Latest SEBI Circular on Physical Shares: Every Rule, Dated (2026)

This is a maintained register of every SEBI circular that changes what a physical shareholder can and cannot do — circular number, date, what changed, and what it means for you. It is updated when SEBI issues a new one, not rewritten once a year.

Last reviewed: 21 August 2026. Every circular number below is quoted from the circular itself.

What Are the New Rules for Physical Shares According to SEBI?

Since 1 April 2019 shares cannot be transferred in physical form at all — every transfer now ends in a demat account — and the eight circulars since have been steadily removing paperwork rather than adding it. The register below is in reverse date order, newest first.

What Is the Special One-Time Demat Window for Physical Shares?

It is a one-year route, open until 4 February 2027, for shares that were bought or sold before 1 April 2019 where the transfer was never completed. It exists because the 2019 ban stranded a specific group: people who executed a transfer deed, lodged it, and had it returned over a signature mismatch or a missing document — and then found the door had closed behind them.

Three conditions decide eligibility: the deed was executed before 1 April 2019, the earlier request was rejected, returned or never attended to, and the original certificate is available. Shares already transferred to the IEPF are outside the window entirely — those follow the Form IEPF-5 claim route, which has no deadline at all.

Has SEBI Extended the Last Date for Physical Shares Transfer?

Yes — three times, and the current extension runs to 4 February 2027. The window closed on 31 March 2021, reopened 7 July 2025 to 6 January 2026, and reopened again on 5 February 2026. Each extension arrived only after the previous one had lapsed, which is the argument against waiting for a fourth: there has always been a gap in between, and nobody has ever announced one in advance.

Is There Any Deadline for Dematerialisation of Physical Shares?

No — if the certificates are already registered in your own name there is no date by which they expire, and nobody will confiscate them. The deadline applies only to unregistered pre-2019 transfers. We have set out both situations in detail in our guide to the last date for converting physical shares to demat.

Can Physical Shares Still Be Dematerialised?

Yes, and there is no restriction on it — conversion has never been banned, only transfer in paper form. You submit a Dematerialisation Request Form through a depository participant with the original certificates, and the registrar verifies them against the company’s records. Where the company has merged, renamed itself or changed registrar since the certificate was printed, identifying the right registrar is usually the hardest part of the job. That is the work behind converting physical shares to demat.

What Is the SEBI Circular on Transmission of Shares for 2026?

It is the circular of 23 July 2026, in force from 22 August 2026, and it is the single biggest easing for legal heirs in years. Probate stops being mandatory for uncontested claims, the simplified-documentation ceiling doubles to ₹10 lakh for physical holdings and ₹30 lakh for demat, a single affidavit-cum-NOC replaces the old stack of documents, and registrars must act within 21 calendar days. The full process for a death case is covered in our guide to transferring physical shares after the death of a shareholder.

I Have a Physical Share Certificate. How Can I Sell It?

You cannot sell it as paper — you must dematerialise it first, then sell from the demat account. Confirm the shares are still registered in your name and have not gone to the IEPF after seven years of unclaimed dividends, identify the current registrar, complete the folio KYC, then lodge the demat request. If the certificate is lost, a duplicate has to be issued before any of that, and since 24 December 2025 that is a lighter process than it was.

What Are the Latest SEBI Circulars Released Today?

SEBI publishes every circular the day it is issued on the official circulars page, and the ones that matter to physical shareholders are added to the register above when they appear. Most circulars SEBI issues have nothing to do with you; the ones on this page are the ones that change what a shareholder can do.

Where Shares Recover Comes In

Knowing which circular applies is not the same as getting the shares back. Most of the certificates being lodged now were rejected once already, and sending the same file back in the same condition produces the same result with less time on the clock. We establish which route your holding is actually on, trace the registrar even where the company has changed identity, resolve the defect behind the original rejection, and lodge a file that survives scrutiny.

There is no upfront payment, no token fee and no consultation fee. We are paid a success fee only once the shares are credited to your demat account. If we do not recover them, you owe us nothing.

If you have an old certificate or an unregistered transfer deed in a file somewhere, tell us what you have and we will tell you which route and which deadline apply.

Related reading: for the deadline itself and which of the two situations you are in, see physical shares to demat: the last date explained. For the full umbrella of physical share solutions see our physical share solutions guide (2026), and for shares already sitting with the Authority, IEPF unclaimed shares: how to search, check and recover them.