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Overview of SEBI Regulations for Registrars and Transfer Agents

The SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 notified on May 31, 1993 have served as one of the important fundamental regulatory framework for the Indian securities market. With the technological developments, the way in which securities are issued, held, and transferred is now fundamentally different. Registrars to an Issue and Share Transfer Agents (RTAs) are key to this process. Further, the number of securities held in physical form has been going down consistently after the introduction of dematerialization of securities. It may be mentioned that the number of physical shareholding is less than 1% of the total holding as on March 31, 2025. Role of RTAs has further reduced in view of the fact that securities are issued only in dematerialized form. In response to this changing landscape, SEBI undertook a comprehensive review of RTA regulations, 1993 resulting in notification of SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 2025 on December 16, 2025.