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Physical Shares to Demat: Converting Old Certificates Step by Step
Converting physical shares to demat is now the only way to sell old paper certificates. Many families hold certificates bought in the 1980s or 1990s, sometimes in a parent's name, sometimes of companies that have since merged. Since April 2019, these cannot be transferred on paper. The good news is that dematerialisation is a standard, free process through your depository participant and the company's registrar. Here is how it works and why requests get rejected.
To convert physical shares to demat, open a demat account in the same name and order as the certificate, submit a demat request with the original certificates through your depository participant (DP), and the DP sends it to the company's RTA for verification. Once approved, the shares appear in your demat account. The process is free apart from any DP charges.
Why physical shares must be dematerialised
Transfers of physical shares have been barred since 1 April 2019. You can still hold paper certificates, but you cannot sell or transfer them until they are converted to electronic form. SEBI's special window for transfer deeds executed before 1 April 2019 is open from 5 February 2026 to 4 February 2027, with the shares credited in demat form.
Paper shares also carry practical risks: certificates get lost or damaged, addresses go out of date, and unpaid dividends can lead to the shares moving to IEPF after seven years. Dematerialisation removes most of these risks.
How physical shares to demat conversion works
The dematerialisation of physical shares follows the same broad stages for almost every company:
- Check the holding: confirm the company still exists, whether it has merged or changed its name, and who its current RTA is.
- Update KYC: make sure the RTA's records match your PAN, bank and signature.
- Demat account: open or use a demat account in exactly the same name, and with joint holders in the same order, as the certificate.
- Demat request: submit the request form with the original certificates to your DP, which forwards it electronically and physically to the RTA.
- Verification and credit: the RTA verifies the certificates and signatures, and on approval the shares are credited to your demat account.
If the company has merged, you may receive shares of the successor company based on the scheme's swap ratio.
Demat request rejected: common reasons
Most rejections come from mismatches, not from the shares themselves.
| Rejection reason | What it means | Where to go next |
|---|---|---|
| Name mismatch | Certificate name differs from the demat account or PAN | Name mismatch correction |
| Signature mismatch | Signature does not match the RTA's specimen | Signature mismatch help |
| Missing or damaged certificates | Some certificates are lost, torn or unreadable | Duplicate share certificate recovery |
| Holder has died | Shares must first move to the heir's name | Share transmission services |
| Joint holder order differs | Names are in a different order in the demat account | Open an account in the matching order |
| Shares already with IEPF | Nothing left with the RTA to demat | IEPF claim services |
Certificates of a deceased holder
Heirs cannot demat shares still registered in a deceased person's name. Transmission comes first. SEBI's July 2026 transmission circular allows simplified documentation for physical holdings up to ₹10 lakh, using an affidavit-cum-NOC from heirs and an indemnity, and the RTA is expected to process within 21 days of complete documents. After transmission, the heir can demat and sell.
Lost certificates
If certificates are missing, a duplicate request goes to the RTA. Under SEBI's December 2025 circular, duplicates are issued in demat form, so the duplicate and demat steps effectively combine. Newspaper advertisement and FIR are needed only above ₹10 lakh.
Do you need help with this?
Yes. Dematerialisation is a standard service, and there is no official charge from the RTA; your DP may have its own account or service charges. If you hold certificates in your own name, the name and signature match, and the company is active, a do-it-yourself request is usually smooth.
It helps to check the value first. Some old certificates belong to companies that merged, were delisted or were struck off. Our old share certificates value check explains how to find out what your certificates are worth before you start.
Sell physical shares after demat
Once the shares are credited, you can sell them through your broker like any other shareholding, subject to market rules. Unlisted or suspended shares may have no ready market. The tax treatment of the sale depends on your circumstances, so confirm it with your tax adviser.
How Expertvuw helps
- Case review: we check each certificate, trace the current company and RTA, and flag problems before a request is filed.
- Documents: we help resolve KYC, name, signature, transmission or duplicate issues first, so the demat request is not returned.
- Filing and follow-up: you remain the applicant; we coordinate with your DP and the RTA and track the request.
- Credit: shares are credited only to your own demat account.
Why Expertvuw
- A registered private limited company with offices in Delhi and Gurugram, working with shareholders across India and abroad.
- One team for demat, transmission, duplicates and IEPF, so linked problems are handled together.
- Plain-language updates and careful handling of original certificates.
- Not affiliated with SEBI, any depository or any RTA.
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Frequently asked questions
Can I still sell physical shares in 2026?
Not in paper form. Transfers of physical shares have been barred since 1 April 2019; the only exception is SEBI's special window (5 February 2026 to 4 February 2027) for transfer deeds executed before that date. You must first convert the shares to demat through your depository participant, and then sell them through a broker.
How long does physical shares to demat conversion take?
Timing depends on the RTA, the condition of the certificates and whether records match. A clean request with matching name, signature and KYC moves faster. Requests involving a deceased holder, lost certificates or merged companies take longer because those issues must be resolved before dematerialisation.
Why was my demat request rejected?
The most common reasons are a name or signature mismatch, joint holder names in a different order, missing or damaged certificates, or the holder having died. Occasionally the shares have already moved to IEPF. The rejection letter from the RTA usually states the reason, which tells you the next step.
Can I demat shares in my late father's name directly?
No. The shares must first be transmitted to the heir's name through the RTA. SEBI's July 2026 circular simplified transmission for physical holdings up to ₹10 lakh. After transmission, the heir submits the demat request through their own demat account and can then sell.
Do I need a new demat account for old physical shares?
You can use an existing account if its name and joint holder order match the certificate exactly. If the certificate is in joint names, you may need a demat account with the same holders in the same order. Your depository participant can confirm this before you submit.
What if the company on my certificate no longer exists?
It may have merged, changed its name or been struck off. If it merged, your entitlement follows the scheme's swap ratio and the successor's RTA handles the demat. If it was struck off, see our NCLT share disputes and revival page for the options.
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Tell us what you have, and we will tell you which official route applies. WhatsApp or call +91 88829 91427 (10 AM – 7 PM, Monday to Saturday), or book an initial case review.
Expertvuw Management Pvt Ltd is a private company. We are not affiliated with or authorised by IEPFA, SEBI, RBI, IRDAI, EPFO, PFRDA, India Post, DICGC, the Central Registrar of Cooperative Societies or any court. The official routes described on this page are free; our role is documentation, heirship paperwork and follow-up support. The claimant remains the applicant and all money is paid directly into the claimant's own account. Information is general and current as of the "last updated" date; rules change and each case differs. Last updated: 7 October 2026. Reviewed by: Expertvuw compliance team.