X, a shareholder of a listed company holding 1,000 equity shares of ₹100 each on 1st January, 2019 in physical form, wants to transfer to another shareholder Y on 1st May, 2019. X is also holding Commercial Paper & C

X cannot transfer his shares to Y in physical form. SEBI has amended relevant provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to disallow listed companies from accepting request for transfer of securities which are held in physical form, with effect from April 1, 2019. The shareholders who continue to hold shares and other types of securities of listed companies in physical form even after this date, will not be able to lodge the shares with company/ its RTA for further transfer. They will need to convert them to demat form compulsorily if they wish to effect any transfer. Since X wants to transfer his shares to another shareholder Y on 1st May, 2019 i.e. after 1st April, 2019, therefore he would not be allowed to do so.