribes a Counter Receipt & Transfer Form capturing transaction, counter and investor details, transferor/transferee particulars, attestation and lodging data, and sets contractual terms: applicability of Exchange rules, brokerage and transaction fees, CR exchangeability, first-holder authority, transfer without company reference within prescribed limits, custody risk allocation, consequences for dishonoured payment or invalid documents, and arbitration and jurisdiction provisions.
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