Whalesbook
Viji Finance Ltd. has informed shareholders about a special one-year window opened by the Securities and Exchange Board of India (SEBI) for the transfer and dematerialization of old physical shares. This initiative allows investors to regularize holdings of shares sold or purchased before April 1, 2019.
The window will operate from February 5, 2026, to February 4, 2027. Viji Finance, a non-banking financial company (NBFC) established in 1994 and formerly known as Panjon Finance Ltd., is guiding its stakeholders through this process. The company has faced regulatory scrutiny in the past; in December 2020, SEBI fined Viji Finance and 78 other entities for synchronized trading that created an artificial impression of trading volumes, violating PFUTP regulations.
Shareholders utilizing this SEBI window must note that any shares transferred will be subject to a one-year lock-in period from the registration date. During this lock-in, further transfer, lien marking, or pledge of these securities is not permitted.
This SEBI measure offers a structured opportunity for investors holding physical certificates from transactions before April 1, 2019, who may have encountered issues with transfer or dematerialization over the years due to documentation or procedural challenges.
To avail this facility, shareholders need to submit the required documents to the company's Registrar and Transfer Agent (RTA) before the February 4, 2027 deadline. Shares that are disputed or have been transferred to the Investor Education and Protection Fund (IEPF) are not eligible under this special window.
Companies similar to Viji Finance, such as Bajaj Finance, Shriram Finance, Muthoot Finance, and Cholamandalam Investment, are expected to provide similar guidance to their own investors regarding this SEBI window.
Investors should prepare the necessary documentation and follow the procedural guidelines from Viji Finance and its RTA to ensure timely submission and navigate the subsequent lock-in period.