Dematerialise your physical shares with EquityList

EquityList is a cap table and equity management platform that can manage your company’s dematerialisation and post-demat compliances.

MCA mandates
dematerialisation of physical shares by September 30, 2024.

Managing equity for 350+ companies

What is dematerialisation?

Dematerialisation is the conversion of physical share certificates into electronic form.

Previously, only public companies were mandated to digitize their shares.

However, to enhance transparency and convenience, the Ministry of Corporate Affairs (MCA, India) has extended this requirement to private companies.

Why should private companies dematerialise physical shares?

Swiftly transfer and register securities.

Comply with MCA regulations.

Eliminate the risks linked with physical shares, such as loss, theft, and duplication.

Streamline equity management by reducing paperwork.


Should you dematerialise now?

Find out if you should dematerialise shares before Sept. 30, 2024 (or later).

Check your eligibility

What is your company's
paid-up capital?

Revenue received from shareholders in lieu of funds.

<- Previous Question

Enter your details to get the result

Thank you! Your submission has been received!
Oops! Something went wrong while submitting the form.

You may not need to dematerialise your shares immediately, but it's wise to regularly review your company's situation. Dematerialisation could become more relevant as your business grows or if regulatory requirements change.

Revenue received from shareholders in lieu of funds.

Get StartedLearn more about EquityList ->

Let EquityList run your dematerialisation end-to-end

EquityList simplifies equity management and makes dematerialisation seamless,  helping you stay compliant with MCA regulations.

Book a demo

Dematerialisation process on EquityList

EquityList simplifies the entire process by centralizing your data, stakeholder approvals, and status tracking.

Centralize your data

Consolidate all your company's documents related to 

  • incorporation (PAN copy, Articles of Association, etc),
  • cap table data and list of securities,
  • along with shareholders' demat information on EquityList.

Document handling and data sharing with RTA

EquityList will handle all necessary documentation and share data with RTAs and depository.

Once you give the go-ahead we get the process started with our partner RTAs.

ISIN issuance

We work with the RTAs to get ISINs issued for all your share classes by the depository (NSDL/CDSL).

ISINs are used to track and trade securities in electronic format.

Furthermore, you can see the progress of all the steps inside the EquityList platform.

Courier physical share certificates and Dematerialisation Request Forms (DRF)

Next, courier the physical share certificates and DRFs to the depository.

After this, the shares are dematerialised, meaning they are digitally stored in shareholders' demat accounts.

Why EquityList?

The end-to-end process of dematerialisation hinges on extensive coordination, approvals and follow ups, between you and your shareholders.

But it’s easier if you have a single control center.

Before dematerialisation

Consolidate essential documents from the company and shareholders.
Trigger board approval for demat account opening, via the EquityList platform.
Collect and store shareholder demat information.

During dematerialisation

Track every step of the process in real-time with EquityList.
EquityList handles all interaction with RTAs, ensuring quick ISIN issuance.
Minimal effort from your side; our automated platform and team manage all the processing.


Assign newly dematerialised shares to shareholders.
Access and issue equity from our secure, easy-to-use platform.
Get dedicated support for any post-dematerialisation compliances.

Best-in-class compliance for your data

⁠Data secured with cutting-edge encryption technology
⁠Compliant with GDPR regulations for data protection
⁠Achieved SOC 2 Type 2 certification for robust security
⁠Adhering to ISO 27001 for information security excellence


Dematerialisation is more than a one-off task; it's a shift towards exclusively issuing shares digitally, eliminating the cumbersome process of manual paperwork and compliances.

Streamline this transition with EquityList. Digitize your shares once, then use our platform to manage and issue future securities.

Get a centralized, user-friendly dashboard that integrates all your equity-related data on a cap table and equity management platform.

Frequently Asked Questions

I do not qualify currently, should I still dematerialise my physical shares?

If your paid-up capital exceeds INR 4 crores and your annual turnover is over INR 40 crores, the Ministry of Corporate Affairs mandates you to dematerialise by September 30th, 2024.

However, even if you don't fall into this range right now, it is advisable to proactively dematerialise your physical shares as the mandate will apply to you, as your business grows.

How much time does the entire dematerialisation process take?

The timeline depends on the number of shareholders, cap table complexity and the availability of all the necessary documents. However, on an average, it could take anywhere between 2-5 weeks.

Do I need a cap table software after dematerialisation?

Yes, dematerialisation merely converts physical securities (shares) into a digital copy and stores these electronic securities into the shareholder’s demat accounts. 

However, post dematerialisation, you’ll still need to manage your cap table to track ownership, issue equity grants as part of your ESOP/SAR/RSU pools, store investment documents, model fundraising simulations, and provide dashboards to your shareholders.

Why is it mandatory for a private limited company to dematerialise its shares? 

The Indian government made it mandatory for private limited companies to dematerialise their shares in October 2023 with the aim to improve transparency, efficiency, and investor protection in the corporate sector. This move is expected to create a more streamlined and secure business environment for both private companies and investors in India.

(General note: There are also penalties, outlined in section 450 of the Companies Act, which can be enforced. The company may be liable for monetary penalties of INR 10,000 plus INR 1,000 for each day the violation continues, with a maximum of INR 2,00,000. Every defaulting officer also faces the same penalties, with a maximum of INR 50,000.)

What are RTAs, depository participants and depositories?

- Registrar and Transfer Agents (RTAs), like K-Fintech, CDSL Ventures manage investor records.
- Depository Participants (DPs), like Zerodha or ICICI Securities, assist investors with demat account opening and securities transactions.
- Depositories (NSDL or CDSL) are institutions that hold securities electronically.

What is ISIN?

An ISIN, or International Securities Identification Number, is a globally recognized code used to uniquely identify securities such as stocks, bonds, and other financial instruments. It serves as a standardized identifier assigned to each security, facilitating efficient trading, settlement, and regulatory compliance across different markets and jurisdictions. 

How to calculate paid up capital?

The paid up capital can be calculated by multiplying the face value of your shares with the total shares issued by the company. 

Ready to kick-start dematerialisation?

Get a walkthrough of how the EquityList platform can help.

Thank you, please check your email. A member of our team will reach out shortly!
Oops! Something went wrong while submitting the form.