Background
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.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.
Applicability
The circular shall be applicable to:
Compliance Requirements under the Circular
To help investors, a special window is re-opened for transfer and demat of physical securities sold/purchased before 1 Apr 2019. The window will remain open from 5 Feb 2026 to 4 Feb 2027 (earlier it was open for 6 months from 7 July 2025 till 6 Jan 2025). Transferred securities shall be credited only in demat mode and will be locked-in for one year, during which no transfer, lien, or pledge is permitted. [For clarity with regard to applicability of this window, matrix given in Point 6 of SEBI Circular HO/38/13/11(2)2026-MIRSD-POD/I/3750/2026 dated Jan 30, 2026 may be referred]
The listed companies / RTAs shall process the transfer requests received during special window period from 05.02.26 to 04.02.27 within 70 days from the date of receipt of request from the transferee with complete documentation
Listed companies, RTAs and Stock Exchanges shall publicize the special window (5 Feb 2026–4 Feb 2027) for transfer and dematerialisation of physical securities sold/purchased before 1 Apr 2019 through print, social and other media, at least once every two months during the one-year period.
Where objection memo is not delivered or transferor is untraceable/uncooperative/docs unavailable, advertisement shall be published in one English national & regional daily at transferor’s last known address, inviting objections within 30 days. Advertisement shall also be hosted on company’s website
Penalty & Punishment
General penalty:
Listed entity/any other person who contravenes any provision of the regulations shall be liable for one or more of the following penalties/actions as deemed fit by the regulator : a) action as per Securities Law, b) fine, c) suspension of trading, d)freezing of promoter/promoter group holding of designated securities, as may be applicable, in coordination with depositories, e) any other action specified by Board
Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.