Duplicate Share Certificates Worth Up To Rs 10 Lakh Could Get Easier To Reissue: Sebi’s Proposal Explained

The process of getting duplicate share certificates reissued could soon become considerably easier for investors, with the Securities and Exchange Board of India (Sebi) proposing major changes to documentation norms. In a consultation paper released this week, the regulator said it aims to reduce the paperwork burden and eliminate inconsistencies across listed companies and their registrars.

What SEBI Is Proposing?

Sebi explained that investors currently face significant inconvenience because different registrars and listed companies follow varying documentation requirements. To address this, the regulator proposed doubling the threshold for simplified documentation from Rs 5 lakh to Rs 10 lakh. It also seeks to standardise documents across all

companies and RTAs so investors are not forced to navigate different formats for similar requests. Additionally, Sebi wants to replace the current system of multiple affidavits and indemnity bonds with a single, combined affidavit-cum-indemnity form and clarify stamp-duty norms to prevent confusion. The regulator noted that the existing Rs 5 lakh limit was set years ago and no longer reflects the scale of India’s capital markets, which have grown significantly in market cap, retail participation and average portfolio size.

What Will Change For Investors?

If these proposals are approved, investors with holdings valued up to Rs 10 lakh will no longer need to file a police complaint or first information report, publish advertisements in newspapers or prepare separate affidavits and indemnity bonds when seeking duplicate share certificates. They would instead submit a single standardised form, making the reissue process faster, more uniform and far less paper-intensive.

When Will The Change Take Effect?

The proposed changes will not take effect immediately. Sebi has released the framework as part of a draft consultation and has invited public comments before finalising the new rules. Once feedback is reviewed, the regulator may revise the proposals and will only then notify the final regulations. Until the final notification is issued, the existing rules- including the Rs 5 lakh threshold and the current multi-step documentation requirements- will continue to apply.