JK Bank Issues Important Notices for Customers

JK Bank Issues Important Notices for Customers

JK Bank has issued vital notices for its customers concerning the dematerialisation of shares. This move aims to enhance the safety, convenience, and accessibility of shareholding while eliminating the risks associated with physical shares, such as loss, forgery, or misplacement.

For shareholders holding shares in physical form, the bank urges them to dematerialise their holdings to ensure seamless transfer, safety, and cost efficiency.

Depending on whether the shareholder already possesses a Demat account or intends to open a new one, the process involves the following steps:

Shareholders without Demat Account:

Shareholders are advised to open a Demat account with a Depository Participant (DP) registered with NSDL and/or CDSL. Alternatively, they can open an account with the subsidiary of the Bank by visiting any nearest branch or JKB Financial Services Limited. The demat account can also be opened online via the website of JKB Financial Services Limited.

After opening the Demat account, shareholders will receive a Client Master List containing details such as Demat account number, name, address, contact details, etc.

Shareholders must then submit physical share certificates along with the Dematerialisation Request Form (DRF) to their respective DP.

The DP will inform the Registrar & Transfer Agent (RTA) of the Bank about the request submitted by the shareholders.

Subsequently, the DP will submit the share certificates and DRF to the RTA of the Bank.
Upon validation of the request, the RTA will update the Register of Members and confirm to the Depository.
The Depository will credit the DP’s account, followed by the credit of respective Demat accounts.

Shareholders with Demat Account:

Shareholders holding a Demat account need to submit physical share certificates along with the Dematerialisation Request Form (DRF) to their respective DP.
The DP will inform the RTA of the Bank about the request submitted by the shareholders.
Similarly, the DP will submit the share certificates and DRF to the RTA of the Bank.
Upon validation, the RTA will update the Register of Members and confirm to the Depository.
The Depository will credit the DP’s account, followed by the credit of respective Demat accounts.

The Securities and Exchange Board of India (SEBI) has mandated that all requests for transfer of securities received after December 5, 2018, shall not be processed by the listed entity unless the securities are held in dematerialized form.

Additionally, certain operations related to securities shall be carried out only in demat form as per SEBI circular dated May 25, 2022.

JK Bank encourages its shareholders to adhere to these guidelines for a seamless and secure shareholding experience.