Section 9A(5) in The Companies (Prospectus and Allotment of Securities) Rules, 2014
(5)Every unlisted public company shall ensure that -(a)it makes timely payment of fees (admission as well as annual) to the depository and registrar to an issue and share transfer agent in accordance with the agreement executed between the parties;(b)it maintains security deposit, at all times, of not less than two years fees with the depository and registrar to an issue and share transfer agent, in such form as may be agreed between the parties; and(c)it complies with the regulations or directions or guidelines or circulars, if any, issued by the Securities and Exchange Board or Depository from time to time with respect to dematerialisation of shares of unlisted public companies and matters incidental or related thereto.
