Reg 39(2) credit of securities on an investor service request
Crediting securities in dematerialised form within 30 days of an investor service request for a split, consolidation, renewal, exchange or duplicate.
30 days from the request
Counted from receipt of the investor service request together with the required documents
- SEBI
- SEBI events and governance
- Not specified
- 2026-09-01
Thirty days from receipt of the request with the required documents. The securities are credited in dematerialised form. Until 22 January 2026 the rule was framed as issuing a letter of confirmation within 30 days of lodgement; it now requires the credit itself.
The deliverable changed, not the period. Reg 39(2) used to be satisfied by issuing a letter of confirmation within 30 days of lodgement. Since 22 January 2026 the entity has to credit the securities in dematerialised form within 30 days of receiving the request with its documents. Separately, Reg 39(3) and its two-day intimation on the loss of a certificate no longer exist.
Deadlines counted from an event
Credit the securities in dematerialised form within 30 days of receiving the investor service request with the required documents. The request may be for subdivision, split, consolidation, renewal or exchange of certificates, or for a duplicate certificate where the original is lost, decrepit or worn out. Reg 39(2) was substituted with effect from 22 January 2026 and previously required a letter of confirmation within 30 days of lodgement.
The rule
Credit the securities in dematerialised form within 30 days of receiving the investor service request with the required documents. The request may be for subdivision, split, consolidation, renewal or exchange of certificates, or for a duplicate certificate where the original is lost, decrepit or worn out. Reg 39(2) was substituted with effect from 22 January 2026 and previously required a letter of confirmation within 30 days of lodgement.
Who must comply
- Every entity with specified securities listed on a recognised stock exchange
- An investor service request for subdivision, split, consolidation, renewal or exchange of certificates
- A request for a duplicate certificate where the original is lost, decrepit or worn out
Statutory basis
Before you file
- Get the investor service request and check the documents against the required list.
- Record the date the complete request was received.
- Confirm the holder has a demat account, or open the route under Reg 39(2A).
- Instruct the registrar and transfer agent to process the credit.
How to file
- Record the date the complete request was received.
- Verify the holder's entitlement and the documents.
- Credit the securities in dematerialised form within 30 days of that date.
- Tell the holder the credit has been made.
- Report the investor service request position in the quarterly governance filing.
Registrar and transfer agent, with credit through the depository
If you miss it
No per-day exchange fine is asserted here, because this provision is not on the fine table we have verified. SEBI adjudicates a late or missed disclosure under section 15A(b) of the SEBI Act, which reaches ₹1 lakh for each day the failure continues and is capped at ₹1 crore. Section 23E of the Securities Contracts (Regulation) Act is the other head, at not less than ₹5 lakh and up to ₹25 crore for a breach of listing conditions. Orders in this area normally land in lakhs rather than near the ceiling.
- The exchange records the default in the entity's compliance history, and a repeated default feeds SEBI's decision to adjudicate
- The disclosure still has to be made after the deadline passes, and it has to carry an explanation for the delay
- Disclosing favourable events on time while letting unfavourable ones slip is charged as a breach of Reg 4(1)(d) in its own right, alongside the specific provision
- An unresolved service request usually becomes an investor complaint, which the entity then has to report in the quarterly investor grievance statement and redress under Reg 13(1)
Common questions
Is a letter of confirmation still enough?
No. Since 22 January 2026 the rule requires the securities to be credited in dematerialised form within 30 days, not a letter of confirmation within 30 days of lodgement.
Does the loss of a share certificate still need a two-day intimation?
No. Reg 39(3), which required intimation to the exchange within two days of getting information about a loss, was omitted with effect from 13 December 2024.