Part of our guide to physical shares and demat
Share certificates get lost in house moves, damaged by damp or termites, torn in half, or simply never found after a parent's death. Losing the paper does not mean losing the shares: the company's register still records who owns them. What you need is a replacement, and SEBI has made that noticeably simpler.
What changed in December 2025
Through a circular dated 24 December 2025, SEBI revised the process for issuing duplicate securities. The main changes:
- Higher value limit: the simplified process now covers securities worth up to ₹10 lakh, up from ₹5 lakh.
- One standard document: up to that limit, a single affidavit-cum-indemnity in the prescribed format is required.
- Very small holdings: for securities worth up to ₹10,000, an undertaking on plain paper is enough, without notarisation.
- Demat only: all duplicate securities are now issued in dematerialised form.
- Pending cases included: the procedure took effect immediately, including for requests already in progress.
If the shares are worth more than ₹10 lakh
Above the limit, two further steps apply:
- A police or court record: an FIR, e-FIR or court record giving full details of the securities
- A newspaper advertisement: published by the company, which may charge a minimal fee for it
The company's processing time runs from when it receives complete documents or publishes the advertisement, whichever is later.
Why the duplicate comes in demat form
You will not receive a new paper certificate. Listed shares can only be transferred in demat form, so SEBI now issues duplicates the same way. Since 2 April 2026 the registrar credits them straight to your demat account, with no Letter of Confirmation in between, so open a demat account before applying. See what changed in 2026.
Step by step
- Find the details: the company name, folio number, and certificate or distinctive numbers if you have them. Old dividend warrants, annual reports and letters from the company or its registrar often carry the folio number.
- Work out the value: the market value decides which documents apply, so check it before preparing anything.
- Update KYC on the folio: registrars expect PAN, address and bank details to be registered, using Forms ISR-1 and ISR-2.
- Prepare the affidavit-cum-indemnity: in the prescribed format, and for holdings above ₹10 lakh, file a police complaint.
- Submit to the registrar: with your Client Master List and a covering letter.
Torn or damaged certificates
If you still have the damaged certificate, include it with the request. Readable certificate and distinctive numbers help the company match it to its records.
When the shareholder has died
Families often discover missing certificates while dealing with a parent's estate. Two processes then run together: transmission to the legal heirs, and replacement of the lost certificates. Our guide to transmission without a succession certificate covers the heirship side.
If the shares have already gone to IEPF
If the dividends on those shares went unclaimed for seven years, the company may have transferred them to the Investor Education and Protection Fund. A duplicate certificate is not the route then: the shares are claimed back on Form IEPF-5. See our IEPF Form 5 claim process.
How we help
We trace folio details from old records, work out the value, prepare the affidavit-cum-indemnity and KYC forms, and follow up with the registrar until the shares are credited. There is no advance professional fee; our fee is charged once the shares are in your demat account. Stamp duty, notary charges and any newspaper advertisement fee are paid by you at actuals. More on our physical shares to demat service.
Free review of your physical shares
Tell us the company and what you have: certificates, a transfer deed, or only an old dividend letter. We work out the route and what it needs.