Hikal Opens Special Window for Physical Share Transfer

Hikal Limited has announced a crucial special window, active from February 5, 2026, to February 4, 2027, designed to facilitate the transfer and dematerialization of physical share certificates. This initiative provides a vital opportunity for shareholders who have held their investments in physical form to convert them into electronic holdings, aligning with modern market practices and enhancing liquidity and security.

The move by Hikal comes in direct response to a Securities and Exchange Board of India (SEBI) Circular issued on January 30, 2026. This regulatory directive aims to resolve a backlog of pending share transfer requests. Specifically, it targets deeds that were executed prior to April 1, 2019, but were either never formally lodged with the company or its registrar, or were rejected previously due to various document deficiencies.

Addressing Legacy Shareholding Issues

This special window is a focused effort to address long-standing issues associated with physical shareholding, offering a clear pathway for investors to regularize their holdings. The dematerialization process converts paper-based share certificates into an electronic format held in a demat account, which is essential for seamless trading and transfer in the contemporary stock market landscape. It eliminates risks such as loss, theft, or damage of physical certificates.

Shareholders opting to utilize this window will find their newly dematerialized shares subject to specific conditions. A significant aspect is a one-year lock-in period, commencing from the date the shares are issued in dematerialized form. During this lock-in period, the shares cannot be transferred, pledged, or used as margin for any lien. This condition ensures a controlled transition for these previously illiquid or problematic holdings.

Key Exclusions and Submission Process

It is important for shareholders to note that the scheme includes certain exclusions. The special window will not apply to cases that involve ongoing disputes concerning the ownership or transfer of shares. Furthermore, shares that have already been transferred to the Investor Education and Protection Fund (IEPF) are also explicitly excluded from this initiative. These exclusions ensure the program focuses on rectifying administrative and documentary issues rather than legal or ownership challenges.

Shareholders wishing to avail themselves of this opportunity are required to submit their requests along with all necessary supporting documents. These submissions can be made directly to Hikal Limited or its appointed registrar, MUFG Intime India Private Limited. This structured submission process ensures that all applications are handled efficiently and in compliance with the SEBI guidelines.

The establishment of this special window underscores Hikal’s commitment, in conjunction with SEBI’s regulatory push, to streamline shareholding processes and enhance investor convenience. By providing a dedicated period for dematerialization, the company aims to resolve historical inefficiencies and integrate these physical holdings into the electronic ecosystem of the Indian securities market.