The Securities and Exchange Board of India (SEBI) has released an addendum to its consultation paper on the regulatory framework for Registrars to an Issue and Share Transfer Agents (RTAs). This addendum, dated August 11, 2025, specifically addresses a proposed revision to the fee structure for RTAs, a topic not included in the original consultation paper. The primary proposal is to eliminate the existing categorization of RTAs and implement a uniform fee structure based on the current rates for Category-I RTAs. For existing Category-II RTAs, SEBI offers two options until their current fee block expires: they can continue their limited activities under their existing fee payment or they can choose to upgrade to perform full RTA activities by paying the fee difference on a pro-rata basis and meeting all other requirements. SEBI is soliciting public comments on these proposals, which can be submitted via email by August 28, 2025.
Securities and Exchange Board of India
August 11, 2025
Addendum – Consultation Paper: Review of Regulatory Framework for Registrars to an Issue and Share Transfer Agents (RTAs) – related to fees
1. In addition to the proposals specified in consultation paper on review of regulatory framework for RTAs dated August 07, 2025, it is also proposed to revise fees to be paid by RTAs. The same was not covered in the consultation paper. In view of the same, this addendum is being issued.
Revision in Fee Structure of RTAs:
2. The consultation paper proposes to do away with categorization of RTAs. Considering the same, it is proposed to rationalise the fee structure of RTAs.
3. The proposed fees for all RTAs would be as per the existing fee structure applicable for Category-I RTAs.
4. However, existing Category-II RTAs shall have the following options till the expiry of current fee block:
4.1 Carry on the activities of Category-II RTA only till the expiry of the ongoing fee block for which fee has been paid as applicable for Category-II RTA; or
4.2 Perform full-fledged RTA activities (i.e. even the activities currently earmarked for Category-I RTAs) as per the proposed new framework by paying the differential amount of fees on pro-rata basis, after complying with all other necessary requirements/conditions.
Public Comments:
Public comments/suggestions are solicited on the above proposals and may be submitted along with rationale, only by email to consultationmirsd@sebi.gov.in no later than August 28, 2025.
While sending the email, kindly mention the subject as “Addendum – Consultation Paper: Review of Regulatory Framework for Registrars to an Issue and Share Transfer Agents (RTAs) – related to fees”.
