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With regard to shares of Yes Bank Limited held in the beneficiary accounts of Mirae Asset Sharekhan, the reader must be aware of the reconstruction scheme of Yes Bank, which was announced late evening on March 13, 2020, with an implementation date of March 16, 2020.

The scheme basically restricted existing shareholders to sell only up to 25% of their Yes Bank holdings as on March 13, 2020. The balance was to be locked for a period of three years.

This was done by converting shares with the old ISIN into ones with new ISINs. While allotting the new ISIN, 75% shares were locked and 25% were kept free.

While performing this process for Yes Bank shares in the demat accounts maintained by brokers, two different processes were followed by regulators:

1. For Collateral / Margin / Margin Funding Account:
   75% shares were locked and 25% were kept free in new ISIN. Accordingly, we have displayed 25% of the shares in your account in our reports and the other 75% have not been displayed (since they are not sellable).
2. Pool Account / Client Unpaid Securities Account (CUSA):
   100% shares were locked in the old ISIN and we were not permitted to transfer shares into the client’s demat account. Accordingly, we have been unable to display these shares in our reports of your account (since they are not sellable).

To repeat, since these shares are in locked status and non-sellable, it is not visible in any of the reports.

Note that we are constantly in touch with regulators through our association of brokers to allow us to release these shares to actual owners/shareholders.

Your Yes Bank shares (if any) are held with Mirae Asset Sharekhan as a custodian and they will be released as soon as they are unlocked.

We will also update you on any development in this regard.

Warm Regards,
Team Mirae Asset Sharekhan