Simplification and Standardisation of the Framework for Transmission of Securities

परिपत्र/Circular

HO/38/13/11(14)2026-MIRSD-POD/I/17111/2026

July 23, 2026

To,

All Listed Companies All Registrars to an Issue and Share Transfer Agents (“RTAs”) All Depositories All Depository Participants (“DPs”) All Mutual Funds/All Asset Management Companies (“AMCs”) Association of Mutual Funds in India (“AMFI”) All Investors’ Associations

Madam / Sir,

Sub: Ease of Doing Investment and Ease of Doing Business – Simplification and standardisation of the framework for transmission of securities

1. As an on-going measure to enhance ease of dealing in securities markets and with a view to make the transmission process more efficient and investor friendly, SEBI has reviewed the process being followed by processing entities (i.e. listed companies/ RTAs / Depositories/ DPs / AMCs) for effecting transmission of securities.

2. Accordingly, in terms of Regulation 40(7) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR Regulations”), as amended vide Gazette Notification no. SEBI/LAD-NRO/GN/2026/312 dated July 10th, 2026, it has been decided to specify the revised transmission framework for securities as prescribed in Annexure to this Circular.

3. Key features of the revised framework:

   3.1. Introduction of a harmonised, standardised and risk-based process for transmission of securities.

   3.2. New category for low value claims, namely, Quick Transmission Processing (“QTP”) and revision of monetary threshold limits for transmission of securities under the simplified documentation framework, as under:

3.3. Standardisation of documentation requirements and the procedures for transmission including the following:

*   Removal of mandatory requirement of Probate of Will, in line with recent amendments to succession laws.

*   Combined affidavit-cum-No Objection Certificate(“NOC”) in place of separate affidavit and NOC.

*   In addition to original/attested copy of death certificate, acceptance of copy of death certificate with QR Code as an eligible document in view of ease of verification.

*   For death certificates issued in foreign jurisdictions, permitting additional modes for verification from overseas branches of Indian banks or any foreign bank with whom Indian banks have correspondent banking relationship.

4. The provisions of this circular and the revised transmission framework specified in Annexure along with model forms provided therein, shall come into force with effect from 30 days from the date of issuance of this circular.

5. Notwithstanding the above, the processing entities shall strive to process transmission requests received before the said date in terms of the revised framework to give benefit of the simplified procedure to investors. Further, in such cases, if certain documents have already been submitted by the investor, the processing entities shall not seek re-submission of such documents in the new formats.

6. Processing entities shall provide monthly reports as per the following format to SEBI regarding processing of transmission requests under revised transmission framework for a period of 6 months on rta@sebi.gov.in :

| Category | Number of cases pending at the beginning of the month | Number of cases processed during the month | Number of cases pending at the end of the month | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | | Received | Approved | Rejected | Cases where additional documents were sought with reasons | | | QTP | | | | | | | | Simplified | | | | | | | | Above threshold | | | | | | |

7. This circular is issued in exercise of powers conferred under Section 11(1) of Chapter IV of the Securities and Exchange Board of India Act, 1992 and section 19 of the Depositories Act, 1996 read with regulation 101 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 37 and 38 of Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 2025, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

8. This circular is available on SEBI website at www.sebi.gov.in under the category: ‘Legal → Circulars’.

Yours faithfully,

Aradhana Verma General Manager Market Intermediaries Regulation and Supervision Department Tel. No. 022-2644-9633 Email id – aradhanad@sebi.gov.in

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¹ New category for small investors having low value claims ² Per listed entity/Mutual Fund (MF)/Specialized Investment Fund (SIF) units in Statement of Account (SOA) form per AMC ³ Listed entity may, at its discretion, enhance the value of securities from the threshold limit of rupees ten lakhs, in case of securities held in physical mode. ⁴ Per beneficial owner for securities

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Annexure

Simplifying and standardising the framework for transmission of securities

1. Applicability

1.1 The framework shall apply to transmission of listed securities and units issued by Asset Management Companies (“AMCs”) consequent to demise of sole holder/ all joint holders of securities.

1.2 All listed Companies, Registrar and Share Transfer Agents (“RTAs”), Depositories, Depository Participants and AMCs, shall adhere to the procedure and documentation to be followed for transmission of securities.

1.3 Further, the framework shall not apply where there is any dispute or contesting/competing claims. In such cases, the claimants shall be required to resolve the matter through appropriate judicial or legal proceedings.

2. Definitions

2.1 Unless the context otherwise requires,

(a) apostille refers to a certificate that authenticates the origin of a public document (e.g., a birth, marriage or death certificate, a judgment, an extract of a register or a notarial attestation). Apostilles can only be issued for documents issued in one country which is a party to The Hague Apostille Convention and that are to be used in another country which is also a party to the Convention.

(b) entity or processing entities refer to Listed Companies / RTAs / Depositories / DPs / AMCs.

(c) relevant authority for the purpose of legal heirship certificate or equivalent certificate shall mean a revenue authority not below the rank of a Tehsildar or equivalent authority.

(d) verifiable death certificate shall refer to:

(i) an original death certificate or copy of death certificate attested by the nominee subject to verification with the original; or (ii) copy of death certificate duly attested by a notary public or a Gazetted Officer or a Judicial Magistrate First Class (“JMFC”); or (iii) death certificate with Quick Response (QR) code

3. Introduction of Quick Transmission Processing (“QTP”) for low value claims and revision of thresholds for simplified documentation

3.1 The threshold for QTP and simplified documentation shall be as follows:

3.2 The value of securities shall be quantified by the claimant on the basis of the previous closing price of such securities at any one of the recognized stock exchanges. For units issued by AMCs, last available Net Asset Value (NAV) shall be considered.

4. Documentation requirements for transmission:

4.1 Cases where nomination has been made

4.1.1 Where the securities are held with a nomination, the nominees(s) shall receive the assets of deceased sole holder / joint holders as trustee on behalf of legal heir(s) of deceased holder(s).

4.1.2 The nominee(s) shall be informed about the procedure to be followed for the claim on receipt of intimation of death of the security holder(s). In such cases, the following documents shall be required to be submitted:

(a) Transmission request form by the nominee(s) (format specified at Annexure-3);