The key proposal is to introduce an activity-based regulation that would split the oversight of RTAs. Under this new framework, SEBI would regulate services provided to listed companies, while the Ministry of Corporate Affairs (MCA) would oversee services for unlisted companies, ensuring regulatory protection for all investors. It also suggests doing away with the existing categorization of RTAs (Category-I and Category-II) and establishing a single, uniform category called ‘Registrar & Transfer Agent’ with a standardized minimum net worth of ₹50 lakh. The feedback/ comments from stakeholders are invited.