SEBI to consider simplifying paperwork, duplicate share certificate at Rs. Proposed a higher threshold of 10 lakhs

The Securities and Exchange Board of India (SEBI) on Tuesday raised the simple documentation limit for issuing duplicate securities to Rs. 5 lakhs to Rs. 10 lakh was proposed. The market regulator believes that the current threshold is too small and does not reflect current market realities while imposing an avoidable procedural burden on investors.

The SEBI paper aims to remove difficulties faced by investors due to non-standardization of documents and different approach by RTAs and listed companies. The move is aimed at increasing ease of investment and providing procedural convenience to investors whose original certificates have been lost.

“To provide ease of investment and procedural convenience to investors, the simple documentation limit for issuing duplicate securities is proposed to be increased from Rs 5 lakh to Rs 10 lakh,” the market regulator said.

Further, to simplify documentation and reduce the cost of obtaining duplicate securities, a common affidavit-cum-indemnity form has been proposed by the market regulator.

“It is also proposed to clarify that stamp duty will be applicable according to the domicile status of the investor. The same would be consistent with the approach followed by the Investor Education and Protection Fund Authority,” the consultation paper added.

The consultation paper further proposed that listed companies give advertisements in newspapers about loss of securities on behalf of their investors.

Current requirements

SEBI vide its Master Circular dated June 23, 2025 has laid down the documentary and procedural requirements for issuance of duplicate share certificates.

Under the existing rules, if the value of the securities exceeds Rs. 5 lakhs or more, the security holder needs to submit FIR or e-FIR/copy of police complaint or court injunction along with details of securities, folio number, unique number series and certificate numbers.

They are also required to advertise the loss of securities in a widely circulated newspaper. Further, investors have to submit separate affidavit and indemnity bond on non-judicial stamp paper.

Sebi’s paper noted that the value of the securities may in many cases be less than the stamp duty value and hence payment of stamp duty on two separate instruments may not be logical.

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