According to SEBI, the latest changes are aimed at reducing compliance burden, speeding up processing and promoting dematerialization while standardizing procedures across listed companies and RTAs | Photo credit:
The regulator has simplified the procedure for issuance of duplicate securities certificates to make the process faster, more efficient and investor-friendly.
As part of the overhaul, SEBI said investors holding securities worth up to Rs 10 lakh will now have to file fewer documents, the circular said.
Standardized formats
It has also prescribed a standardized Affidavit-cum-Indemnity Bond format and rationalized documentation for securities valued above Rs 10 lakh.
To further reduce compliance burden, notarization of the Affidavit-cum-Indemnity Bond will no longer be required in cases where the value of the securities is up to Rs 10,000.
These measures are aimed at helping investors find lost or damaged securities more easily, while promoting dematerialization as all duplicate securities will be issued in demat form only.
Accordingly, all listed companies and RTAs (registrar and transfer agents) have been directed to process requests strictly in accordance with the revised procedure.
Immediate effect
The new rules apply immediately and also apply to applications that are currently being processed. However, SEBI clarified that investors who have already filed documents under the old framework will not be required to resubmit them in the new formats.
Holding-based standards
As per the revised norms, investors with assets up to Rs 10,000 need only submit the standard Affidavit-cum-Indemnity Bond on appropriate non-judicial stamp paper, while investors with securities worth Rs 10,000 can submit a simple undertaking on plain paper.
For holdings of more than Rs 10 lakh, investors must additionally submit a copy of the FIR, police complaint, court order or complaint with complete details of the securities. In such cases, the listed company will also publish a weekly advertisement in the newspaper regarding the loss of securities and may charge a minimum fee.
The timeline for processing such requests starts from the date of receipt of complete documents from the investor or the date of publication in the newspaper by the company, whichever is later.
The move follows a consultation paper issued by SEBI in November, in which it had indicated that the lack of standardized documentation and varying practices among RTAs and listed companies were forcing investors to submit multiple sets of documents.
It had also noted that the earlier threshold of Rs 5 lakh no longer reflected the growth in market size and average portfolio values.
Published on December 25, 2025
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