SEBI has opened a special window from 5 February 2026 to 4 February 2027 for the transfer and dematerialisation of certain physical securities sold or purchased before 1 April 2019.
The facility may help investors whose old physical share-transfer requests were never submitted, rejected, returned or left incomplete because of documentation or procedural issues.
However, not every physical share certificate will qualify. Eligibility depends on the transaction date, availability of the original certificate, transfer documents and the ownership status of the securities.
Who May Be Eligible?
An investor may be eligible where:
- The physical securities were sold or purchased before 1 April 2019.
- The transfer deed was executed before 1 April 2019.
- The original share certificate is available.
- The request was never lodged or was earlier rejected, returned or left unattended.
- There is no dispute between the transferor and transferee.
- The securities have not already been transferred to IEPF.
Approval is still subject to verification by the concerned listed company or its Registrar and Transfer Agent.
Which Documents May Be Required?
Investors may need to submit:
- Original physical share certificate
- Transfer deed executed before 1 April 2019
- Proof of purchase, where available
- PAN and KYC documents
- Recent Depository Participant-attested Client Master List
- Prescribed Undertaking-cum-Indemnity
- Supporting documents for any name, address or signature difference
Additional documents may be required depending on the facts of the case.
How Does the Process Work?
1. Check eligibility
Confirm that the transfer deed was executed before 1 April 2019 and that the original certificate is available.
2. Identify the current RTA
Old certificates may contain outdated company or registrar details. Investors should verify the company’s current name and Registrar and Transfer Agent.
3. Prepare the documents
Compare the names, PAN details, signatures, holding pattern and demat account details before submitting the request.
4. Submit the application
The request should be submitted to the concerned listed company or its RTA within the special-window period.
5. Complete verification
The company or RTA may ask for clarification, additional documents or correction of deficiencies.
6. Receive the shares in demat form
If approved, the shares will be credited directly to the transferee’s demat account. They will not be reissued as physical certificates.
What Is the One-Year Lock-In?
Shares transferred through the special window will remain under a one-year lock-in from the date of registration of the transfer.
During this period, they cannot generally be:
- Sold or transferred
- Pledged
- Marked under a lien
Investors should consider this restriction before beginning the process.
Which Cases Are Not Covered?
The special window does not cover:
- Disputes between the transferor and transferee
- Securities already transferred to IEPF
- Cases where the original certificate is unavailable
- Transfer deeds executed on or after 1 April 2019
Cases involving deceased holders, missing certificates, name changes, company mergers or succession may require a different or additional process.
Rurash Physical Share Readiness Check
Before submitting a case, check these six areas:
- Ownership: Who is the registered holder and who is claiming the shares?
- Certificate: Is the original certificate available and readable?
- Transfer: Was the transfer deed executed before 1 April 2019?
- Identity: Do the names, PAN details and signatures match?
- Demat: Is an active demat account available in the appropriate holding pattern?
- Exception: Does the case involve IEPF, death, dispute, missing documents or company restructuring?
This initial review can help identify documentation gaps before submission.
Frequently Asked Questions
Can a fresh request be submitted?
Yes. A fresh request may qualify where the transfer deed was executed before 1 April 2019 and the original certificate is available.
Can an earlier rejected request be submitted again?
Yes. Earlier rejected, returned or unattended requests may be reconsidered, subject to the current requirements.
Will the shares be returned in physical form?
No. Approved shares will be credited directly to the transferee’s demat account.
Can I sell the shares immediately after transfer?
No. Shares transferred through this special window will remain under a one-year lock-in.
Are IEPF shares included?
No. Securities already transferred to IEPF require a separate claim process.
What is the last date?
The special window closes on 4 February 2027.
What Should Investors Do Now?
Investors holding old physical share certificates should first review the ownership trail, transfer deed, original certificate, KYC records and demat account details.
Starting early is important because name differences, signature issues, missing documents, succession cases and RTA verification may take time.
Explore More
Explore Rurash Wealth Management
Rurash Wealth Management assists investors and families with legacy physical-share matters, including:
- Physical-to-Demat applications
- Transfer and transmission
- Transposition
- Name and signature differences
- Duplicate share certificates
- KYC updates
- IEPF-related cases
- Earlier rejected or incomplete requests
A structured preliminary review can help identify the correct route before documents are submitted.
Explore Ranjit Jha’s Perspective
Ranjit Jha, MD & CEO of Rurash Wealth Management, shares practical perspectives on portfolio structure, ownership continuity, investor behaviour and long-term wealth decisions.
His approach focuses on helping investors understand the decision behind the process, not only the financial product or headline.
Call to Action
Do You Hold Old Physical Share Certificates?
Get your documents and ownership history reviewed before the SEBI special window closes on 4 February 2027.