{"id":101004,"date":"2020-10-12T09:46:00","date_gmt":"2020-10-12T09:46:00","guid":{"rendered":"https:\/\/legalwindow.in\/?p=101004"},"modified":"2022-04-25T13:23:44","modified_gmt":"2022-04-25T07:53:44","slug":"procedure-of-transfer-of-equity-shares-in-india","status":"publish","type":"post","link":"https:\/\/www.legalwindow.in\/blog\/procedure-of-transfer-of-equity-shares-in-india\/","title":{"rendered":"Procedure of Transfer of Equity Shares in India"},"content":{"rendered":"\r\n<p style=\"text-align: justify;\">Shareholders are the real owners of the company, and they appoint Directors to manage the affairs of the company. Shares of the company held by shareholders are movable property and freely transferable to the other person or entity. As the number of shares decides the percentage of ownership by the shareholder, transferring of shares leads to transferring of ownership by a shareholder.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">Transferability of shares of a private company is indeed restricted as mentioned in their Articles of Association because of protection of rights of the small group of investors. While shares of the public company are freely transferable.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"538\" class=\"wp-image-101006\" title=\"Procedure of Transfer of Equity Shares in India\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/All-you-need-to-know-about-Franchise-Agreement-og-8-1-1024x538.png\" alt=\"Procedure of Transfer of Equity Shares in India\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/All-you-need-to-know-about-Franchise-Agreement-og-8-1-1024x538.png 1024w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/All-you-need-to-know-about-Franchise-Agreement-og-8-1-600x315.png 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/All-you-need-to-know-about-Franchise-Agreement-og-8-1-300x158.png 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/All-you-need-to-know-about-Franchise-Agreement-og-8-1-768x403.png 768w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/All-you-need-to-know-about-Franchise-Agreement-og-8-1.png 1200w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Meaning<\/strong><strong> of Transfer of Shares<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">Transfer of shares means the voluntary handing over of the rights and possibly, the duties of a member (as represented in a share of the company) from a shareholder who wishes to not be a member in the company any more to a person who wishes of becoming a member. Thus, shares in a company are transferable like any other movable property in the absence of any expressed restrictions under the articles of the company.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Parties Involved in the Process of Transfer of Shares<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p>The Parties involved in the process of Transfer of Shares are as follows:<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">Subscribers to the MOA (Memorandum of Association);<\/li>\r\n<li class=\"lists\">Legal Representatives or LR of the deceased;<\/li>\r\n<li class=\"lists\">Transferee;<\/li>\r\n<li class=\"lists\">Transferor;<\/li>\r\n<li class=\"lists\">Company (Whether Listed\/ Unlisted);<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Laws <\/strong><strong>Governing Transfer of Equity Shares<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li>The\u00a0 Section\u00a056\u00a0of the\u00a0Companies Act 2013\u00a0acts as the\u00a0Governing Laws\u00a0for the\u00a0Transfer of Shares. As per this section\u00a0securities\u00a0are\u00a0movable property\u00a0and are\u00a0eligible\u00a0to be\u00a0transferred subject to the provisions\u00a0of the\u00a0Articles of Associations. Therefore, a shareholder has a right to freely transfer his\/ her shares to anyone.<\/li>\r\n<li>Further,\u00a0Rule 11\u00a0of the\u00a0Companies (Share Capital and Debentures) Rules 2020\u00a0and the\u00a0provisions\u00a0given under\u00a0Model AOA in Table F of Schedule I\u00a0act as the governing laws as well.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">However, it shall be relevant to note that only the\u00a0shareholders of a\u00a0registered public limited company\u00a0have the\u00a0right to transfer their shares. That means the\u00a0shareholders\u00a0of a\u00a0Private Limited Company\u00a0do not have the right to transfer their shares.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Documents Required for Transfer of Equity Shares<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p>The\u00a0documents required\u00a0for\u00a0Transfer of Equity Shares\u00a0are as follows:<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<ol class=\"wp-block-list\" type=\"1\">\r\n<li>Notice sent by the Transferor to the Company;<\/li>\r\n<li>Board Resolution (BR) passed for considering the Notice sent by the Transferor to Company;<\/li>\r\n<li>Letter of Offer given by the Company to its Existing Shareholders;<\/li>\r\n<li>Dissent Letter from the Existing Shareholder;<\/li>\r\n<li>Share Transfer Deed in MCA Form SH 4 together with the Stamp Duty paid;<\/li>\r\n<li>Share Certificates;<\/li>\r\n<li>Board Resolution (BR) passed for registering Transfer of Shares;<\/li>\r\n<\/ol>\r\n<h3><a href=\"https:\/\/legalwindow.in\/share-transfer\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-103908 size-full\" src=\"https:\/\/legalwindow.in\/wp-content\/uploads\/Share-tranfer-1.jpg\" alt=\"Transfer Shares\" width=\"1000\" height=\"200\" srcset=\"https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Share-tranfer-1.jpg 1000w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Share-tranfer-1-600x120.jpg 600w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Share-tranfer-1-300x60.jpg 300w, https:\/\/www.legalwindow.in\/blog\/wp-content\/uploads\/Share-tranfer-1-768x154.jpg 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><\/h3>\r\n<h3><strong>Procedure for transfer of shares as per the Companies Act, 2013<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\" type=\"1\">\r\n<li class=\"lists\">Firstly, the transfer deed needs to be obtained in the prescribed form i.e. Form SH-4, endorsed by the prescribed authority.<\/li>\r\n<li class=\"lists\">The instrument of transfer may not be in the prescribed form (Form SH-4) in the following cases:-<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<p>a. Where a director or nominee transfers shares on behalf of another body corporate under section 187 of the Companies Act, 2013;<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>b. Where a director or nominee transfers shares on behalf of a corporation owned or controlled by the central or state Government;<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>c. Shares transferred by way of deposit as a security for repayment of any loan or advance If they are made with any of the following:-<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>i. State Bank of India; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>ii. Any scheduled bank; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>iii. Any other banking company; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>iv. Financial Institution; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>v. Central Government; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>vi. State Government; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>vii. Any corporation held by the Central or State Government; or<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>viii. Trustees who have filed the declarations.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p>d. For transferring debentures, a standard format can be used as the instrument of transfer.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">Get the Articles of Association in case of shares, trust deed in the case of debentures and transfer deed registered either by the transferor and the transferee or on their behalf in accordance with the provisions of the Companies Act, 2013.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">According to Indian Stamp Act and stamp duty notification in force in the state concerned, the transfer deed should need to have stamps. The present stamp duty rate for transfer of share is 25 paise for every one hundred rupees of the value of the share or part thereof. That means for shares valued Rs. 1050, the stamp duty will be Rs. 2.75.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">Check that the stamp affixed on the transfer deed is cancelled at the time of or before the signing of the transfer deed.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">A person who gives his signature, name and address as approval for transfer must see the transferor and the transferee sign the share\/debentures transfer deed in person.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">The relevant share\/debenture certificate or allotment letter with the transfer deed must be attached and sent to the company.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">In case the application made by the transferor, is for partly paid shares, the company has to duly notify the amount due on shares\/debentures to the transferee. Also, a no objection from the transferee is required within two weeks from the date of receipt of the said notice.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\">\r\n<li class=\"lists\">Affix the same value stamp on a written application if signed transfer deed has been lost. In this case, the board may register the transfer on specific terms of indemnity as it thinks fit.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<ul class=\"wp-block-list\" type=\"1\">\r\n<li class=\"lists\">If the shares of the company are listed in a recognized stock exchange, then the company cannot charge any fee for registration of transfers of shares and debentures.<\/li>\r\n<\/ul>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Provisions relating to Stamp Duty<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">As per <a href=\"https:\/\/en.wikipedia.org\/wiki\/Companies_Act_2013\" target=\"_blank\" rel=\"noopener\">Companies Act, 2013<\/a> transferability of shares should be duly stamped, and stamp duty is paid by the seller of the shares.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">Finally, every company, unless prohibited, shall issue within one-month certificates of shares transferred after the application for the registration of transfer of such shares is received.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Time Limit on Issuing Share Transfer Certificate<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">One has to deliver all the share transfer certificates by the company within a period of one month from the date of receipt of the share transfer agreement or the share transfer certificate by the company.\u00a0Unless the company can&#8217;t deliver due to an order of the Court or instruction by other authorities.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>P<\/strong><strong>enalty for Non Compliance<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">Where any default is made in complying with the provisions related to transfer of shares, the company shall be punishable with fine which shall not be less than Rs. 25,000\/- but which may extend to Rs. 5,00,000\/- and every officer of the company who is in default shall be punishable with fine which shall not be less than Rs. 10,000\/- but which may extend to Rs. 1,00,000\/<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<h3><strong>Conclusion<\/strong><\/h3>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">In a nutshell, the \u201cTransfer of Securities\u201d denotes a process in which a\u00a0shareholder\u00a0or a\u00a0member\u00a0of a company\u00a0voluntarily handover\u00a0his\/her\u00a0shares back\u00a0to the\u00a0company. In other words, a\u00a0shareholder\u00a0decides to\u00a0terminate\u00a0his\/ her\u00a0shareholding\u00a0in a company.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">Further, the\u00a0Section\u00a056\u00a0of the\u00a0Companies Act 2013\u00a0acts as the\u00a0Governing Laws\u00a0for the\u00a0Transfer of Shares. Moreover, only a\u00a0public company\u00a0is allowed to\u00a0transfer its shares.<\/p>\r\n<p>\r\n\r\n<\/p>\r\n<p style=\"text-align: justify;\">In case of any other doubt, reach out to\u00a0Legal Window, our experts will not only give a\u00a0lucid understanding\u00a0but will assist you in the process of\u00a0Transfer of<a href=\"https:\/\/legalwindow.in\/an-outlook-on-issue-of-sweat-equity-shares-by-the-startups\/\"> Equity Shares<\/a>\u00a0as well.<\/p>\r\n<p><\/p>","protected":false},"excerpt":{"rendered":"<p>Shareholders are the real owners of the company, and they appoint Directors to manage the affairs of the company. Shares of the company held by shareholders are movable&hellip;<\/p>\n","protected":false},"author":4,"featured_media":101005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-101004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company-law"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Procedure of Transfer of Equity Shares in India &#187; Legal Window<\/title>\n<meta name=\"description\" content=\"Step by Step Procedure of Transfer of Equity Shares in India. 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