Documents Required to Transfer Shares After Death: SEBI’s New 2026 Rules Explained

Documents required to transfer shares after death depend on whether the claimant is a surviving joint holder, registered nominee or legal heir without nomination. SEBI’s July 2026 framework also changes the value limits, forms and processing timeline.

SEBI introduced a revised framework for transmitting listed securities and units issued by asset management companies after an investor dies.

The process now follows a standardised and risk-based structure.

It applies across listed companies, registrars and transfer agents, depositories, depository participants, mutual funds and asset management companies.

There is no single document checklist for every claimant.

The claimant must first identify the correct category before collecting documents.

What changed under SEBI’s July 2026 framework?

SEBI issued Circular No. HO/38/13/11(14)2026-MIRSD-POD/I/17111/2026 on July 23, 2026.

The revised framework introduces:

• a harmonised transmission process;
• Quick Transmission Processing for specified low-value claims;
• higher simplified-documentation thresholds;
• standard transmission forms;
• a combined affidavit-cum-No Objection Certificate;
• acceptance of QR-code-enabled death certificates;
• additional verification options for deaths outside India;
• a 21-calendar-day processing limit after all required documents are received;
• reduced documentation for surviving joint holders.

The framework applies after the death of a sole holder or all joint holders.

It does not resolve competing or disputed claims between rival claimants.

When does the revised framework take effect?

The circular, revised framework and model forms come into force 30 days after July 23, 2026.

For requests received before commencement, processing entities have been asked to strive to apply the revised framework.

Old limits versus the July 2026 limits

The earlier simplified-documentation limits were ₹5 lakh for physical securities and ₹15 lakh for dematerialised securities.

The documents required to transfer shares after death change according to whether the holdings are physical or dematerialised and according to their current value.

For physical securities, the limits apply per listed entity.

For eligible Statement of Account holdings, they apply per asset management company.

For dematerialised securities, they apply per beneficial owner.

Documents required to transfer shares after death by claimant type

Documents required for a surviving joint holder

Where one or more joint holders survive, the simplified documentation requirement is ordinarily limited to a copy of the deceased joint holder’s death certificate.

The change is not automatic merely because the intermediary has been informed of the death. The surviving holder should submit the request, obtain an acknowledgement and ask the intermediary to confirm the operational outcome.

SEBI’s simplified document rule should not be rewritten as a universal promise that every intermediary will use the same account-closing or account-reconstitution workflow.

Documents required for a registered nominee

The documents required to transfer shares after death through a registered nominee are simpler than those required when no nomination exists.

The form asks for the nominee’s PAN or PEKRN number.

The core nominee-document list does not separately require a self-attested PAN-card copy.

Does the nominee become the final legal owner?

Transmission to a registered nominee is the intermediary’s operational route for moving the securities. It does not automatically settle every inheritance or beneficial-ownership dispute among the nominee and legal heirs.

Documents required when there is no nominee

The documents required to transfer shares after death without a nominee depend on whether the claim qualifies for QTP, simplified documentation or the above-threshold route.

Additional documents depend on the claim value.

Where can claimants get Annexure 2 and Annexure 3?

How to submit a share-transmission claim operationally

Quick Transmission Processing

QTP is a low-value route for specified no-nomination claims.

It is not available to every relative.

Documents required for QTP

Relationship evidence may include a birth certificate, school record, passport, marriage certificate, ration card, voter ID, Aadhaar, PAN, will, legal-heirship certificate or recognised court document.

Where none of those documents is available, the model form provides an affidavit route.

Simplified-documentation claims

The revised limits are ₹10 lakh for physical securities and ₹30 lakh for dematerialised securities.

Where a recognised court or succession document is submitted, the indemnity and affidavit requirements may apply differently.

Claims above the simplified threshold

The above-threshold route applies when the claim exceeds ₹10 lakh for physical securities or ₹30 lakh for dematerialised securities.

Additional documents may be requested where necessary.

The processing entity must record the reasons in writing.

Is probate always required?

No.

The appropriate route depends on the nomination, claim value, available documents, applicable succession law and whether the claim is disputed.

What counts as a verifiable death certificate?

• An original death certificate.
• A claimant-attested copy verified against the original.
• A copy attested by a notary, gazetted officer or Judicial Magistrate First Class.
• A death certificate containing a QR code.

When the investor died outside India

A foreign death document may be certified by a magistrate, judge or notary in the country of issue.

It may also be verified through an Indian embassy or consulate, apostille, an authorised overseas branch of an Indian scheduled commercial bank or an overseas correspondent bank.

A non-English document must be accompanied by a self-certified English translation.

How is the claim value calculated?

Listed securities use the previous closing price at a recognised stock exchange.

Units issued by an AMC use the last available Net Asset Value.

The original purchase price, face value or an old portfolio statement should not be used instead.

Where should the claim be submitted?

• Physical shares or issuer folio: the listed company or its RTA.
• Demat securities: the depository participant.
• Mutual-fund or Statement of Account holdings: the AMC or its RTA.

When does the 21-day processing period begin?

The period starts when the processing entity receives all required documents associated with the claim.

It does not necessarily start when an incomplete application is first submitted.

1. The initial claim is acknowledged.
2. Missing or incorrect documents are identified.
3. The claimant supplies the complete set.
4. The entity confirms receipt of all required documents.
5. The 21-day processing period runs from that point.

What happens to physical share certificates?

The claimant should ordinarily possess the original certificates unless the case is processed as a duplicate-cum-transmission claim.

After verification, the entity initiates dematerialisation and credits the securities to the claimant’s demat account.

What if an intermediary requests an outdated document?

Ask the processing entity to state:

1. the category assigned to the claim;
2. the valuation method used;
3. the rule or form supporting the additional request;
4. the written reason for deviation;
5. the complete deficiency list.

Do the revised rules apply to pending claims?

Processing entities should strive to use the revised framework for requests received before commencement.

A document already supplied should not be requested again merely because the new framework uses another format.

What should a claimant do if the request is delayed or repeatedly returned?

1. Ask for the claimant category assigned to the case.
2. Request the complete deficiency list in writing.
3. Ask for the exact circular, annexure or intermediary rule supporting every additional demand.
4. Submit missing documents with a dated covering message and preserve proof.
5. Request confirmation of the date on which the file became complete for the 21-day timeline.
6. Use the entity’s grievance process and the applicable SEBI investor-grievance route if the matter remains unresolved.

Quick decision table

The following table summarises the documents required to transfer shares after death under each main claimant route.

The documents required to transfer shares after death should always be checked against the claimant category, holding value and latest form issued by the relevant DP, RTA or AMC.

Documents required to transfer shares after death: frequently asked questions

What remains operationally uncertain?

Processing entities may differ in their online submission systems and internal handling of pending cases.

An above-threshold claim may also require additional evidence depending on its facts.

Use the latest form published by the relevant DP, RTA or AMC.

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