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SEBI, by circular dated 23.07.2026, has notified the simplified and standardised framework for transmission of securities consequent to demise of the holder of securities (“Securities Transmission Circular”)1.
The framework under the Securities Transmission Circular shall be applicable to transmission of listed securities and units issued by asset management companies (“AMCs”) consequent to demise of the holder of securities. The framework shall not apply when there are disputes or contesting/competing claims, which shall be resolved through appropriate judicial or legal proceedings.
The Securities Transmission Circular introduces quick transmission processing (“QTP”) for low value claims and revises threshold for simplified documentation. The new and revised thresholds for both QTP and simplified documentation respectively are as follows:
- For securities held in physical mode: INR 10,000/- for QTP and INR 10 lakhs for simplified documentation; and
- For securities held in dematerialised mode: INR 30,000/- for QTP and INR 30 lakhs for simplified documentation.
The value of securities shall be quantified by the claimant on the basis of previous closing price of the securities at the recognized stock exchange. For units issued by AMC, last net asset value shall be considered.
The Securities Transmission Circular specifies documents required for transmission for both where nomination has been made and where no nomination has been made. Where claims are above the threshold for simplified documentation, the claimant shall, along with a notarised affidavit-cum-no objection certificate from all legal heirs confirming identification and claim of legal ownership to the securities also submit a copy of the will or legal heirship certificate or its equivalent or copy of succession certificate or letter of administration or court decree.
The Securities Transmission Circular also specifies the standard operating procedure for submission of claims. In case of death of an investor outside India where proof of death document is issued by an authority outside India, the entity, i.e., listed companies, registrars to an issue and share transfer agents, depositories, depository participants and AMCs, shall accept the certified true copy of the document certified in the country of its issuance through:
- A magistrate, judge or notary public;
- Consularisation by Indian embassy/ consulate general in the country of issuance;
- Apostilled; or
- Certification by authorised officials of overseas branches of scheduled commercial banks registered in India or branches of overseas banks with whom Indian banks have correspondent banking relationships;
If the original death certificate is issued in any language other than English, the claimant shall also submit a self certified copy of English translated death certificate with the original.
The entity shall process the transmission case within 21 (twenty-one) calendar days from the date of receipt of all required documents associated with the claim.
The Securities Transmission Circular shall come into effect 30 days from the date of its issuance, i.e., 22.08.2026.
Footnote
1 Simplification and standardisation of the framework for transmission of securities
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
