Transmission of securities

 SEBI Board Meeting – Key Decisions Taken on 19 June 2026

1. Simplification and Standardisation of the Framework for Transmission of Securities

The Securities and Exchange Board of India ("SEBI"), at its Board Meeting held on 19 June 2026, approved a series of measures aimed at simplifying and streamlining the framework governing the transmission of securities upon the demise of an investor. The reforms are intended to facilitate faster and more efficient transmission of securities to legal heirs and other eligible claimants while reducing procedural complexities.

1.1 Introduction of Quick Transmission Processing (QTP)

SEBI has approved the introduction of a new category of Quick Transmission Processing (QTP) for small-value claims. Under this mechanism, transmission requests involving securities valued up to:

• ₹10,000 in the case of physical holdings; and

• ₹30,000 in the case of dematerialised holdings,

shall be processed through a simplified procedure with minimal documentation requirements, thereby enabling expeditious settlement of such claims.

1.2 Enhancement of Thresholds for Simplified Documentation

In order to extend the benefit of simplified documentation to a larger number of claimants, SEBI has approved the enhancement of the existing monetary thresholds as follows:

• From ₹5 lakh to ₹10 lakh per listed company in respect of physical holdings; and

• From ₹15 lakh to ₹30 lakh per beneficial owner in respect of dematerialised holdings.

1.3 Documentation and Procedural Simplifications

The revised framework incorporates several significant measures aimed at reducing the compliance burden on claimants while enhancing operational efficiency for intermediaries. Key changes include:

(a) Dispensation with the requirement of furnishing a Permanent Account Number (PAN), considering that PAN details are already available in the demat account opening records.

(b) Removal of the mandatory requirement to obtain Probate of a Will, in alignment with recent amendments to the applicable succession laws.

(c) Permission to submit a combined Affidavit-cum-No Objection Certificate (NOC) in lieu of separate affidavits and NOCs.

(d) Recognition of death certificates bearing a QR Code as valid documentary evidence, in addition to original or duly attested copies, thereby facilitating easier verification.

(e) In cases where death certificates are issued by foreign jurisdictions, provision of additional verification mechanisms through overseas branches of Indian banks or foreign banks maintaining correspondent banking relationships with Indian banks.

1.4 Expected Impact

The approved measures are expected to significantly simplify the transmission process, expedite claim settlement, reduce associated costs, and alleviate procedural hardships faced by legal heirs and claimants.

1.5 Stakeholder Consultation

The proposals were deliberated in consultation with the Industry Standards Forum for Registrars to an Issue and Share Transfer Agents (RTAs) and the Association of Mutual Funds in India (AMFI). The final framework also incorporates feedback received pursuant to the consultation paper issued by SEBI on 12 March 2026.