Part of our guide to transmission of shares after death
When a shareholder dies without registering a nominee, families usually hear the same thing from the company: bring a succession certificate. Getting one means a petition in the district court, a public notice, court fees and months of waiting, often for shares worth far less than the effort.
SEBI has now raised the value up to which families can skip that step. Its circular dated 23 July 2026 revised the framework for transmission of securities, and the changes applied from August 2026.
Transmission in brief
Transmission is how shares pass to someone by operation of law, usually after the holder's death. It is different from a transfer, which is a sale or gift between living people. If a nominee was registered, the nominee claims the shares. If not, the legal heirs do, and the documents they need depend on how much the shares are worth. Our explainer on transmission versus transfer covers the difference in more detail.
The new value limits
- Physical shares: simplified documentation now applies up to ₹10 lakh per listed company, up from ₹5 lakh. A company may set a higher limit at its discretion.
- Demat holdings: up to ₹30 lakh per beneficial owner, up from ₹15 lakh.
Below these limits, a succession certificate is not required.
What you need below the limit
Instead of a succession certificate, legal heirs can submit:
- A notarised indemnity bond
- A notarised affidavit-cum-NOC: signed by the legal heirs. This single combined document replaces the separate affidavits and no-objection letters families used to collect from each heir.
The framework also recognises a family settlement deed as an alternative to the affidavit-cum-NOC. Alongside these, the company or depository participant will still ask for the death certificate, the claimant's KYC on the ISR forms, and details of the holding.
Quick Transmission Processing for small holdings
For very small holdings the process is lighter still. Quick Transmission Processing applies to physical shares worth up to ₹10,000 and demat holdings worth up to ₹30,000, where the claimant is an immediate relative: a parent, spouse, child or parent-in-law.
Under this route the claimant gives a transmission request form-cum-undertaking on plain paper, with proof of the relationship.
Probate is no longer compulsory
Families holding a will were often told to obtain probate before a company would act on it. Under the revised framework, probate is no longer mandatory for uncontested claims.
When you still need a court or revenue document
Above the value limits, the company can ask for more. Along with the affidavit-cum-NOC, you will need one of:
- A will: , with a notarised indemnity bond
- A legal heirship certificate: , with a notarised indemnity bond
- A succession certificate, letter of administration or court decree
A legal heirship certificate is issued by the revenue authorities, such as the tehsildar in many states, and usually takes far less time than a court petition. Where it is available, it is often the practical route for larger holdings.
The simplified routes depend on every legal heir signing the affidavit-cum-NOC. Where a family cannot agree, the matter usually has to be decided by a court.
Shares that have already gone to IEPF
If the dividends went unclaimed for seven years, the shares may already be with the Investor Education and Protection Fund. The heirs then claim them on Form IEPF-5, sending the same heirship documents to the company for verification. See our IEPF Form 5 claim process.
Where we help
The paperwork is lighter than it was, but it still has to match the company's records. Names spelt differently across the certificate, PAN and death certificate, a missing specimen signature, or one heir living abroad can hold a claim up for months. We prepare the affidavit-cum-NOC and indemnity, check them against the register, and deal with the company when it raises a query.
There is no advance professional fee: our fee is charged only after the shares are credited. Stamp duty on the indemnity bond, notary charges and any court or certificate fees are paid by you at actuals.
The rules come from SEBI circular HO/38/13/11(14)2026-MIRSD-POD/I/17111/2026 dated 23 July 2026, published on sebi.gov.in.
Free review for families
Tell us who held the shares, whether there is a will or nominee, and roughly what they are worth. We tell you which documents your family needs.