SEBI Special Window 2026–27: How to Complete Old Physical Share Transfer (SH-4) Cases
SEBI's special window (5 Feb 2026 to 4 Feb 2027) for old SH-4 physical share transfers: eligibility, exclusions, and what happens after approval.
Updated: August 2026
SEBI has introduced a special window for investors who purchased physical shares in the past but could not complete the transfer into their name.
The window provides an opportunity to regularise certain old share transfer cases involving transfer deeds executed before 1 April 2019.
Special Window: 5 February 2026 to 4 February 2027
What Is the SEBI Special Window?
Before April 2019, shares held in physical form could be transferred using a share transfer deed, commonly referred to as Form SH-4.
In some cases, investors purchased physical shares and executed the transfer deed, but the transfer was either never submitted, rejected, returned or remained incomplete.
SEBI’s special window allows eligible cases to be submitted or re-lodged for processing during the specified period.
Who Should Check Their Eligibility?
The special window may be relevant if:
- You purchased physical shares but they are still registered in the previous holder’s name
- You have an old transfer deed executed before 1 April 2019
- Your earlier transfer request was rejected or returned
- You purchased the shares before the cut-off but never completed the transfer process
- You have the original physical share certificates relating to the transaction
Eligibility ultimately depends on the documents available and the circumstances of the individual case.
Who Is Not Covered?
The special window does not apply in certain situations, including where:
- The shares have already been transferred to the Investor Education and Protection Fund (IEPF)
- There is a dispute between the transferor and transferee
- The original share certificates are not available
- The transfer deed was not executed before 1 April 2019
Such cases may need to be examined under a different process.
Why Did Many Old Share Transfer Cases Remain Pending?
Older physical share transfers could remain incomplete for several reasons, including:
- Signature mismatches
- Incorrect or incomplete transfer deeds
- Missing supporting documents
- Delayed submission
- KYC or record discrepancies
- Procedural objections raised during verification
The special window provides eligible investors another opportunity to complete such pending transfers.
What Happens After the Transfer Is Approved?
Once an eligible transfer is processed:
- The shares are credited to the transferee in dematerialized form
- A one-year lock-in period applies from the date of registration of transfer
- During the lock-in period, the securities cannot be transferred, lien-marked or pledged
Investors therefore need an active demat account for completion of the process.
How Green Stapler Can Assist
Old transfer cases often require a careful review of documents before they are submitted.
We assist with:
- Reviewing old share certificates and transfer deeds
- Assessing whether the case may fall within the special window
- Identifying documentation gaps or potential objections
- Preparing and organizing the required documentation
- Coordinating with companies and Registrars and Transfer Agents (RTAs)
- Handling queries, objections and follow-ups through the process
Have an Old SH-4 Transfer Deed?
If you have old physical share certificates along with a transfer deed and are unsure whether the transfer can still be completed, a preliminary review can help determine whether your case may be eligible under the SEBI special window and identify the appropriate next steps.
The SEBI special window is available from 5 February 2026 to 4 February 2027. Eligibility and documentation requirements depend on the facts of each case.
Have a similar case?
If something here describes your situation, we can guide you through the next steps. No obligation, just a clear plan.