TaxTMI 
TaxTMI 
Ease of Doing Investment and Ease of Doing Business – Simplification and standardisation of the framework for transmission of securities
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....ation 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: Type of holding Claims threshold under Quick Transmission Processing (QTP) [New category for small investors having low value claims] (Rs. in Thousands) Claims threshold under simplified documentation (Rs. in Lakhs) Securities in physical mode [Per listed entity/Mutual Fund (MF)/Specialized Investment Fund (SIF) units in Statement of Account (SOA) form per AMC] 10 10 [Listed entity may, at its discretion, enhance the value of securities from....
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....hapter 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 - [email protected] 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 ....
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.... 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); (b) Latest client master list ("CML") of the demat account of the nominee(s); (c) Verifiable death certificate; (d) Original security certificate(s) / copy of statement of account ("SOA"), as may be applicable. 4.1.3 Upon demise of one of the nominees prior to the demise of the investor and if no change is made in the nomination, then the assets attributable to the deceased nominee shall be distributed to the surviving nominees on pro rata basis. 4.1.4 The regulated entity shall be fully discharged from its liabilities upon transmission of assets to the nominee(s). 4.2 Cases where there is no nomination In cases where there is no nomination, the transmission of securities of the deceased holder(s) shall be made in favour of claiman....
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....onal documents in addition to the common documents requirement: (a) Notarised affidavit-cum-NOC from all legal heirs confirming identification and claim of legal ownership to the securities and no objection (format specified at Annexure-5); and (b) Copy of Will as may be applicable in terms of Indian Succession Act, 1925, along with a notarized indemnity bond from the legal heir(s)/claimant(s) to whom the securities have to be transmitted, as per the format specified; OR Legal Heirship Certificate or its equivalent issued by relevant authority which will mean a revenue authority not below the rank of a Tehsildar or equivalent authority, along with a notarized indemnity bond from the legal heir (s)/claimant(s) to whom the securities have to be transmitted, as per the format specified at Annexure-4; OR Copy of Succession certificate or Letter of Administration or Court Decree. Note: 1. In case the claimant submits any court issued documents viz., Succession Certificate or Probate of Will or Letter of Administration or Court Decree, the requirement of submission of Affidavit-cum-NOC from non-claimant legal heir(s)....
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....he claimant will be required to present them to the entity in person. 6.1.6 For securities held in physical mode, after verifying and processing the request, the processing entity shall initiate the demat conversion request in the depository system for direct credit of securities in the demat account of the security holder/claimant. Post confirmation of the demat conversion request, the processing entity shall send an intimation to the security holder/claimant regarding successful dematerialisation of the securities. In case of the securities which are required to be locked in, the RTA, while crediting the securities in the demat account of the security holder/claimant, shall incorporate/intimate the Depository about the lock- in and its period. The RTA shall retain the physical securities as per the existing procedure and deface the certificate with a stamp "Securities issued in dematerialised form" on the face/ reverse of the certificate, subsequent to processing of service request." 6.1.7 Any deviation from the procedure laid down by SEBI, shall be communicated to the claimant with reasons to be recorded in writing within a specified ....
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....ies held in physical mode, the claimant should have the original security certificate(s) (except for cases which fall under duplicate-cum- transmission). 7. Rule of Survivorship For transmission of securities to the surviving joint holder(s), RTAs/listed entity/AMCs/DPs/Depositories shall continue to comply with clause 23 of Table F in Schedule 1 read with Section 56(2) & 56(4)(c) of the Companies Act, 2013, and transmit securities in favour of surviving joint holder(s), in the event of demise of one or more joint holder(s), provided that there is nothing contrary in the Articles of Association of the company. In such cases, the regulated entity shall not seek any documentation including related to KYC, indemnities or undertakings from the surviving joint holder, except copy of the Death Certificate of the deceased. Annexure-1 Simplified Grid for Documentation Requirement for Transmission of Securities Applicability of Documentation Categories Category Applicability QTP Quick Transmission Processing - very low-value claims by immediate relatives (parents, spouse, children, parents-in-law) Simplified Simplified documentation cases other than QTP, ....
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....it-cum-NOC from non-claimant legal heir(s) will not be applicable. - ✓ - D Other documents - applicable for "Above Threshold" category 11 Notarised affidavit-cum-NOC from all* legal heirs, confirming identification and claim of legal ownership to the securities and no objection. *In case the claimant submits any court issued documents viz., Succession Certificate or Probate of Will or Letter of Administration or Court Decree, the requirement of submission of Affidavit-cum-NOC from non-claimant legal heir(s) shall not be applicable. - - ✓ 12 Any ONE of the following succession documents: Copy of Will as may be applicable in terms of Indian Succession Act, 1925, along with a notarized indemnity bond from the legal heir(s)/claimant(s) to whom the securities have to be transmitted, as per the format specified OR Legal Heirship Certificate or its equivalent issued by relevant authority which will mean a revenue authority not below the rank of a Tehsildar or equivalent authority, along with a notarized indemnity bond from the legal heir (s)/claimant(s) to whom the securities have to be transmitted....
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.... the Legal Heir(s)* Age Relationship with the deceased * Where any legal heir is a minor, such minor is represented herein by his/her natural/legal guardian. Therefore, I/We, the Legal Heir(s)/Claimant(s), have approached ____________________ (Name of the Company / AMC / RTA / DP / Depository) with a request to transmit the aforesaid securities in the name of the undersigned, Mr./Ms.________________________________________ [Name(s) of the legal heir(s)/claimant(s)], on my/our behalf. I/We, am/are furnishing the documents as mentioned below for transmission of the securities in our name: S. No. Document Submitted Remarks 1 Original Transmission Request Form (duly filled and signed) 2 Self-attested copy of Latest Client Master List (CML) of claimants' demat account 3 Self-attested copy of Verifiable Death Certificate of the deceased holder 4 Original Security Certificate / Statement of Account (if applicable). 5 If claimant is a minor - Copy of Birth Certificate or Scho....
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.... PIN | | | | | | Please attach & tick ✓ Cancelled cheque with claimant's name printed OR Claimant's Bank Statement/Passbook PART E - DECLARATION AND RESPONSIBILITY CLAUSE I/We confirm that the above documents have been submitted and that the information, facts, and particulars furnished by me/us in this undertaking and the accompanying documents are true, correct, and complete to the best of my/our knowledge and belief, and no material information / fact has been concealed or misrepresented therein. I/We further undertake and confirm that in the event any information, declaration, or document furnished by me/us herein is subsequently found to be false, incorrect, incomplete, forged, or fraudulent, the responsibility and liabi....
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....mber (for physical shares / securities) Distinctive Numbers (for physical shares / securities) 1 From: To: 2 From: To: 3 From: To: That the aforesaid deceased holder died leaving behind the following persons as the legal heirs without registering any nominee: S. No. Name of the Legal Heir(s) Address and contact details Age Relation with the Deceased 1 2 3 That among the aforesaid legal heirs, Master/ Kumari. ______________________aged _____ years is a minor and is being represented by Mr./Ms. ________________ ("Name of the Guardian") being his / her father / mother / legal guardian. Signature of the Deponent: X_________________ Note: Where any person required to sign this document is unable to sign, he/she may affix his/her left thumb impression in lieu of signature. VERIFICATION I /We hereby solemnly affirm and state that what is stated herein above is true and correct and nothing ha....
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....se specify) Contact details of the Nominee / Legal Heir / Claimant Mobile No.. | | | | | | | | | | | Tel No. STD - Email Address Above mobile belongs to: Self Spouse Dependent parent(s) SonDaughter Above email belongs to: Self Spouse Dependent parent(s) SonDaughter Address (Please note that address will be updated as per claimant's address on KYC form / KYC Registration Agency records) Address Line 1 Address Line 2 City: State PIN | | | | | | Bank Account Details of the Nominee / Legal Heir / Claimant Bank Name Account No. |11-digit IFSC | | | | | ....
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.... rest solely and exclusively with me/us, the claimant(s), and I/We shall keep the Company/AMC/RTA/Depository Participant fully indemnified and harmless against any loss, claim, demand, or liability arising directly or indirectly therefrom. I/We also knowledge to share the above demise information to the regulatory authorities or statutory authorities or to the entities entrusted by the regulatory/statutory authorities from time to time. Claimant Signature Place Date Note: Where any person required to sign this document is unable to sign, he/she may affix his/her left thumb impression in lieu of signature. Documents checklist to be annexed along with the transmission request form. S. No. Document Submitted Remarks 1 Original Transmission Request Form (duly filled and signed) 2 Self-attested copy of Latest C....
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....icable, shall be submitted. 3. For claim submitted by legal heir(s)/claimant(s) under "Above Threshold" category, documents specified at serial no. 1-9, 12 and 13, as applicable, shall be submitted. Annexure-4 Note: To be executed in the presence of a Notary Public / Judicial Magistrate First Class (JMFC) / Gazetted Officer BOND OF INDEMNITY For Transmission of Securities / Mutual Fund Units upon demise of Sole Holder / All Holders who died without registering a Nominee To be furnished jointly or severally, as may be applicable, by all Legal Heir(s), including the Claimant(s) To be submitted on Non-Judicial Stamp Paper of appropriate value, as applicable in the relevant State where the claimant resides ASSET TYPE - TICK AS APPLICABLE Securities (Shares / Debentures / Bonds / Mutual Fund units etc.) held in: Physical mode / Statement of Account (SOA) Demat mode PART A - DETAILS OF HOLDING I/We do hereby solemnly affirm and state on oath as follows: That Mr./Ms. ________________________ ("Name of the deceased security/unit holder") was the sole holder of the following securities / mutual fund units: S. No. Name of Company / Mutual Fund ....
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....s, charges, expenses, damages, and liabilities whatsoever, which they may suffer and/or incur by reason of transferring/transmitting the said securities/units as aforesaid, at my/our request, to the undersigned legal heir(s)/claimant(s), without insisting on production of a Succession Certificate / Probate of Will / Letter of Administration or any Court Order (of competent jurisdiction). This indemnity shall be binding on me/us, our respective heirs, executors, administrators, and legal representatives, and shall remain in full force and effect irrespective of whether the asset transmitted is a security or a mutual fund unit, or both. I/We declare that, to the best of my/our knowledge and belief, there is no pending dispute, litigation or competing claim amongst the legal heir(s) and claimant(s) in relation to the aforesaid securities/units or the succession thereof. PART D - EXECUTION IN WITNESS WHEREOF the said 1) Mr./Ms. Name:________________ Signature: :________________ (Name & signature of witness), 2) Mr./Ms. Name: :________________Signature: :________________ (Name & signature of witness), have hereunto set their respective hands and seals this _____day ....
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....ny legal heir named herein is a minor, such minor is represented by his/her natural / legal guardian. 7. The claimant(s) named in Part E have applied for transmission of the said securities/units in their favour. 8. I/We declare that, to the best of my/our knowledge and belief, there is no pending dispute, litigation or competing claim amongst the legal heir(s) and claimant(s) in relation to the aforesaid securities/units or the succession thereof. 9. I/We, being the non-claimant legal heir(s) named in Part D and do hereby voluntarily and unconditionally relinquish and renounce all rights, title, interest, and claim, present or future, in the said securities/units in favor of the claimant(s) and shall have no claim whatsoever thereto at any time hereafter. 10. I/We have no objection whatsoever to the transmission of the said securities/units in favor of the claimant(s) named herein, and consent to such transmission being effected by the Listed Company/Issuer/AMC/RTA/Depository Participant/Depository. 11. I/We declare that the statements made herein, and the documents enclosed herewith, are true and correct to the best of my/our knowledge and belief, and that nothing ....