3 Reasons Your ISIN Application Is Delayed (And How to Fix Them)

With the June 30, 2025 dematerialisation deadline fast approaching, many companies are racing to acquire their ISIN (International Securities Identification Number). ISIN is a unique identifier used for securities trading in electronic form.

On paper, the ISIN application process looks simple. But in reality, it often hits roadblocks. 

3 reasons ISIN applications are delayed 

After handling dozens of ISIN applications, we’ve seen three consistent reasons why timelines slip, and what teams can do to stay on track.

1. Document coordination

The ISIN application requires several documents, such as company documents (PAN, TAN, certificate of incorporation, GST certificate, financial statements, and net worth certificate), board resolutions, the RTA appointment letter, and the Master Creation Form.

The delay often occurs during the process of gathering these documents. 

Constant reminders, complicated coordination between the secretarial, finance teams, and client offices, which operate on different schedules and priorities, along with unclear timelines, are the main causes of the holdup.

How to avoid this:

1. Having a cloud based data room for all the necessary documents
2. Assign a single accountable person with sufficient authority to collect all required documentation.
3. A weekly status update through emails or Whatsapp. 
4. Escalate to the appropriate POC if there’s a delay beyond the deadline.

If you're using EquityList, you can securely store all required documents on the platform and access them instantly whenever you apply for a new ISIN, eliminating the need to scramble for them each time.

Our platform also lets you track the entire dematerialisation process and stay informed at every stage.

2. Information inconsistencies and complex documents

The ISIN application requires detailed information about share classes, such as face value, allotment date, maturity date, voting rights, dividend rights, and other terms. Mistakes often happen with dates, key company details, and numbers. For CCPS, the complex share terms add to the confusion. 

While making mistakes is human, these simple errors cumulatively create significant verification challenges for depositories and often result in clarification requests.   

How to avoid this:

1. Creating and maintaining templates to ensure consistency. Use of macros for creating standardized ISIN documents is a surefire way to increase accuracy and efficiency. [Macros are small sets of instructions you can program into Excel or Word to automate repetitive tasks. They are like shortcuts that help you do the same thing again and again — but with one click.]
2. Breakdown complex legalese into simple language and highlight the important terms so as to be easily accessible by the depository reviewers. 
3. Anticipate the queries and provide a clarification letter highlighting the date of allotment, maturity date, dividend clauses and any other terms which can be crucial for the approval.  

3. Depository delays

Even with all the documentation in order, delays can still happen at the depository level, particularly during high-volume periods. Critical and non-critical applications often end up in the same queue, and the limited number of available reviewers creates bottlenecks in processing.

How to avoid this:

1. Build strong relationships with key personnel at the depository
2. Make their job easier by formatting and organizing the submissions to match their internal processing order.
3. Follow up regularly with polite and timely reminders. 

Although processing times can still vary depending on the complexity of the instrument, these practices have helped speed up the ISIN acquisition process. By using these methods, we’ve reduced the timeline from over 25 days to just over 15 days. It’s not perfect, but it’s a significant improvement. With the deadline approaching, every day matters.

FAQs

1. How long does the typical ISIN application process take?

The ISIN generation process typically takes around 15–25 days, depending on the depository's workload and the accuracy of submitted documents. However, by minimizing delays in document coordination and ensuring consistency, the timeline can be shortened to approximately 15 days.

2. Can multiple ISIN’s be applied for different securities?

Yes, multiple ISIN applications can be made simultaneously for different securities. However, each security type requires a separate application and documentation set.

3. What are the most commonly overlooked documents in the ISIN application?

The  most commonly overlooked documents are the updated GST certificate, altered MOA and AOA, board resolution specific to the dematerialisation and payment challan of form PAS-3

4. What to do when the company documents have inconsistencies?

In case of any inconsistencies in the company documents, the prudent way is to rectify them. In case the rectification is not possible, then the application can be submitted with a clarification letter explaining the reasons for the inconsistencies. 

5. What should be  the frequency of followups with the depository?

A gentle follow up once every 3-4 days is ideal. More frequent follow ups might overwhelm the officers and longer gaps might carry a risk of being overlooked.   

6. What are the next steps after obtaining ISIN?

Once ISIN is received, the stakeholders are to be informed. The shareholders will have to submit the Dematerialization Request Form with their Depository Participant and submit the required documents to have the shares dematerialised.