Archive · 14 Aug 2026
SEBI offers window to convert legacy physical shares to demat
Long ago, when people bought shares of a company, they got a paper certificate.
Many families in India still keep such old paper certificates in cupboards or lockers.
These paper shares are still valid, but today you need them in electronic form to buy or sell them.
India's market regulator, SEBI, has created a special time window to help people change old paper shares into digital holdings.
This window is open from 5 February until 4 February 2027.
It only covers shares bought or sold before 1 April 2019 and only for honest cases with no arguments over who owns them.
SEBI also made it easier for family members to get shares when the original owner has passed away.
People must give documents like the original certificate, a signed transfer deed, and an indemnity bond to their depository participant.
Once converted, the shares are kept in a demat account, which is needed to trade in the Indian stock market.
SEBI's January 2026 circular provides a special window to help shareholders transfer and convert old physical share certificates into demat form.
The window applies to shares bought or sold before 1 April 2019 and is open from 5 February until 4 February 2027.
Only bona fide and uncontested cases qualify; disputed matters and shares already transferred to the Investor Education and Protection Fund are excluded.
SEBI also approved a simplified transmission framework making it easier for legal heirs and nominees to claim securities, including faster small-value claims and relaxed probate requirements.
Investors must submit original certificates, a pre-1 April 2019 transfer deed, KYC documents, a client master list and an indemnity bond via their depository participant.
- Who
- Indian investors and legal heirs holding old physical share certificates, and market regulator SEBI
- What
- A special window to convert eligible legacy physical share certificates into demat form, plus a simplified framework for transmission of securities
- When
- Special window open from 5 February until 4 February 2027, following a January 2026 SEBI circular
- Where
- India
- Why
- To help investors gain rightful access to legacy holdings, since demat accounts are essential for any trading in the Indian stock market
- Regulator
- Securities and Exchange Board of India (SEBI)
- Eligibility
- Shares bought or sold before 1 April 2019
- Special window
- 5 February to 4 February 2027
- Scope
- Bona fide and uncontested cases only
- Exclusions
- Disputed matters and shares transferred to the Investor Education and Protection Fund
- Safeguards
- Compulsory dematerialization, one-year lock-in, indemnities and public notices
- Depositories
- CDSL and NSDL
- Required documents
- Original certificates, transfer deed executed before 1 April 2019, KYC documents, client master list, undertaking cum indemnity bond