SEBI Opens Special Six-Month Window For Physical Share Transfers Missed Earlier
For those who still have physical share certificates, SEBI has decided to open a six-month window to enable the transfer of such securities
SEBI
In a significant relief to investors, the Securities and Exchange Board of India (SEBI) has announced a special six-month window — from July 7, 2025, to January 6, 2026 — for re-lodging transfer deeds of physical shares that were submitted before April 1, 2019 but were either rejected or returned due to deficiencies.
The move comes after SEBI received several representations from shareholders, Registrars and Transfer Agents (RTAs), and listed companies, stating that many investors could not meet the earlier cut-off date of March 31, 2021. After consultation with its Panel of Experts, SEBI decided to offer this one-time opportunity to protect investor interests and improve the ease of investing.
During this special window, all such re-lodged shares — including pending requests already with RTAs or companies — will only be processed in dematerialised form. SEBI has directed listed companies and RTAs to ensure compliance with all applicable regulations during this process.
In addition, SEBI has mandated that stock exchanges, RTAs, and listed companies publicise the special window every two months through print and social media channels to reach all potentially affected shareholders. Dedicated teams must be set up to manage these requests, and monthly progress reports — detailing investor outreach and processed applications — must be submitted to SEBI.
The move is part of SEBI's broader push toward modernising India's capital markets by phasing out physical shareholding and promoting digital ownership.
In a separate update, SEBI has also mandated the adoption of a Common Contract Note (CCN) with a Single Volume Weighted Average Price (VWAP), effective June 27, 2025. This aims to simplify post-trade processing for institutional investors, who previously received multiple trade confirmations from different exchanges, leading to reconciliation and settlement challenges. The new mechanism is expected to streamline operations and improve efficiency across market participants.
First Published:
July 03, 2025, 08:09 IST
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