Transfer Request of Phycial Shares

Ease of Doing Investment

Special Window for Transfer and Dematerialisation of Physical Securities

Transfer of securities in physical mode has been discontinued with effect from April 1, 2019, by SEBI. However, the transfer deeds, lodged prior to deadline of April 1, 2019 and rejected / returned due to deficiency in the documents, were permitted to be re-lodged with requisite documents, on or before March 31, 2021, being the cut-off date for re-lodgement of such transfer deeds.
Based on the representation from investors as well as RTAs and listed companies that some of the investors had missed the timelines for re-lodging their documents for transfer of securities, the Panel of Experts, which included RTAs, listed companies and Legal Expert, had recommended that, to alleviate the issue faced by the investors that missed the March 31, 2021 deadline for re-lodgement, one more opportunity may be granted to the investors to re-lodge such shares for transfer.
To facilitate ease of investing for investors and to secure their rights in the securities purchased by them, SEBI had, vide its circular no. SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97 dated July 2, 2025, decided to open a special window for a period of six months from July 7, 2025 till January 6, 2026, only for re-lodgement of the transfer deeds, which were lodged prior to the deadline of April 1, 2019 and rejected / returned / not attended to due to deficiency in the documents / process / or otherwise.

In order to further facilitate the investors to get rightful access to their securities, SEBI has, vide its circular no. HO/38/13/11(2)2026-MIRSD-PoD/I/3750/2026 dated January 30, 2026, decided to open another special window for transfer and dematerialisation (“demat”) of physical securities, which were sold / purchased prior to April 1, 2019.
This new Special Window shall be open for a period of one year from February 5, 2026 to February 4, 2027.
Investors are requested to note the following:

• Special window shall also be available for such transfer requests which were submitted earlier and were rejected / returned / not attended to due to deficiency in the documents / process / or otherwise.
• The securities so transferred shall be mandatorily credited to the transferee only in demat mode and shall be under lock-in for a period of one year from the date of registration of transfer. Such securities shall not be transferred / lien-marked / pledged during the said lock-in period.
• The transferee shall be mandatorily required to submit the following documents:

1. Original security certificate(s);
2. Transfer deed executed prior to April 1, 2019;
3. Proof of purchase by transferee, as may be available;
4. KYC documents of the transferee (as per ISR forms);
5. Latest Client Master List (‘CML’), not older than 2 months, of the demat account of the transferee, duly attested by the Depository Participant; and
6. Undertaking cum Indemnity (as per the format at Annexure-A of the SEBI Circular No. HO/38/13/11(2)2026-MIRSD-PoD/I/3750/2026 dated January 30, 2026)