In October 2023, the ministry had made it mandatory for these companies to issue securities in only dematerialised forms by September 2024. The rule led to a pile-up of a large number of applications for dematerialisation with depositories NSDL and CDSL, raising their workload, according to experts. The extension was required, they said, adding that more than 1.7 million private companies were registered with the corporate affairs ministry as of December 2024.