Share Transmission Services for Legal Heirs and Nominees

What share transmission means

When a shareholder dies, the shares do not pass to the family on their own. The company, RTA or depository continues to show the deceased person as the holder until someone applies for transmission and proves their right to the shares.

Transmission is different from a transfer. A transfer is a sale or gift between living people. Transmission happens by operation of law after death, to the nominee, the surviving joint holder or the legal heirs.

Leaving it pending has a cost. Dividends go unpaid, and if they stay unpaid for seven consecutive years the shares themselves move to IEPF under the Companies Act. Physical shares also cannot be sold until they are dematerialised, because transfers of physical shares have been barred since 1 April 2019.

Do you need help with this?

Yes. The official route is free, and many families handle simple cases on their own. In broad terms:

• Demat shares: the claimant applies to the depository participant (DP) where the deceased held the account.
• Physical shares: the claimant applies to the company's RTA, with KYC in place for the new holder.
• Mutual fund units: the claimant applies to the fund house or its registrar; SEBI's July 2026 framework covers these too.

Where there is a registered nominee and the papers are in order, the process is usually straightforward. It gets harder when there is no nominee, several heirs, old certificates or records that do not match.

When families need help with transmission of shares after death

• No nominee was registered, and several legal heirs must agree and sign.
• One or more heirs live abroad, or the death took place outside India.
• The shares are in old physical certificates, some of them lost or damaged.
• The name on the certificate differs from the name on the death certificate or ID.
• Holdings are spread across many companies, RTAs and fund houses.
• Some shares have already moved to IEPF or to a company's unclaimed suspense account.
• The holding is above the simplified-route limits and a court document may be needed.

What changed in 2025–26: the SEBI transmission circular 2026

SEBI issued a new transmission circular on 23 July 2026, effective from about 22 August 2026. It applies to shares in physical and demat form and to mutual fund units.

Other changes in the same circular:

• Transmission without probate: on the simplified route, probate is not mandatory.
• QR-code death certificates are accepted.
• Overseas death certificates can be certified through banks, which helps NRI families.
• 21-day processing after complete documents are received.
• Transmission of mutual fund units follows the same framework and limits.

Related updates also matter for heirs:

• Probate (2025): the Repealing and Amending Act, 2025 omitted Section 213 of the Indian Succession Act, so probate is no longer compulsory in Mumbai, Kolkata and Chennai. Institutions may still ask for it in some cases.
• Duplicate certificates (SEBI, December 2025): simplified documentation up to ₹10 lakh, with newspaper advertisement and FIR only above ₹10 lakh, and duplicates issued in demat form.
• Nomination (SEBI, September 2026): single-holder demat accounts and mutual fund folios opened on or after 1 September 2026 need a nomination or a formal opt-out.
• KYC: SEBI stopped freezing folios without PAN or KYC in November 2023, but KYC is still needed before the RTA will act on any request.

How our share transmission services work

The claimant always stays the applicant, and the shares or units go only into the claimant's own demat account or folio. We work in four broad stages:

1. Case review: we list the holdings, check whether each falls within the SEBI limits, and tell you honestly if you can file it yourself.
2. Tracing and documents: we trace companies, RTAs and fund houses, and help the family put KYC and heirship papers in order.
3. Filing and follow-up: we help you submit requests to the right RTA, DP or fund house and follow up on any queries.
4. Credit: we track each request until the holding shows in the heir's name, and flag any shares that need an IEPF claim.

Where a succession certificate or probate is required, the petition is filed by an advocate; we coordinate the documentation around it.

Why Expertvuw

• A registered company with offices in Delhi (Dwarka) and Gurugram (Udyog Vihar).
• Pan-India and NRI families, including heirs spread across cities and countries. Families holding old physical certificates in Kolkata or Mumbai can complete transmission without travelling to Delhi.
• One team for shares, mutual funds, dividends and the family's other unclaimed assets.
• Plain-language updates, so every heir knows what is pending.
• Documentation discipline across every folio and holding.

Expertvuw is a private firm and is not affiliated with SEBI, any RTA or any depository.

Related services

• Claim the investments of a deceased parent
• Claim shares and deposits when there is no nominee
• Succession certificate and legal heir support
• IEPF claim services for shares already moved to IEPF
• Unclaimed asset recovery for NRIs

Related guides

• Documents required for an IEPF claim
• IEPF and share recovery FAQs

Frequently asked questions

What is transmission of shares?

Transmission is the legal process of moving shares from a deceased holder to the nominee, surviving joint holder or legal heirs. It is different from a transfer, which is a voluntary sale or gift between living people. Until transmission is completed, the heirs cannot sell or manage the shares.

Is probate needed for transmission of shares?

Not always. Under SEBI's July 2026 circular, probate is not mandatory on the simplified-documents route, which covers holdings up to ₹10 lakh in physical form and ₹30 lakh in demat form. Separately, since 2025 probate is no longer compulsory in Mumbai, Kolkata and Chennai, though institutions may still ask for it.

What is Quick Transmission Processing?

It is a separate, quicker route under SEBI's July 2026 circular for small holdings of up to ₹10,000 in physical form or ₹30,000 in demat form, so that small family holdings are not held up by heavy paperwork. Larger holdings up to the simplified-route limits use an affidavit-cum-NOC of heirs plus an indemnity.

How long does share transmission take?

Under SEBI's July 2026 circular, transmission requests should be processed within 21 days after complete documents are received. The overall time depends on how long the family takes to gather KYC and heirship papers, and on whether a court document is needed for larger holdings.

What if there is no nominee for the shares?

The legal heirs can still claim. Within the SEBI limits, they can use the simplified route with an affidavit-cum-NOC signed by the heirs and an indemnity. Above the limits, fuller proof of heirship is needed. Our page on how to claim without a nominee explains the options.

Does the new transmission rule apply to mutual funds?

Yes. SEBI's July 2026 framework also applies to transmission of mutual fund units, using the same value limits. Heirs apply to the fund house or its registrar. SEBI MITRA, available through MF Central since February 2025, helps families find forgotten folios first.

Can NRI heirs apply for transmission from abroad?

Yes. Under the July 2026 circular, a death certificate issued overseas can be certified through banks, and documents signed abroad may need apostille or consular attestation. The 21-day processing timeline applies once complete documents reach the RTA or fund house. See our NRI unclaimed asset recovery page for the practical steps.

What if the shares have already moved to IEPF?

Then transmission alone is not enough. The heir needs to establish their right and file Form IEPF-5 with IEPFA after getting an entitlement letter from the company. There is no time limit to claim from IEPF. Our IEPF claim services page explains this route.