The Securities and Exchange Board of India has issued a revised framework for transmission of listed securities and Asset Management Company units after the death of a sole holder or all joint holders. The circular introduces a harmonised, standardised and risk-based process across listed companies, registrars and transfer agents, depositories, depository participants and Asset Management Companies. A new Quick Transmission Processing category covers low-value claims where no nomination exists, with thresholds of INR 10,000 for physical holdings and INR 30,000 for dematerialised holdings. The simplified documentation route now applies up to INR 10 lakh for physical holdings and INR 30 lakh for dematerialised holdings. The framework does not apply where there are disputes or competing claims. The main changes are a lighter and more standardised documentation set and clearer processing rules. Probate of a will is no longer mandatory, separate affidavit and no-objection certificate requirements are merged into a single affidavit-cum-No Objection Certificate, QR code death certificates are accepted, and foreign death certificates can also be verified through overseas branches of Indian banks or foreign banks that have correspondent relationships with Indian banks. For claims with a registered nomination, only core documents are required. For claims without nomination, documentation now differs by category, with Quick Transmission Processing limited to immediate relatives, simplified claims requiring an indemnity bond plus affidavit-cum-No Objection Certificate or a family settlement deed, and above-threshold claims requiring succession documents. Entities must flag missing documents when acknowledging receipt, process complete claims within 21 calendar days, give written reasons for delays or rejections, and for surviving joint holders seek only the death certificate. For physical securities, successful transmission must be followed by demat conversion and direct credit to the claimant's demat account. The revised framework and model forms take effect 30 days after issuance. Processing entities have been asked to apply the simpler process earlier where possible and not require investors to resubmit documents already filed. They must also send SEBI monthly reports for six months on received, approved, rejected and pending transmission cases, including cases where additional documents were sought.
Securities & Exchange Board of India2026-07-23
Securities and Exchange Board of India simplifies securities transmission, introduces quick processing for low-value claims
The Securities and Exchange Board of India has overhauled the transmission process for listed securities and Asset Management Company units, introducing Quick Transmission Processing for low-value no-nomination claims and standardising documentation across market entities. Quick Transmission Processing applies up to INR 10,000 for physical holdings and INR 30,000 for dematerialised holdings, while simplified documentation applies up to INR 10 lakh and INR 30 lakh respectively. The framework takes effect in 30 days, requires complete claims to be processed within 21 calendar days, and triggers six months of monthly reporting to SEBI.