Transmission of Shares Physical Segment
Transmission is the process by which securities are transferred to the surviving joint holder(s), registered nominee(s) or eligible legal heir(s)/claimant(s) following the death of a shareholder. The applicable procedure and supporting documents depend on the manner of holding and, in certain cases, the value of the claim.
1. AT A GLANCE - APPLICANT AND PRINCIPAL REQUIREMENTS
| Particulars | Who may apply? | Principal requirements |
| Joint holding where one or more holders have deceased | Surviving joint holder(s) | Verifiable death certificate of the deceased holder(s). |
| Sole holding with a registered nominee | Registered nominee(s) | Transmission Request Form, claimant's Client Master List (CML), death certificate and original share certificate(s). |
| Sole holding without nomination - claim up to ₹10,000 | Eligible immediate relative under Quick Transmission Processing (QTP) | QTP Form-cum-Undertaking, proof of relationship and common supporting documents. |
| Sole holding without nomination - claim above ₹10,000 and up to ₹10 lakh | Legal heir(s)/claimant(s) | Simplified set of documents, including indemnity and affidavit-cum-NOC or an eligible family settlement deed. |
| Sole holding without nomination - claim above ₹10 lakh | Legal heir(s)/claimant(s) | Applicable succession document(s), affidavit-cum-NOC and other supporting documents, as prescribed. |
2. HOW TO DETERMINE THE VALUE OF THE SHARES
For identifying the applicable claim category, determine the value of the shares by reference to the closing price of the securities on the immediately preceding trading day on the NSE or BSE, as applicable under the SEBI framework.
3. DOCUMENTS REQUIRED
A. Shares held jointly
- Verifiable death certificate of the deceased joint holder.
- Original share certificate(s) representing the entire holding.
- Form ISR-2.
- For dematerialisation: latest CML (not older than two months), copy of PAN card, Demat Conversion Form and Form ISR-4.
B. Sole holder with a registered nominee
- Transmission Request Form (other than the QTP category).
- Verifiable death certificate of the deceased shareholder.
- Original share certificate(s) representing the entire holding.
- Form ISR-2.
- If the nominee is a minor, proof of age and the guardian's KYC documents, wherever applicable.
- For dematerialisation: latest CML (not older than two months), copy of PAN card, Demat Conversion Form and Form ISR-4.
C. Sole holder without a registered nominee
The documents required depend on the value of the claim. The following table summarises the documents generally required for transmission and subsequent dematerialisation.
| Document | QTP: up to ₹10,000 | Simplified: above ₹10,000 to ₹10 lakh | Above ₹10 lakh |
| Transmission request | QTP Form-cum-Undertaking on plain paper | Standard Transmission Request Form | Standard Transmission Request Form |
| Verifiable death certificate | Required | Required | Required |
| Original share certificate(s) | Required | Required | Required |
| Proof of relationship | Required; claimant should be a parent, spouse, child or parent-in-law | Not specified as a separate QTP requirement | Not specified as a separate QTP requirement |
| Notarised indemnity bond | Not required | Required, unless an eligible specified court-issued document is provided | Required when relying on a Will or Legal Heirship Certificate/equivalent |
| Notarised affidavit-cum-NOC from legal heirs | Not required | Required, or an eligible family settlement deed may be submitted | Required, subject to the stated exception where a specified court-issued document is submitted |
| Succession document | Not required | Not required under the simplified process | Any one applicable document: Will, Legal Heirship Certificate/equivalent, Succession Certificate, Letter of Administration or Court Decree, with supporting documents |
| Latest CML of claimant's demat account and PAN copy | Required | Required | Required |
| Demat Conversion Form | Required | Required | Required |
| Form ISR-2 | Required | Required | Required |
| Form ISR-4 | Required | Required | Required |
For claims exceeding ₹10 lakh: where a Will is submitted, it should be accompanied by the prescribed notarised indemnity bond. A Legal Heirship Certificate or equivalent certificate issued by a revenue authority not below the rank of Tehsildar should also be accompanied by the prescribed notarised indemnity bond. A Succession Certificate, Letter of Administration or Court Decree may be submitted as the applicable succession document.
Alternative for eligible simplified claims:
In place of the notarised affidavit-cum-NOC, legal heirs may submit a family settlement deed executed by all legal heirs and attested by a Notary Public or Gazetted Officer, or accepted and approved by a Magistrate, Judge or Civil Court.
4. WHAT IS A VERIFIABLE DEATH CERTIFICATE?
Any one of the following may be furnished, subject to the applicable verification process:
- Original death certificate, or a copy attested by the claimant/nominee and produced with the original for verification.
- Copy attested by a Notary Public, Gazetted Officer or Judicial Magistrate First Class.
- Death certificate containing a verifiable QR code.
5. DEATH OCCURRED OUTSIDE INDIA
Where the death occurred outside India, submit a certified true copy of the proof of death, certified in the country where it was issued by any one of the following:
- Court Magistrate, Judge or Notary Public.
- Indian Embassy or Consulate.
- Apostille under the Hague Apostille Convention.
- Authorised official of an overseas branch of a scheduled commercial bank registered in India.
- Authorised official of an overseas bank having a correspondent banking relationship with an Indian bank.
If the document is not in English, a self-certified English translation should also be provided along with the certified copy of the original document.
Important:
- The framework does not apply where there is a dispute or contesting/competing claim.
- The Company may seek additional documents for claims above ₹10 lakh where necessary.
- For physical shares, the claimant must hold the original share certificate(s), except where a duplicate-cum-transmission request is made.
- Please ensure that names and holder sequence in the claimant's demat account are suitable for the proposed credit.
- Use only the latest forms available on the Portal.
Click here to view the SEBI Circular dated 23rd July, 2026 on Simplification and Standardisation of the framework for Transmission of Shares