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Mumbai: The Securities and Exchange Board of India (SEBI) has taken a significant step to simplify and streamline the process for issuing duplicate securities certificates, making it more efficient and convenient for investors. In a recent circular, the market regulator announced that it has increased the monetary threshold for the simplified documentation process to ₹10 lakh, up from the earlier limit of ₹5 lakh.
With this revision, investors whose securities have been lost, misplaced, or damaged and are valued up to ₹10 lakh will now be required to submit fewer documents to obtain duplicate certificates. SEBI stated that the objective behind the move is to reduce compliance-related difficulties for investors and to eliminate inconsistencies arising from varying procedures followed by listed companies and registrar and transfer agents (RTAs).
SEBI duplicate securities certificate rules simplified for investors
As part of the revised framework, SEBI has introduced a uniform Affidavit-cum-Indemnity Bond format that will be applicable across all listed entities. The regulator has also rationalised documentation requirements for cases involving securities valued above ₹10 lakh to ensure greater clarity and uniformity in the process.
In an additional relief for small investors, SEBI has removed the requirement for notarisation of the Affidavit-cum-Indemnity Bond for securities valued up to ₹10,000. This step is expected to reduce procedural costs and make the process more accessible, especially for retail investors with small holdings.
Documentation requirements based on value of securities
Under the updated norms, investors holding securities worth up to ₹10 lakh will only need to submit the standard Affidavit-cum-Indemnity Bond executed on appropriate non-judicial stamp paper. For securities valued up to ₹10,000, investors can simply provide an undertaking on plain paper, further simplifying the process.
However, for securities exceeding the ₹10 lakh threshold, investors will be required to submit additional supporting documents. These may include a copy of the FIR, police complaint, court order, or plaint, clearly specifying the details of the lost or damaged securities. These measures are aimed at strengthening verification while maintaining procedural transparency.
SEBI duplicate securities certificate rules include newspaper notice and timelines
In cases where the value of securities is more than ₹10 lakh, SEBI has mandated that the concerned listed company must publish a weekly newspaper advertisement regarding the loss of securities. Companies may also levy a nominal fee for this publication. The processing timeline for issuing duplicate certificates will commence either from the date the complete set of documents is received from the investor or from the date of newspaper publication, whichever occurs later.
SEBI has further clarified that all duplicate securities certificates will now be issued only in dematerialised (demat) form. This move is expected to promote dematerialisation and enhance the safety and efficiency of securities holding. The regulator has directed all listed companies and RTAs to strictly adhere to the revised procedure to ensure uniform implementation across the market.
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