SEBI Simplifies Issuance of Duplicate Securities Procedure

Circular No. HO/38/13/11(3)2025-MIRSD-POD/I/1102/2025, Dated 24.12.2025

1. Regulatory Background

The Securities and Exchange Board of India (SEBI) has reviewed and streamlined the procedure and documentation requirements for issuance of duplicate securities. The objective is to simplify, standardise, and expedite the process for investors while ensuring adequate safeguards.

2. Key Reforms Introduced

2.1 Higher Threshold for Simplified Documentation

• The monetary threshold for availing simplified documentation has been increased from ₹5 lakh to ₹10 lakh.
• This expansion allows a larger number of investors to benefit from a faster, less onerous process for obtaining duplicate securities.

2.2 Standardised Affidavit-cum-Indemnity

• SEBI has prescribed a standardised affidavit-cum-indemnity format.
• This replaces varied formats previously demanded by different intermediaries, ensuring uniformity and clarity across issuers, RTAs, and depositories.

2.3 Rationalisation for Higher-Value Securities

• For cases involving securities exceeding ₹10 lakh, documentation requirements have been rationalised.
• The revised framework removes duplication and unnecessary procedural steps while retaining appropriate risk controls.

2.4 Dispensing With Notarisation for Low-Value Cases

• Notarisation requirements have been dispensed with for low-value cases falling within the simplified threshold.
• This reduces cost, time, and logistical hurdles for investors.

3. Applicability and Effective Date

• The revised framework applies with immediate effect.
• All market intermediaries are required to adopt the updated procedures forthwith.

4. Regulatory Intent

SEBI’s reforms aim to:

• Enhance investor convenience and service standards
• Reduce processing time and compliance friction
• Ensure uniform practices across market infrastructure institutions
• Balance ease of doing business with adequate investor protection

5. Implications for Stakeholders

For Investors

• Faster and simpler issuance of duplicate securities
• Reduced paperwork and costs, especially for lower-value holdings
• Greater predictability through standardised formats

For Issuers, RTAs and Depositories

• Need to update SOPs, checklists, and customer communication
• Implement the standard affidavit-cum-indemnity
• Ensure immediate compliance with revised thresholds and documentation norms

6. Key Takeaway

SEBI’s revised framework significantly simplifies and standardises the issuance of duplicate securities by increasing the simplified-documentation threshold to ₹10 lakh, introducing a uniform affidavit-cum-indemnity, rationalising higher-value documentation, and removing notarisation for low-value cases—effective immediately.

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