The framework introduces Quick Transmission Processing (QTP) and revises the monetary thresholds under the simplified documentation route.
Under the new norms, the markets watchdog said QTP will apply to claims involving securities worth up to ₹10,000 held in physical mode and ₹30,000 for demat holdings.
It also revised the threshold for transmission through simplified documentation to ₹10 lakh for physical securities and ₹30 lakh for demat holdings.
In a circular issued on Thursday, Sebi said it has also standardised the documentation and procedures for transmission by removing the mandatory requirement of probate of a will in line with recent amendments to succession laws.
It has replaced separate affidavits and no-objection certificates (NOCs) with a combined affidavit-cum-NOC and allowed QR code-enabled death certificates as valid documents for verification.
For death certificates issued in foreign jurisdictions, the regulator has permitted additional modes of verification, including certification by overseas branches of Indian banks and foreign banks having correspondent banking relationships with Indian banks.
The circular also mandates listed companies, registrars and transfer agents (RTAs), depositories, depository participants and asset management companies to use standardised forms for transmission requests.
They may also provide an online facility for submission and tracking of claims, the Securities and Exchange Board of India (Sebi) said.
Further, entities will have to process transmission requests within 21 calendar days from receipt of all required documents.
Delay or rejection of claims will have to be communicated to claimants in writing, while Sebi may initiate appropriate action if delays are attributable to the processing entity, it added.
The revised framework will come into force 30 days from the date of issuance of the circular, although processing entities have been asked to endeavour to process pending requests under the new framework to extend the benefit of simplified procedures to investors.
