Introduction:
SEBI has issued a circular dated December 24th, 2025[1], further simplifying and standardising the process for issuance of duplicate securities certificates. The changes are aimed at reducing procedural friction, easing compliance for investors, and accelerating restoration of investor rights especially in cases involving loss or misplacement of physical certificates.
SEBI has reiterated that all duplicate securities will be issued only in demat form. This not only expedites processing but also structurally nudges investors away from physical holdings supporting SEBI’s long-term dematerialisation agenda.
Key Changes Introduced:
SEBI has implemented several significant shifts to make the process more investor-friendly:
- Threshold for Simplified Documentation Doubled
SEBI has increased the value threshold for simplified documentation from Rs. 5 lakhs to Rs. 10 lakhs (value of securities as on the date of application). Investors holding securities up to this revised limit can now follow a streamlined documentation process.
- Standardised Affidavit-cum-Indemnity Format
A uniform, SEBI-prescribed Affidavit-cum-Indemnity Bond (Annexure-A to circular) has now been mandated. This removes ambiguity, eliminates RTA-specific variations, and ensures consistency across the market.
Major Relief for Small-Value Investors
For securities with a value up to Rs. 10,000, SEBI has:
- Done away with notarisation, and
- Allowed submission of a simple undertaking on plain paper
This is a material ease-of-access measure for retail and legacy investors, particularly senior citizens and heirs dealing with small holdings.
Rationalised Requirements for High-Value Cases
For securities exceeding Rs. 10 lakh, additional safeguards continue to apply:
- Submission of FIR / police complaint / court documents with full security particulars; and
- Newspaper advertisement by the listed company regarding loss of securities
Importantly, SEBI has clarified that the processing timeline will begin only after complete documentation and advertisement, bringing certainty to service-request timelines.
Procedural Requirements briefly:
The level of documentation required now depends strictly on the value of the securities on the date of application:
| Security Value | Required Documentation |
| Up to Rs. 10,000 | Undertaking on plain paper (no notarization or stamp paper required). |
| Up to Rs. 10 Lakhs | Affidavit-cum-Indemnity bond on non-judicial stamp paper. The value of the stamp paper must be the higher of the amount prescribed for an affidavit and an indemnity individually. |
| Above Rs. 10 Lakhs | Affidavit-cum-Indemnity bond PLUS a copy of an FIR/Police Complaint or Court Order. The company will also publish a weekly newspaper advertisement regarding the loss. |
Note:
The term value shall be determined in the manner provided in the Master Circular dated July 23, 2025[2], i.e. “value of the securities on the basis of the closing price of such securities at any one of the recognized stock exchanges a day prior to the date of such submission in the application”.
The rest procedure shall be as provided in the master circular and circular dated May 25, 2022[3]
Important:
- The circular is effective immediately.
- It also applies to ongoing requests, ensuring investors currently in process can benefit from the relaxed norms.
- Where documents have already been submitted, re-submission in new formats is not required, preventing unnecessary duplication.
[1] https://www.sebi.gov.in/legal/circulars/dec-2025/ease-of-doing-investment-review-of-simplification-of-procedure-and-standardization-of-formats-of-documents-for-issuance-of-duplicate-certificates_98668.html
[2] https://www.sebi.gov.in/legal/master-circulars/jun-2025/master-circular-for-registrars-to-an-issue-and-share-transfer-agents_94735.html
[3] https://www.sebi.gov.in/legal/circulars/may-2022/simplification-of-procedure-and-standardization-of-formats-of-documents-for-issuance-of-duplicate-securities-certificates_59173.html