How to Convert Physical Shares to Demat in India

Dematerialisation converts eligible securities represented by paper certificates into an electronic balance in a demat account. The registered holder, depository participant (DP), issuer company and RTA each have a role. A clean certificate alone is not enough; the holder name and folio records must also support the request.

Transfer of listed securities in physical form has generally been stopped. If certificates are still in another person's name or an earlier transfer was never registered, the title issue must be examined before a normal demat request can succeed.

Confirm that the company is active and identify its current RTA. Compare the name, order of joint holders, signature and certificate particulars with the demat account. Update PAN, contact, bank and nomination details in the physical folio where the RTA requires it.

Corporate events can change the position. A company may have merged, split its shares, changed its name or issued replacement certificates. The RTA should confirm whether the certificates remain valid and what quantity is currently eligible.

Ask your DP for the applicable Dematerialisation Request Form (DRF), complete it carefully and submit it with the certificates. The DP creates the electronic request and forwards the documents into the issuer/RTA verification process. The RTA checks the certificates and folio records before confirming or rejecting the request.

For certain investor service requests—such as duplicate securities, transmission or name deletion—SEBI has moved the outcome toward direct credit in demat form. A January 2026 circular removed the Letter of Confirmation route for eligible requests after the transition date. Investors should confirm the current workflow with their RTA and DP because older letters may follow transitional timelines.

A different holder name, changed signature, incorrect certificate number, missing joint-holder signature, defaced certificate, stop-transfer instruction or an unresolved succession issue can lead to an objection. A mismatch should be handled through the appropriate RTA service request rather than repeatedly sending the same DRF.

If the certificate is lost, the company may require the duplicate-security process. If the registered holder has died, transmission may need to be completed. If shares have moved to IEPF, the IEPF claim route applies. Correctly identifying the route is often more important than collecting a large set of unrelated documents.

Keep copies of the DRF, certificates, courier proof, DP acknowledgement and RTA responses. Track every request by reference number. If an objection is raised, answer the exact point and attach only the supporting evidence needed for that point.

Requirements differ by issuer and case. Use current SEBI material and the forms published by the relevant RTA before submitting original certificates.