SEBI had earlier opened a special window for re-lodgement (six-month window from July 7, 2025 to January 6,2026 ) of transfer deeds of physical securities pursuant to its circular dated July 02, 2025 (Ease of Doing Investment – Special Window for Re-lodgement of Transfer Requests of Physical Shares – 1-Comply).Certain investors, however, continued to face difficulties in securing transfer and dematerialisation of physical securities purchased or sold prior to April 01, 2019. To further facilitate investors in obtaining rightful access to their securities, SEBI has decided to open another special window for transfer and dematerialisation of such physical securities. This circular sets out the framework, eligibility, conditions, and procedural requirements for availing this window.

1. Special Window Opened – A special window has been opened for transfer and dematerialisation of physical securities sold or purchased prior to April 01, 2019.
2. Window Period – The special window shall remain open for one year from February 05, 2026 to February 04, 2027.
3. Coverage of Earlier Rejected Requests – The window shall also be available for transfer requests that were submitted earlier and were rejected, returned, or not attended to due to deficiencies in documents, process, or otherwise.
4. Mandatory Demat and Lock-in – Securities transferred under this window shall be credited only in dematerialised mode and shall be under lock-in for a period of one year from the date of registration of transfer, during which such securities shall not be transferred, lien-marked, or pledged.
5. Eligibility Conditions – Transfer deed must have been executed prior to April 01, 2019, and original physical security certificates must be available. Requests where original certificates are not available are not eligible.
6. Investor Documentation Requirements – Transferees are required to submit original security certificates, transfer deed executed prior to April 01, 2019, proof of purchase, KYC documents as per ISR forms, latest Client Master List, and undertaking-cum-indemnity as prescribed in Annexure-A.
7. Exclusions – Cases involving disputes between transferor and transferee and securities transferred to the Investor Education and Protection Fund (IEPF) shall not be considered under this window.
8. Obligations on Listed Companies / RTAs – Listed companies and RTAs shall undertake identity and signature verification, issue newspaper advertisements in specified cases, intimate depositories regarding lock-in, process requests within 70 days, and ensure compliance with prescribed procedures.

      9.Publicity Requirement – Listed companies, RTAs, and recognised stock exchanges shall publicise the opening of the special window once every two months through print and social media during the one-year period.