How to Recover Shares of a Deceased Family Member: Step-by-Step

What happens to shares when a holder dies

Shares do not lapse on death. They stay in the holder's name until they are transmitted to a surviving joint holder, a registered nominee or the legal heirs. If nobody acts and dividends go unpaid for 7 consecutive years, the shares move to the IEPF under the Companies Act, from where heirs can still claim them.

SEBI's July 2026 transmission rules

SEBI's transmission circular of 23 July 2026 took effect around 22 August 2026. It applies to shares and also to mutual fund units (for bank deposits, insurance and PF, see how to claim a deceased parent's other investments).

Other useful changes: QR-code death certificates are accepted, overseas death certificates can be certified through banks, and processing is due within 21 days of complete documents.

How to recover shares of a deceased family member: broad stages

1. Map the holdings. Look at demat statements, old certificates, dividend credits in bank passbooks and the IEPF search on iepf.gov.in.
2. Identify who is entitled. A surviving joint holder or registered nominee comes first; otherwise, the legal heirs.
3. Gather heirship proof at the right level. Match the documents to the value: quick processing, the simplified route, or court papers for larger or disputed holdings.
4. Apply for transmission. Demat shares go through the heir's depository participant; physical shares go through the company's registrar and then need dematerialisation.
5. Claim anything in the IEPF. If shares or dividends have already moved, the heir files Form IEPF-5 after company confirmation. It is free with no time limit.

With a nominee vs without a nominee

With a nominee, transmission is simpler: the nominee applies with the death certificate and KYC. Without a nominee, heirs must show they are the heirs and usually that the other heirs agree. Single-holder demat accounts and mutual fund folios opened on or after 1 September 2026 must have a nominee or an opt-out, which will help future families.

Where a succession certificate is needed, it comes from a civil court under section 372 of the Indian Succession Act, filed by an advocate. Since the Repealing and Amending Act 2025 omitted section 213, probate is no longer compulsory in Mumbai, Kolkata and Chennai, though institutions may still ask.

Do you need help with this?

Yes. Transmission through the registrar or depository participant is free, and SEBI's 2026 rules are designed to make smaller cases manageable for families. A single demat account with a nominee is often straightforward.

When heirs usually need help

• No nominee, several heirs, or heirs who disagree.
• Physical certificates that are lost, or a name that does not match.
• Holdings across many companies, some merged or renamed.
• Shares already in the IEPF.
• Heirs living abroad, needing attested documents.
• Values above the simplified limits, needing court papers.

How Expertvuw helps, in broad stages

1. Review: we map what the deceased held and where each holding sits.
2. Tracing and documents: we prepare heirship, KYC and correction papers, and coordinate with advocates where a court petition is needed.
3. Filing and follow-up: heirs stay the applicants; we follow up with registrars, depository participants, companies and the IEPFA.
4. Credit: shares go only to the heirs' own demat accounts.

Expertvuw Management Pvt Ltd is a private company with offices in Delhi and Gurugram, serving families across India and abroad. We are not affiliated with SEBI, the IEPFA, any registrar or any court.

When you need help recovering a family member's shares

If the case involves no nominee, lost certificates, the IEPF or heirs abroad, speak to us before filing. See legal heir share recovery services and share transmission services. Related help: claiming without a nominee, succession certificate and legal heir support and NRI share recovery. Or book an initial case review.

Frequently asked questions

How do I recover shares of a deceased family member?

Map what they held, check whether a nominee was registered, and apply for transmission through the depository participant for demat shares or the registrar for physical shares. Document requirements depend on value under SEBI's July 2026 rules. Shares already in the IEPF are claimed with Form IEPF-5.

What documents are needed for transmission of shares?

In broad terms: the death certificate, the claimant's KYC and proof of entitlement. For values up to ₹10 lakh (physical) or ₹30 lakh (demat), SEBI allows an affidavit-cum-NOC from heirs and an indemnity. Larger values may need a succession certificate or probate.

How long does share transmission take under the new rules?

SEBI's July 2026 circular requires processing within 21 days of receiving complete documents. The overall time depends on how quickly the family gathers the papers, especially where there is no nominee, heirs live abroad or certificates are lost. Incomplete or mismatched papers restart the clock, so it pays to get them right first time.

Can shares be transmitted without a nominee?

Yes. Legal heirs can claim, but they must prove heirship and usually show the other heirs' agreement. Within SEBI's simplified limits, probate is not mandatory. Our claiming without a nominee page explains the broad route. Above those limits, a succession certificate from a civil court may be needed.

What if the deceased's shares are in the IEPF?

The legal heir files Form IEPF-5 after the company confirms entitlement and the heir's transmission papers are accepted. There is no filing fee and no time limit. Shares are credited to the heir's own demat account. See our IEPF claim services.

Can an NRI heir recover shares of a deceased parent?

Yes. SEBI's 2026 rules allow overseas death certificates to be certified through banks, and documents are signed and attested abroad. The heir needs a suitable demat and bank account in India. Our NRI share recovery page explains how this works.

Do these rules apply to mutual funds too?

Yes. SEBI's July 2026 transmission framework also applies to mutual fund units, using the same value-based limits. Units are transmitted by the fund house or its registrar. See our unclaimed mutual fund recovery page for help with folios. SEBI MITRA via MF Central can help you find forgotten folios first.