The Securities and Exchange Board of India (SEBI) has announced a significant update aimed at helping investors who missed earlier deadlines for transferring physical shares. In a circular dated July 2, 2025 (Ref: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/97), SEBI is introducing a six-month special window to re-lodge transfer requests that were submitted before April 1, 2019 but rejected or unattended due to documentation issues.
🗓 Key Dates
- Special window period: July 07, 2025 – January 06, 2026
- Eligible transfers: Transfer deeds lodged prior to April 01, 2019 and returned/rejected/not processed due to deficiencies
🔍 What’s Changing?
- Investors now get one final opportunity to re-lodge their transfer deeds.
- All transfers under this window will be processed exclusively in demat mode.
- Requests pending with RTAs or listed companies as of now are also covered.
🛠 Implementation Guidelines
- Public Awareness: Stock Exchanges, RTAs, and listed companies must publicize the window bi-monthly through print and social media.
- Dedicated Teams: RTAs and listed companies are required to create focused teams to handle these requests.
- Monthly Reporting: RTAs/companies must submit reports to SEBI on:
- Number of requests received, processed, approved, and rejected
- Average processing time
- Publicity measures taken
(Format provided in Annexure-A of the circular)
🏛 Regulatory Backing
This move is powered by SEBI’s authority under:
- Section 11(1) of the SEBI Act, 1992
- Regulation 102 of the SEBI (LODR) Regulations, 2015
- SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993
💡 Why It Matters
For investors who were stuck due to missed deadlines or minor procedural lapses, this is a chance to reclaim their investments and bring their holdings into the digital demat ecosystem. It also aligns with SEBI’s ongoing efforts to protect investor rights and streamline the securities market.
SEBI’s Circular: Special Window for Re-lodgement of transfer requests of Physical Shares
