Lost Share Certificate: Duplicate Securities Process India

Lost or misplaced an old physical share certificate? The investment does not automatically disappear with the certificate. A registered security holder may be able to request issuance of duplicate securities after completing the applicable verification and documentation process.

There is, however, an important distinction at the outset. For listed securities, the investor-service process is governed substantially by SEBI's framework for listed companies and Registrars to an Issue and Share Transfer Agents (RTAs). Unlisted companies continue to be governed principally by the Companies Act, 2013, the Companies (Share Capital and Debentures) Rules, 2014 and their own applicable procedures.

For listed securities covered by SEBI's framework, another important change took effect from 2 April 2026 : the earlier Letter of Confirmation route was replaced for new requests by a process under which securities are credited directly to the investor's demat account after the RTA or issuer company completes the required verification.

This guide explains the current duplicate-securities process, the ₹10,000 and ₹10 lakh documentation thresholds, Form ISR-4, Client Master List requirements, timelines, transmission cases and what to check if the securities have already moved to the Investor Education and Protection Fund (IEPF).

What Does “Duplicate Securities” Mean?

Section 46 of the Companies Act, 2013 provides the underlying legal basis for issuing a duplicate share certificate where the original certificate is proved to have been lost or destroyed. It also covers replacement where a certificate has been defaced, mutilated or torn and is surrendered to the company.

For listed companies, however, Section 46 should not be read in isolation. The processing of investor service requests is also governed by SEBI's requirements applicable to listed companies and RTAs.

SEBI generally uses the term “duplicate securities” because the framework can cover securities such as shares, debentures and bonds held in physical form, rather than equity shares alone.

Listed Company vs Unlisted Company: Which Process Applies?

Type of company/securities	Broad framework	Key point
Listed securities covered by SEBI's RTA framework	SEBI circulars, RTA Master Circular and applicable company/RTA procedures	Eligible investor service requests are processed in demat mode; the direct-credit framework applies from 2 April 2026.
Unlisted company shares	Companies Act, 2013 and Companies (Share Capital and Debentures) Rules, 2014	The SEBI direct-credit procedure should not automatically be assumed to apply. The investor should obtain the current requirements directly from the company.

The remainder of this guide primarily explains the listed-securities process under SEBI's framework . A separate section below covers unlisted companies.

What Changed From 2 April 2026?

SEBI Circular No. HO/38/13/(3)2026-MIRSD-POD/I/3763/2026 dated 30 January 2026 discontinued the requirement to issue a Letter of Confirmation for investor service requests covered by the circular and introduced direct credit of securities into the investor's demat account.

The circular expressly states that its provisions came into force on 2 April 2026 .

Under the revised process, the RTA or listed issuer verifies and processes the investor service request and then initiates the demat conversion process so that the securities can be credited directly to the security holder's or claimant's demat account.

This direct-credit process applies to the listed securities and investor service requests falling within the relevant SEBI framework. It should not be treated as a universal procedure for every share certificate issued by every Indian company.

There is also a transitional provision. A Letter of Confirmation issued before 2 April 2026 may still be submitted to the Depository Participant within its specified 120-day validity period.

Is a Demat Account Required for a Duplicate-Securities Request?

For a listed-security request processed under the revised SEBI framework, yes . SEBI requires the investor to have a demat account before submitting the service request.

The investor must submit:

the latest Client Master List (CML) of the demat account;
the CML must not be older than two months;
the CML must be duly attested by the Depository Participant (DP); and
a duly filled demat conversion request form must accompany the service request.

The revised Form ISR-4 also expressly refers to a CML that is not older than two months and is attested by the Depository Participant.

Accordingly, investors should not assume that an ordinary self-downloaded demat account statement will automatically satisfy this requirement. Where a DP provides an electronically generated or digitally authenticated CML, the investor should confirm with the DP and the concerned RTA that the document constitutes the required DP-attested CML for the service request.

Which Form Is Used for Duplicate Securities?

The relevant investor service form is Form ISR-4 , titled “Request for issue of Duplicate Certificate and other Service Requests”. It covers specified requests relating to securities such as shares, debentures and bonds held in physical form.

Because SEBI can revise investor-service forms, investors should obtain the latest applicable version of ISR-4 from SEBI, the listed company's official website or its current RTA immediately before filing the request.

Do not rely on an old downloaded copy that still refers only to the earlier Letter of Confirmation procedure.

Documents Commonly Required for Issuance of Duplicate Securities

The exact documents depend on the nature and value of the holding and whether there are KYC, ownership or succession issues. For a normal listed-security case, the investor should generally be prepared with:

the latest applicable Form ISR-4;
details of the company and physical folio;
details of the lost or unavailable security certificate, where known;
a demat account in the appropriate name or names;
a DP-attested Client Master List not older than two months;
a duly filled demat conversion request form;
PAN, specimen signature and other KYC information where not already available or updated with the RTA;
the prescribed undertaking or Affidavit-cum-Indemnity, depending on the value of the securities; and
additional loss-related documents where the value exceeds the simplified-documentation threshold.

The company or RTA may require additional documents where there is a mismatch in name, signature, address, ownership, joint holding, transmission or other legal circumstances.

₹10,000 vs ₹10 Lakh: Understanding the Two Different Thresholds

These two amounts serve different purposes and should not be confused.

Value of securities	Applicable documentation rule
Up to ₹10,000	The prescribed undertaking may be submitted on plain paper. The special notarised Affidavit-cum-Indemnity requirement does not apply to this concession.
Above ₹10,000 and up to ₹10 lakh	The prescribed Affidavit-cum-Indemnity is required on non-judicial stamp paper of the appropriate value. SEBI's prescribed format states that where the value exceeds ₹10,000, it is to be executed in the presence of a Public Notary.
More than ₹10 lakh	The Affidavit-cum-Indemnity continues to apply, together with additional loss-related documentation permitted by SEBI and the prescribed newspaper-publication requirement.

The ₹10,000 amount is a plain-paper undertaking concession . The ₹10 lakh amount is the threshold for simplified documentation .

SEBI increased the simplified-documentation threshold from ₹5 lakh to ₹10 lakh through Circular No. HO/38/13/11(3)2025-MIRSD-POD/I/1102/2025 dated 24 December 2025 . The circular took immediate effect and was also made applicable to qualifying ongoing requests that were under process.

What Additional Documents Apply Above ₹10 Lakh?

Where the value of the securities is more than ₹10 lakh , the claimant must submit the prescribed Affidavit-cum-Indemnity and also provide one of the loss-related documents permitted by SEBI.

The permitted alternatives specified by SEBI include a copy of:

an FIR, including an e-FIR;
a police complaint;
a court injunction order; or
a copy of a plaint where the suit has been accepted by the court and a suit number has been assigned.

Therefore, an FIR should not be described as compulsory in every higher-value case . SEBI permits the alternative documents listed above, subject to the applicable conditions.

The document is required to contain the relevant details of the securities, including the folio number, distinctive number range and certificate numbers.

Is a Newspaper Advertisement Required?

For securities valued at more than ₹10 lakh , SEBI's revised procedure requires the listed company to publish the prescribed advertisement regarding loss of securities in a widely circulated newspaper in the region where its registered office is situated.

This is the responsibility placed on the listed company under the SEBI circular rather than an instruction for the investor to independently publish any advertisement of their choice.

The listed company may charge the investor a minimal fee towards the advertisement.

How Is the Value of the Securities Determined?

Under SEBI's duplicate-securities framework, valuation is linked to the market price rather than the original purchase cost or face value.

The applicable framework provides for valuation based on the closing price of the securities at a recognised stock exchange on the day prior to submission of the application .

This valuation is important because it determines whether the request falls within the ₹10,000 plain-paper concession, the simplified-documentation category up to ₹10 lakh or the additional-document category above ₹10 lakh.

Step-by-Step Process for Lost Physical Securities of a Listed Company

Identify the listed company and its current RTA.
Do not rely only on an old dividend warrant or correspondence because the company may have changed its RTA.
Confirm the folio and available holding details.
Gather old dividend records, allotment documents, annual reports, tax records or correspondence that may identify the folio, certificate number or holding.
Check whether the securities are still with the shareholder.
For very old investments, first determine whether the securities remain in the physical folio, have moved to a suspense account or have already been transferred to IEPF.
Resolve KYC deficiencies.
Check PAN, name, signature, address, mobile number, email and bank details recorded with the RTA and address any discrepancy relevant to the service request.
Ensure that the required demat account is available.
The revised listed-security process requires a demat account before the investor submits the service request.
Obtain the latest DP-attested CML.
The CML must not be older than two months under the current SEBI framework.
Download the latest ISR-4.
Use the version currently hosted by SEBI, the issuer company or its RTA.
Complete the demat conversion request form.
This is submitted with the investor service request under the revised direct-credit process.
Determine the applicable documentation category.
Identify whether the securities fall up to ₹10,000, above ₹10,000 but not more than ₹10 lakh, or above ₹10 lakh.
Prepare the undertaking or Affidavit-cum-Indemnity.
Use the prescribed SEBI format rather than a generic affidavit downloaded from an unofficial website.
For a value above ₹10 lakh, provide the permitted additional document.
This may be an FIR/e-FIR, police complaint or one of the specified court documents permitted under the SEBI framework.
Submit the complete request to the official RTA or issuer company.
Retain copies and proof of submission.
Track verification and demat credit.
After successful verification and processing, the RTA or issuer company initiates the demat conversion request for direct credit to the investor's demat account.

How Long Does the Duplicate-Securities Process Take?

The 30-day timeline needs to be read carefully.

Under Para 13.3 of the RTA framework as substituted by SEBI's 30 January 2026 circular, the RTA or issuer company is required to verify and process the service request and issue the securities directly in dematerialised form within 30 days of receipt of the request after removing objections, if any .

There is an additional rule for duplicate-securities cases valued above ₹10 lakh. SEBI's 24 December 2025 circular states that the processing timeline begins from the later of:

the date on which the investor submits complete documentation; or
the date on which the listed company issues the required newspaper publication.

Accordingly, investors should not treat 30 days as an unconditional guarantee starting from the first submission . Missing documents, KYC discrepancies, objections, transmission issues or the newspaper-publication requirement can affect when the applicable processing period begins.

What If the Certificate Number or Distinctive Numbers Are Not Available?

A missing certificate number does not necessarily make it impossible to pursue the matter.

SEBI's framework allows investors to approach the RTA for unavailable folio, certificate or distinctive-number information, subject to the RTA's verification requirements.

If the shareholder's signature, address or other records do not match the information available with the RTA, the investor may first have to complete the relevant KYC or verification process.

What If the Registered Shareholder Has Died?

This situation should not be treated as an ordinary lost-certificate request.

If the registered shareholder has died, a legal heir, nominee or other claimant generally cannot rely only on the duplicate-securities procedure in the deceased shareholder's name . The claimant must satisfy the applicable transmission or succession requirements .

Depending on the facts, the case may involve:

transmission to a surviving joint holder;
transmission to a registered nominee;
a claim by legal heir or legal representative;
succession documents where no valid nomination exists; and
duplicate-securities documentation where the original physical certificate is also lost.

The appropriate route depends on how the securities were held, whether a nomination was registered, whether there were joint holders and what succession documents are available. Claimants should therefore inform the RTA that the registered holder is deceased instead of filing the matter merely as a lost-certificate case.

What If the Shares Have Already Been Transferred to IEPF?

Very old physical holdings should also be checked for possible transfer to the Investor Education and Protection Fund .

If eligible shares or unpaid amounts have already been transferred to the IEPF Authority, an ordinary duplicate-securities request to the RTA by itself is generally not the recovery route.

An eligible claimant generally uses Form IEPF-5 and follows the claim process along with the documents and verification requirements prescribed by the IEPF Authority and the concerned company.

The exact documentation depends on the claim, including whether the original shareholder is alive, deceased, represented by a nominee or succeeded by legal heirs.

Common Mistakes to Avoid

Following an outdated Letter of Confirmation guide: the direct-credit framework applies to covered listed-security service requests from 2 April 2026, subject to the transitional treatment of LOCs issued earlier.
Using the old ₹5 lakh threshold: the simplified-documentation threshold for duplicate securities was increased to ₹10 lakh from 24 December 2025.
Confusing ₹10,000 with ₹10 lakh: ₹10,000 relates to the plain-paper undertaking concession, while ₹10 lakh determines when additional loss documentation and newspaper publication become applicable.
Assuming an FIR is always mandatory above ₹10 lakh: SEBI permits FIR/e-FIR, police complaint and specified court-document alternatives.
Submitting an old ISR-4: obtain the current version from SEBI, the issuer or the RTA.
Submitting an old or unauthenticated CML: the current SEBI wording requires a CML not older than two months and duly attested by the DP.
Using only the duplicate-securities route after the shareholder's death: transmission or succession requirements must also be considered.
Ignoring IEPF status: old securities may already have been transferred to IEPF, requiring a different claim route.
Calculating value using face value: the SEBI framework uses the relevant market closing price for determining the value threshold.

Protect Yourself From Fraud While Recovering Old Shares

Old physical investments can attract unsolicited approaches from recovery agents. Investors should use only official contact details of the listed company, its RTA, Depository Participant, SEBI or the IEPF Authority.

Do not disclose your demat password, trading password or login credentials.
Never share OTPs received from your bank, broker, DP or depository.
Do not hand over original PAN, Aadhaar, passport or other identity documents to an unofficial agent.
Do not sign blank ISR forms, indemnities, transfer forms or demat instructions.
Verify the RTA from the listed company's official website or recognised regulatory/exchange sources before sending documents.
Keep copies and acknowledgements of all documents formally submitted.

Where an official process requires production or verification of an original document, submit or show it only through the authorised company, RTA, DP or regulatory process.

What If the RTA Does Not Resolve the Request?

The investor should first raise the matter formally with the concerned listed company or its RTA and retain evidence of the complaint and response.

If the grievance is not satisfactorily resolved, eligible securities-market grievances may be taken to SEBI's SCORES platform. SEBI states that investors should first take up the grievance with the concerned entity before using the escalation mechanism.

Where applicable, further dispute-redressal options such as the securities-market Online Dispute Resolution mechanism may also be available.

Duplicate Securities Checklist

Identify whether the company is listed or unlisted.
Verify the current RTA of a listed company.
Locate your folio and old investment records.
Check whether the securities remain in the folio or have moved to IEPF or another suspense mechanism.
Resolve relevant PAN, signature, name or other KYC discrepancies.
Keep the required demat account ready.
Obtain a DP-attested CML not older than two months.
Download the latest applicable ISR-4.
Complete the demat conversion request form.
Determine the current value of the securities for documentation-threshold purposes.
Use the prescribed undertaking for qualifying cases up to ₹10,000.
Use the prescribed Affidavit-cum-Indemnity where applicable.
For holdings above ₹10 lakh, provide one of the additional documents permitted by SEBI.
If the registered holder is deceased, identify and complete the applicable transmission or succession process.
Submit documents only through official channels and retain acknowledgements.

Frequently Asked Questions

Will I receive another physical duplicate share certificate?

For listed securities processed under SEBI's applicable investor-service framework, securities arising from covered service requests are issued in dematerialised mode. From 2 April 2026, the revised framework provides for direct credit into the investor's demat account after the applicable verification and processing.

Is the direct demat-credit rule applicable to every Indian company?

No. The SEBI framework discussed here applies to listed securities and the relevant listed-company/RTA investor service process. Unlisted-company shares must be considered separately under the Companies Act, applicable rules and the company's own requirements.

Is an FIR compulsory for a lost share certificate?

No. For cases above the ₹10 lakh threshold, SEBI permits specified alternatives including an FIR/e-FIR, police complaint, court injunction order or an accepted plaint with a suit number, subject to the prescribed requirements.

What is the ₹10,000 limit?

For securities valued up to ₹10,000, the prescribed undertaking can be submitted on plain paper under SEBI's revised framework.

What is the ₹10 lakh limit?

₹10 lakh is the current simplified-documentation threshold for duplicate securities. Above this amount, additional loss-related documentation and the listed-company newspaper-publication requirement apply.

Does the CML have to be DP-attested?

SEBI's 30 January 2026 circular and the revised ISR-4 expressly require the latest CML, not older than two months, to be duly attested by the Depository Participant. Investors using a digitally generated CML should confirm with their DP and RTA that the document satisfies this attestation requirement.

Is processing guaranteed within 30 days?

No unconditional guarantee should be assumed. The SEBI framework refers to processing within 30 days of receipt of the request after removal of objections, if any. For cases above ₹10 lakh, the processing timeline starts from the later of submission of complete documentation or the listed company's newspaper publication.

Can a legal heir simply apply for duplicate securities?

Not ordinarily as a substitute for transmission. If the registered holder is deceased, the claimant must satisfy the applicable transmission or succession requirements. Duplicate-securities documents may also be required if the original certificate is missing.

What if my shares are already with IEPF?

An eligible claimant generally needs to follow the IEPF refund process using Form IEPF-5 along with the documents and verification requirements prescribed by the IEPF Authority and the concerned company.

Where should I obtain Form ISR-4?

Use the latest version hosted by SEBI, the relevant issuer company or its official RTA. This helps avoid submitting an outdated form based on an earlier procedure.

Conclusion

The process for recovering lost physical securities of listed companies has changed substantially. The simplified-documentation threshold for issuance of duplicate securities is now ₹10 lakh , while a separate plain-paper undertaking concession applies up to ₹10,000 .

For covered listed-security service requests, SEBI's direct-credit framework has applied since 2 April 2026 . Investors should therefore have a demat account ready, obtain a DP-attested CML not older than two months, use the latest ISR-4 and submit the applicable undertaking or Affidavit-cum-Indemnity and other required documents.

Before filing, also establish whether the registered shareholder is alive, whether transmission is involved and whether the securities have already moved to IEPF. These facts can materially change the procedure that needs to be followed.

Disclaimer

This article is for general informational and educational purposes only and does not constitute legal, financial, tax or investment advice. Requirements may vary depending on the listed or unlisted status of the company, the RTA, KYC records, ownership structure, transmission or succession circumstances and the facts of a particular claim. The relevant company or RTA may request additional documents where justified by KYC, ownership, transmission or legal circumstances. Investors should check the latest SEBI, MCA, IEPFA, company and RTA requirements before submitting a request.