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Financial Markets Act, 2012 (Act No. 19 of 2012)

Chapter IV : Custody and Administration of Securities

Uncertificated securities

34. Duties of issuer of uncertificated securities

 

An issuer of uncertificated securities must—

(a) record in its securities register the total number and, where applicable, the nominal value of each kind of uncertificated securities issued by it;
(b) maintain separate records for each central securities depository holding uncertificated securities unless all those securities are held by one central securities depository;
(c) if required by section 36(1), record the name of that central securities depository or its wholly owned subsidiary as the registered holder of the uncertificated securities;
(d) balance and reconcile with a central securities depository the total number and, where applicable, the nominal value of each kind of uncertificated securities issued by it and recorded in its securities register—
(i) if the register has not changed, not less than once every month;
(ii) if the register has changed, on the business day after such change; and
(e) where applicable, comply with Chapter II, Part E and Part F of the Companies Act.