SEBI replaces requirements of ‘Notary Attestation’ with ‘Self Attestation’ in various Regulations

Introduction

On 28th November 2024, the SEBI issued the SEBI (Attestation of Documents Amendment) Regulations for replacing the requirements of attestation by a notary with the process of self – attestation. The objective of the amendment is to simplify the process of submissions and filing though the term ‘self – attestation’ has not been defined under the regulations and is bound to raise ambiguities as to whether a digital signature is a valid form of self-attestation.

Major Changes introduced through the Regulation

There are various key changes that have been introduced through the amendment which are as follows:

• Through the amendment, the mandatory condition of attestation by a notary have been replaced with self – attestation in Form – A of the First Schedule of the SEBI (Custodian) Regulations 1996 along with in Form – A of the First Schedule in SEBI (Credit Rating Agencies) Regulations 1999 and numerous other regulations.
• The requirement of attestation by an authorised notary has been replaced with self – attestation in Forms A, C and F in the First Schedule of the SEBI (Participants and Depositories) Regulations 2018.
• Regulation 42(2) of the SEBI (Delisting of Equity Shares) Regulations 2021 has also been amended in order to provide that the application to be filed for seeking has to be made after self – attesting as opposed to the earlier requirement of being supported by a duly sworn affidavit.
• The amendment has also amended the erstwhile requirement in the format for undertakings and waivers in Part C of the Schedule I of the SEBI (Settlement Proceeding) Regulations 2018 whereby the required undertakings by the applicants need to be submitted along with a self – attested regulation.
• The amendment has amended the Regulation 11(3) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011 in order to provide that for seeking exemptions as mentioned under Regulations of 2011, a self attested application is mandatorily needed to be filed with the board. Under the previous requirements, the application had to be accompanied with a duly sworn affidavit.

Conclusion and Way Forward

The present amendment has simplified the process for attestation across numerous regulations of the SEBI by replacing the notarized or sworn affidavits with self – attested documents. These changes have aimed to enhance efficiency and reduce the compliance burdens upon the market participants by eliminating the need of notary or affidavit support in the process of documentation.

Under the present scheme, the participants need to provide a self-attested copy of documents for various applications and forms which are submitted to the SEBI. The amendment also provides a reflection of SEBI’s ongoing consistent efforts towards streamlining the process of various regulatory compliances and making them more accessible. Last but not the least, the amendment is also a positive step towards increasing the ease of doing business in India and remove the obstacles which led to red – tapism and delays in the procedures in the country.