SEBI Extends Lifeline for Investors with Physical Shares—Transfer Window Open Till Jan 2026
By Shishta Dutta | Updated at: Oct 15, 2025 06:29 PM IST
Mumbai, July 2, 2025 — From July 7, 2025, to January 6, 2026, the Securities and Exchange Board of India (SEBI) will create a special six-month window for investors to re-file physical share transfer requests that were turned down, returned, or left ignored because of missing paperwork.
This decision comes after SEBI got a lot of requests from concerned investors, listed businesses, and Registrar and Transfer Agents (RTAs) asking for a fair solution. SEBI’s 2019 order made it illegal to physically transfer securities starting on April 1, 2019. There was a short respite window that ended in March 2021.
The new window, which was suggested by a group of RTAs, legal experts, and company representatives, intends to restore investors’ rights and make it easier to invest, especially for those who were left in limbo during the transition to dematerialised shares. The project shows how SEBI is still trying to find a balance between protecting investors and dealing with the problems that come up when the market moves to digital securities.
Background and Objective
As SEBI had said before, physical transfer of securities stopped on April 1, 2019. However, investors who filed transfer deeds before this deadline but were turned down were able to re-file them until March 31, 2021. After getting a lot of requests from investors, RTAs (Registrar and Transfer Agents), and listed businesses, SEBI has officially reopened this window.
A group of RTAs, listed firms, and legal experts suggested this proposal to protect investors’ interests and make it easier to invest. This reopening shows that SEBI is still working to fully dematerialize the market, streamline processes, and cut down on physical inefficiencies, all while protecting and building trust among investors.
Key Highlights of the Circular
| Period of Special Window | Eligible Cases |
|---|---|
| July 7, 2025 – January 6, 2026 | Transfer requests lodged prior to April 1, 2019 but rejected/returned due to deficiencies |
- Demat-Only Mode: All securities transferred under this window must be issued in dematerialized form.
- Pending Cases Covered: Any requests still pending with listed companies or RTAs as of July 2, 2025 will also be included.
- Obligations for RTAs and Listed Companies:
- Form dedicated teams for handling such cases.
- Publicize the special window bi-monthly via print and digital media.
- Submit monthly reports to SEBI on the number of re-lodgement requests received, processed, approved, and rejected.
Reporting Format (Annexure-A)
| Metric | Details Required |
|---|---|
| Requests received during the month | Numeric count |
| Requests processed during the month | Numeric count |
| Requests approved | Numeric count |
| Requests rejected | Numeric count |
| Average processing time (in days) | Average turnaround time |
Legal Standing
This circular has been issued under Section 11(1) of the SEBI Act, 1992 and Regulation 102 of the SEBI LODR Regulations, 2015, along with the SEBI (Registrars to an Issue and Share Transfer Agents) Regulations, 1993.
REF:https://www.sebi.gov.in/legal/circulars/jul-2025/ease-of-doing-investment-special-window-for-re-lodgement-of-transfer-requests-of-physical-shares_94973.html
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