The notification consolidate and replace existing framework, establishing a comprehensive regime for registration, governance, and oversight of registrars to issues and share transfer agents. The regulations mandate compulsory registration with SEBI, prescribe application procedures, fit and proper criteria, infrastructure and governance requirements, and set a minimum net worth of Rs 50 lakh, with an 18-month transition for existing registrants. A robust compliance architecture is introduced, including appointment of compliance officers, internal controls, fraud prevention systems, whistle-blower mechanisms, and dispute resolution processes. SEBI is empowered to conduct inspections, appoint auditors, and initiate disciplinary action for defaults.