Letter to shareholders holding shares in physical mode for dematerialisation of shares in terms of Composite Scheme of Amalgamation

Shareholder's Information

Do's Don'ts
Deal only through SEBI registered intermediaries. Don't undertake off-market transactions in securities.
Invest based on sound reasoning after taking into account all publicly available information and on fundamentals. Don't deal with unregistered intermediaries.
Beware of the false promises and to note that there are no guaranteed returns on investments in the Stock Market. Don't be misled by rumours circulating in the market.
Give clear and unambiguous instructions to your broker/ sub-broker / DP. Don't blindly follow media reports on corporate developments, as some of these could be misleading.
Be vigilant in your transactions. Don't hesitate to approach the proper authorities for redressal of your doubts / grievances.
Insist on a contract note for your transaction. Don't leave signed blank DISs of your demat account lying around carelessly or with anyone.
Verify all details in the contract note, immediately on receipt. Do not sign blank DIS and keep them with DP or broker to save time.
Always settle dues through the normal banking channels with the market intermediaries. Do not keep any signed blank transfer deeds.
Scrutinize minutely both the transaction and the holding statements that you receive from your DP.  
Keep copies of all your investment documentation.  
Handle DIS Book issued by DP's carefully.  
Insist that the DIS numbers are pre-printed and your account number (client id) be pre-stamped.  
In case you are not transacting frequently make use of the freezing facilities provided for your demat account.  
Deliver the shares in case of sale or pay the money in case of purchase within the time prescribed.  
Be aware of your rights and responsibilities.  
In case of complaints, approach the right authorities for redressal in a timely manner.  
Register e-mail address to receive all documents, notices, including Annual Reports and other communications of the Company in electronic form.

Amongst the various stakeholders of the Corporation, one of the most important constituents are the esteemed shareholders. The Corporation’s equity shares were listed on the Bombay Stock Exchange in 1978, a year after its incorporation. The equity shares of the Corporation got listed on the National Stock Exchange in 1994, the same year the exchange commenced operations.

The Corporation has always ensured that the interests of its shareholders are served with the highest priority in line with its objectives and principles. It has consistently ensured that shareholders are empowered and has always endeavoured to honour their statutory rights, some of which are listed below –

  • Receive share certificates, on allotment or transfer or transmission of shares, as the case may be, within the prescribed time
  • Nomination of shares in favour of any person on whom such shares would vest upon death of the shareholder(s)
  • Free transfer of shares
  • Raise grievances, if any and seek a solution within 7 days
  • Be informed through timely and correct disclosures
  • Receive correspondence from the Corporation
  • Receive financial statements, reports and notices convening general meetings prior to the date of the concerned general meetings and in accordance with stipulated regulations
  • Attend and speak at general meetings and propose resolutions
  • Appoint and remove directors and auditors
  • Receive corporate benefits like dividend and bonus shares as and when declared and announced
  • Vote either in person or in proxy or through corporate representation at the general meeting and demand a poll
  • Vote where a resolution is sought to be passed through postal ballot
  • Voting Rights
  • All the shares issued by the Corporation carry equal voting rights.
  • In accordance with the applicable laws, the Corporation provides the facility of remote e-voting to its shareholders, in respect of all shareholders’ resolutions. The e-voting facility is also extended at the venue of the general meeting for shareholders who have not casted their votes through remote e-voting. E-voting operates on the principle of 'One Share-One Vote'. When a resolution is assented to by a requisite majority of shareholders, it shall be deemed to have been duly passed.
  • To inspect various registers of the Corporation, minute books of general meetings and to receive copies thereof after complying with the requirements prescribed in applicable laws.
  • Protection of minority shareholders from abusive actions by, or in the interest of, controlling shareholders acting either directly or indirectly, and effective means of redress.

Some of the obligations entrusted on shareholders are:

  • Possess a valid contract or purchase/sale note
  • Deliver securities with valid documents and proper signatures
  • Provide Know Your Client (KYC) documents
  • Provide within a reasonable period of time, such additional information as may be required
  • Timely encashment of the paid dividends
  • Understand the rights given to Members
  • Maintain decorum at general meetings
  • Substantiate grievances with appropriate information / documents and participate in dispute resolution meetings, as and when convened
  • Update the address, bank account and other requisite details

1. What is Dematerialization?

The process of converting securities (i.e. shares, bonds etc.) held in physical form into electronic form is known as dematerialization. Under this process securities held by an investor in physical form are converted to an equal number of securities in electronic form and credited into the investor's demat account maintained by him with his Depository Participant (DP).

2. What are the advantages of holding securities in dematerialized form?

The advantages of holding securities in dematerialized form are as following:  Convenient mode of holding securities, especially in case you are holding shares of many companies.

  • Immediate transfer of securities.
  • No stamp duty is payable on transfer in demat mode
  • Elimination of risks such as bad delivery, fake securities etc.
  • Reduction in paper work & Transaction cost.
  • Saving of time – Change in address / bank account particulars etc. recorded with DP gets registered electronically with all companies in which the investor holds securities.
  • Facilitates direct credit of shares in case of allotment under IPO, Rights, Bonus, Split etc.


3. Why should I demat shares of HDFC? Is dematerialization compulsory for trading in HDFC Shares?

SEBI has made it compulsory for all investors to settle their trades in HDFC shares only in electronic form. Hence, shareholders intending to trade in HDFC shares are required to hold the same in electronic form.

4. How can I dematerialize my share certificate(s)?

Procedure for dematerialising the shares held in physical form is provided here under:

  • Open a Beneficiary Account with a DP registered with SEBI and with any one of the Depositories i.e., NSDL or CDSL.
  • Submit the Dematerialization Request Form (DRF) (in triplicate) to your DP duly filled in and signed, along with share certificate(s) in original and other requisite documents.
  • Obtain an acknowledgement from your DP.
  • On receipt of aforesaid DRF, your DP will generate a Dematerialization Request Number (DRN) and will electronically transmit the same to HDFC through the concerned Depository.
  • Simultaneously, DP will send the physical certificate(s) with the original DRF to RTA of the Corporation for verification and confirmation.
  • Link Intime India Private Limited, Corporation’s RTA, on receipt of DRF and share certificate (s), will process the said request.
  • This confirmation post verification will be passed on from the Depository to the DP, which holds your account. After receiving this confirmation from the Depository, the DP will credit the account with the shares so dematerialised.

NOTE: Therefore, under no circumstances should you submit your DRF and the share certificate(s) directly to Link Intime India Private Limited.

5. Is pledge of dematerialized shares possible?

Yes, dematerialised shares can be pledged for the purpose of availing of any loan/ credit facility or collateral arrangement with banks/ financial institutions.

6. Are shareholders holding shares in dematerialized form, eligible to receive Annual Report and attend General Meetings?

Yes, shareholder holding shares in dematerialized form are entitled to receive dividend, notices, annual report, attend general meetings and participate and vote thereat to the extent of their shareholding.

7. Whom should I inform change in my address, bank account details etc. in respect of shares held in demat form?

All request/ communication regarding change in address, bank account details, NECS mandate, registration of nomination etc. should be addressed to your DP directly.

8. Whom should I contact in case of non-receipt of dividend, bonus etc.?

Kindly Contact the Registrar and Share Transfer Agent of the Corporation, Link Intime India Private Limited, quoting your beneficiary account number (i.e. Client ID) and DP ID.

9. Can I do Demat cum deletion of name?

Yes, you can. Kindly contact your DP for more information.

10. What is rematerialisation of shares?

It is the process through which shares held in electronic form are converted into physical form.

1. I would like to buy shares of HDFC. How do I proceed?

The detailed procedure for purchase of shares in HDFC is as follows:

  • Open a Depository Account by approaching a Depository Participant (DP) registered with SEBI and one of the Depositories (NSDL or CDSL). After the DP account is opened, the DP will issue a Delivery Instruction Slip book, to be used for transfer of shares held in electronic form.
  • Open a Securities Trading Account (STA) with a Broker registered with SEBI and with any one of the Stock Exchanges, for e.g. BSE or NSE
  • Usually Brokers arrange to open the STA along with the Depository Account. STA can either be online, offline or Net broking.
  • In case of online broking, if you buy shares, your bank account (linked to the STA) is debited towards amount payable on the Contract and the shares are directly credited to your DP account (linked to the STA) and vice-versa.
  • In case of offline broking, if you sell shares, get the Settlement Number from the Broker and submit Delivery Instructions to your DP latest by the next day of the date of contract. The broker will make the payment to you by way of a cheque on the payout day.
  • In case of Net broking, by logging into the trading website of the Broker, you can directly buy or sell the shares. If you buy shares, your bank account gets debited for an amount payable under the contract and the acquired shares are credited to your DP account.
  • Kindly ensure to keep the Delivery Instructions Slip (DIS) book in a safe place and never sign a blank DIS. Also never disclose your password for Net broking to anybody.
  • The steps/ procedures stated above are only indicative, since they may vary from broker to broker. You will be required to comply with the specific procedures prescribed by your broker.

2. What are the types of accounts for dealing in securities in demat form?

Following are the types of accounts for dealing in securities in demat form:

  • Beneficial Owner Account (B.O. Account) / Demat Account: An account opened with a Depository Participant (DP) in the name of investor for holding and transferring securities.
  • Trading Account: An account opened by the broker in the name of the investor for buying and selling of securities.
  • Bank Account: A bank account opened in the name of the investor for debiting or crediting money with respect to transactions in the securities market.

3. What precautions an online investor must take?

Following are the Precautions an online Investor must take:

  • Default password provided by the broker must be changed before placing the order.
  • The password should not be shared with others and password must be changed at periodic intervals.
  • Proper understanding of the manner in which the online trading software has to be operated.
  • Adequate training on usage of software.
  • The online trading system has facility for order and trade confirmation after placing the orders.

SEBI vide its Circular No. SEBI/LAD-NRO/GN/2018/24 dated June 8, 2018, amended Regulation 40 of the SEBI (Listing Regulations) 2015 pursuant to which post December 5, 2018, transfer of securities could not be processed unless the securities were held in the dematerialized form. The said deadline was extended by SEBI to March 31, 2019. However, transfer deed(s) lodged on or before March 31, 2019 and returned due to deficiency in the document may be re-lodged for transfer till March 31, 2021, being the cut-off date for re-lodgement of transfer deed(s) as clarified by SEBI vide its circular dated September 7, 2020. 

Transfer of securities shall not be processed unless the securities are held in the dematerialised form with a depository including those re-lodged. Further transmission or transposition of securities held in physical or dematerialised form shall be effected only in dematerialised form.

SEBI has further clarified that the Members are not prohibited from holding the shares in physical form even after April 1, 2019.

1. What is nomination facility?

This facility is mainly useful for individuals holding shares in sole name. In the case of joint holding of shares by individuals, nomination will be effective only in the event of death of all joint holders. Nomination refers to the act of nominating a person in whom the shares would vest in the event of unfortunate death of the nominator (shareholder).

2. How do I make a nomination with regard to my shareholding?

The procedure for making nomination with regard to shareholding in physical form is as follows:

  • Submit the Nomination Form (SH-13) in duplicate, duly filled and signed by all the shareholders.
  • However, if the shareholder(s) hold(s) shares in more than one folio; but in different order of names or hold in joint names in more than one folio in different combination of names, then they can appoint different nominees under each folio.
  • On receipt of the request for registration of nomination, the RTA will register the same by allotting a registration number.
  • The duplicate copy of the nomination form will be returned to the shareholder(s) indicating the registration number and the date of registration of nomination.

You may contact RTA for Nomination Form. Or click here for Nomination Form (SH-13)

3. Do I have to send the share certificate(s) along with the nomination form?


4. Can a nomination made be changed? What is the effect of nomination upon transfer of shares?

Yes. A nomination once made can be revoked by making a fresh nomination in Form No. SH-14. In case joint shareholders have made a nomination, and one of them expires, the surviving shareholder(s) can make a fresh nomination. Further, upon transfer of shares, the nomination stands automatically rescinded.

5. What is the procedure for transfer of shares in favor of the Nominee?

The procedure for transfer of shares in favor of the Nominee is as follows:

Upon death of the shareholder or the joint holders, as the case may be, the Nominee would be required to furnish the following documents in addition to any other documents as may be required by the RTA for the purposes of identification.

  • Request letter from nominee.
  • Certified true copy of death certificate of the shareholder(s).
  • Proof of date of birth of the Nominee, in case the Nominee is a minor.
  • The original share certificate(s).
  • Self-attested copy of PAN card and address proof of nominee to the satisfaction of the RTA.

6. What is the effect on the nomination in the event of death of one of the joint holder?

In the event of death of one of the joint holder, the shares will devolve on the surviving shareholders to the exclusion of the nominee. In this case, the surviving shareholders may make a fresh nomination if they so desire.

7. Who can appoint a nominee and who can be appointed as a nominee?

Individual shareholders holding shares in single name or joint names can appoint a nominee. In case of joint holding, joint holders together have to appoint the nominee. An individual having capacity to contract only can be appointed as a nominee. Minor(s) can, however, be appointed as a nominee.

8. Are the joint holders deemed to be nominees to the shares?

Joint holders are not nominees; they are joint holders of the relevant shares having joint rights on the same. In the event of death of any one of the joint holders, the surviving joint holder(s) of the shares is/ are the only person(s) recognised under law as holder(s) of the shares. Surviving joint holder(s) may appoint a nominee.

9. Is nomination form required to be witnessed?

A nomination form must be witnessed.

10. Can a Non-Resident (NRI) nominate?

Yes, a NRI can nominate. But a Power of Attorney holder cannot nominate on behalf of NRI.

11. Can a NRI be nominated?

NRI can be a nominee on repatriable or non-repatriable basis subject to RBI’s permission as applicable.

Note: In case you hold shares in demat form please contact your DP for further information.

1. What will happen to the dividend which is not paid to me on account of non updation of my Bank Account details?

The declared dividend which remains unpaid for a period of 30 days from the date of declaration will be transferred to unpaid dividend account for the concerned financial year. You may claim your dividend by updating your bank details by submitting the required documents.

However, dividends not claimed, within seven years from the date of its transfer to the unpaid dividend account, will be transferred to the Investor Education and Protection Fund (IEPF) established by the Government.

2. I have not received the dividend on shares of HDFC held by me. What should I do?

As a policy, HDFC pays dividend to its shareholders commencing from the next day after its declaration. In case you have updated your Bank A/c details and still not received the credit of dividend amount in your bank account within 15 days from the date of declaration, please write to the RTA furnishing the particulars of the dividend not received and also quoting your folio number/client ID particulars (in case of demated shares) along with cancelled cheque leaf and self-attested PAN Card copy.

In case of non-receipt of physical dividend warrant or dividend(s) of previous years - You may please write to the RTA with relevant particulars like folio number, concerned dividend, along with declaration, cancelled cheque leaf and self-attested PAN Card copy etc., After verification, unclaimed/unpaid dividend(s) will be credited into your registered bank account.

In case the electronic payment fails or is rejected by the Bank, the RTA shall issue dividend warrants / demand drafts with Bank A/c details printed on it and post it to the address registered with the Corporation / DP.

3. How does one get dividend on shares held in dematerialized form?

The RTA/Corporation obtains the details of beneficiary holders (shareholders) from the Depositories as on the date of the book closure /record date fixed by the Board of Directors.

Dividend in respect of shares held in dematerialized form is normally paid electronically if the 9-digit MICR code is available in the said details.

In the absence of the said MICR code, physical instrument such as Banker’s cheque or demand draft with Bank A/c details printed on it are issued and dispatched to the address registered with the DP.

In respect of shareholders maintaining a bank account for dividend purpose with HDFC Bank Limited, the RTA/Corporation gives direct credit of the dividend amount to the said account.

4. How can I re-validate a dividend warrant?

In case you have updated your Bank A/c details, please return the outdated (stale) dividend warrant along with a request letter to RTA for electronic payment of dividend.

In case you have not updated your Bank A/c details, you are requested to kindly update the same by following the procedure explained above.

Subsequently, contact RTA for payment of your dividend electronically.

5. Status of unclaimed dividend declared by HDFC during previous years?

Particulars Dividend For 1995-96 To 2014-15 Dividend From 2015-16 To 2021-22


Transferred to the Investor Education and Protection Fund (IEPF).

Will be transferred to IEPF on the due date.

Whether claimable?

Yes, It can be claimed from IEPF (

Can be claimed from the Corporation before the due date of transfer to IEPF.

6. When is the unclaimed/unpaid amount transferred to the IEPF Fund?

Pursuant to section 124(5) of Act, 2013, a company shall transfer any amount lying in the Unpaid Dividend Account for 7 years along with interest accrued, if any, thereon to the Fund.

7. What is the purpose of Form IEPF-5?

Any person whose shares, unclaimed dividend, matured deposits, matured debentures, application money due for refund or interest thereon, sale proceeds of fractional shares, redemption proceeds of preference shares etc. has been transferred to the IEPF Fund, may claim the shares under provision to sub-section (6) of section 124 or apply for refund, under clause (a) of subsection(3) of section 125 or under proviso to sub-section (3) of section 125, as the case may be, to the Authority by making an application in Form IEPF-5 online available on IEPF website ( alongwith fee, as decided by the Authority from time to time in consultation with the Central Government, under his own signature.

8. What will be the course of action where the Corporation declares dividend on the shares which have already been transferred to the fund?

If the Corporation declares any further dividend on the shares which have already been transferred to the Fund, the amount received on such shares shall also be transferred to the Fund.

1. What is the new tax regime as per the Finance Act, 2020? 

The Finance Act, 2020 has removed the levy of Dividend Distribution Tax and adopted the classical system of dividend taxation under which Corporates would not be required to pay Dividend Distribution Tax. The dividend shall be taxed only in the hands of the shareholders. However, companies are required to deduct tax at source (‘TDS’) on the dividend income at prescribed rates for all shareholders i.e. resident/non-resident/FII/FPI. 

2. What is the date of applicability of the new tax regime? 

The new tax regime is applicable w.e.f. April 1, 2020. 

3. I am a resident shareholder. At what rate my dividend will be subjected to TDS?

 In case of resident shareholders whose PAN is registered with Corporation/Depository Participant, tax @ 10% on dividend income will be deducted at source. In absence of registration of PAN, TDS rate of 20% will apply. 

4. Where can a shareholder find the rate of applicable TDS? Kindly refer the below table for easy reference.

Particulars Resident Shareholders Non Resident Shareholders - other than FIIs/FPIs  FII/FPIs
Applicable section 194 195 196D
Threshold Rs.5000 (Applicable only to Individual Shareholders) Nil Nil
Form 15G / 15H Nil Can be submitted only by Individual shareholders Not applicable Not applicable
DTAA benefit Not applicable Subject to furnishing mandatory documents as prescribed under the Income tax Act, 1961 (IT Act) Subject to furnishing mandatory documents as prescribed under the I-T Act

TDS rates


20% (plus applicable surcharge and education cess) subject to applicable DTAA rates

20% (plus applicable surcharge and education cess) subject to applicable DTAA rates

Nil/ Lower withholding certificate under Section 195/ 197 of the I-T Act

As per the rates specified in the Nil/ lower withholding certificate issued by the Income Tax Authority as per the provisions of Section 195/ 197 of the I-T Act.

Kindly refer the Corporation’s website at for complete details. 

5. How can a shareholder update his/her PAN? 

  • Shares are held in demat form – please update with your Depository Participant. 
  • Shares held in physical form – please update PAN with the Corporation by sending a request letter along with self-attested copy of PAN to the RTAat below address.
  • Link Intime India Private Limited
  • C-101, 247 Park, L.B.S. Marg 
  • Vikhroli (West), Mumbai-400083
  • Tel no: +91-022-49186151, Fax no: +91-022-49186060
  • E-mail id:
  • Website:

6. Can a shareholder submit Form no. 15G/ 15H for non deduction of tax at source?

Resident shareholder, being an individual, whose total dividend income in a financial year from the Corporation exceeds ₹5,000 and who wish to receive dividend without deduction of tax at source may submit a declaration in Form No. 15G. In case if a resident shareholder is aged 60 years or more, he/she may submit Form No. 15H.

7. I hold shares of the Corporation under the Hindu Undivided Family (HUF) category. Can I submit Form no. 15G/Form no. 15H? 

No. Kindly note that the threshold of Rs.5,000 or option to file Form 15G / Form 15H is not applicable to Resident HUF shareholders and the Corporation would deduct TDS in respect of such shareholders, as specified under Section 194 in full.

8. From where a shareholder can obtain Form 15G/ 15H?

For the convenience of shareholders, template of Form No. 15G/15H has been made available on the website of the Corporation at 
A shareholder may also obtain the same by writing an email to RTA/

9. What is the procedure to submit Form no.15G/ 15H online?

Click on the link

Enter PAN 

  • PAN will search entire database. 
  • If found, system will allow shareholders to proceed further.
  • If not found, system will prompt “PAN does not exist. Kindly contact RTA.”

Enter Date of Birth

  • After entering the date of Birth, system will allow to proceed further with due verification of DD-MON-YYYY (Eg. 01-JAN-1990). 

Enter Folio No. or Client ID 

  • Field 1 for Folio no. - 8 character alpha numeric 
  •  Field 2 for client ID with NSDL -8 character only numeric 
  • Field 3 for client if with CDSL -16 character only numeric 
  • Folio No. or Client ID will search entire database.
  • If found, system will allow to proceed further. 
  • If not found, system will prompt “Does not exist. Kindly contact RTA.”

 Generate OTP 

  • If found Folio No. or Client ID, system will generate OTP.
  • This OTP will be sent to Mobile No. as well as email address 
  • System prompts “OTP sent successfully on your Mobile or Email or on both” 

Enter OTP 

  • Shareholder to put any one OTP (i.e. either from Mobile or Email) 

Display Form 15-G or 15-H on the screen 

  • After verification of OTP, system will display prefilled Form 15G or 15H 
  • Sr. No. 1 to 14 and 19 will be prefilled in Form 15G 
  • Sr. No. 1 to 13 and 18 will be prefilled in Form 15H
  • Sr. No. 15 to 18 to be filled by the Shareholder in Form 15G. 
  • Sr. No. 14 to 17 to be filled by the Shareholder in Form 15H.System will allow to submit the Form.
  • In case any field is blank, the system will not allow to submit the Form 

10. What is the procedure to submit physical Form no.15G/ Form no. 15H?

Form No. 15G/ Form No. 15H should be submitted in original to RTA, Link Intime India Private Limited C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West) Mumbai Mumbai-400083. 
Kindly note that the said forms (online/physical) will be accepted till June 30, 2022.

 11. Which other documents are required to be submitted along with physical Form no. 15G/Form no. 15H? 

No other documents are required to be submitted along with Form no. 15G/ Form no. 15H. However, kindly ensure that your PAN is registered with your Depository Participant in case you are holding shares in demat form and with the RTA in case you are holding shares in physical holding.

12. What if I do not submit Form no. 15G/Form no. 15H?

In case you do not submit Form no. 15G or Form no. 15H, the Corporation would deduct tax at applicable rates in case your total dividend income from the Corporation in a financial year exceeds  Rs.5000. However, you may claim refund of the tax by submitting the relevant documents at the time of filing of your income tax return with the Income Tax Authorities. 

13. If Form no. 15G/Form no. 15H are submitted online, then whether submitting the physical copy is compulsory? 

No, if it is submitted online, then submission of physical copy is not required.

14. What is the amount of dividend which is exempt from TDS?

Total dividend income in a financial year for resident individual shareholders not exceeding Rs.5,000 is exempt from TDS. TDS may also be exempt in the following cases:

  • Insurance companies covered by the provisions of section 194 of the I-T Act (provided they share the copy of the registration certificate as issued by the IRDAI);
  • Mutual Funds specified under clause (23D) of section 10 of the I-T Act and covered under clause (iv) of Section 196 of the I-T Act (provided they share documents substantiating that they are covered under clause (23D) of section 10 of the I-T Act); 
  • Category I and Category II, Alternative Investment Fund (AIF) established in India (provided they share the copy of the registration with respect to category as per SEBI regulations and a self-declaration that its dividend income is not chargeable under the head 'Profit and Gains of Business or Profession' and exempt under section 10(23FBA) of the IT Act;
  • Corporation established by or under a Central Act (covered under Section 196 of the I-T Act); 

15. What is the TDS rate for Non-resident shareholders? 

Non-resident shareholders may visit the website of the Corporation at wherein rates of TDS have been provided category wise.

16. Who is eligible to claim benefits under Double Taxation Avoidance Agreement? 

As per section 90 of the I-T Act, a non-resident shareholder (including FPI and FII) has an option to be governed by the provisions of the Double Taxation Avoidance Agreement (‘DTAA’) between India and the country of tax residence of the shareholder, if such DTAA provisions are more beneficial to such shareholder. To avail the DTAA benefits, the nonresident shareholder will have to compulsorily provide the following documents:

a. Copy of Permanent Account Number (PAN), if available. In absence of PAN, the shareholder to provide contact address (of the country where the shareholder is a resident), email address, contact number and Tax identification number of the country in which it is resident to avail the DTAA benefit. In absence of the above details, TDS rate of 20% plus applicable surcharge and health and education cess of 4% will apply.

b. Self-attested copy of Tax Residency Certificate (‘TRC’) issued by the revenue tax authorities of the country of which shareholder is tax resident, evidencing and certifying shareholder’s tax residency status during FY 2021-22. 

c. Completed and duly signed Self-Declaration in Form 10F.

d. Self-declaration of having no taxable presence, fixed based or permanent establishment in India in accordance with the applicable Tax Treaty and Beneficial ownership by the non-resident shareholder. 

Declaration can be downloaded from 

The Corporation will apply its sole discretion and is not obligated to apply the beneficial DTAA rates for tax deduction on dividend payable to shareholders. Application of beneficial DTAA rate shall depend upon the completeness and satisfactory review by the Corporation of the documents submitted by the Non- Resident shareholders. 

17. Are DTAA benefits also applicable to FPI/FII shareholders?

Yes. The detailed explanation in this regard is provided below. 

The Finance Act, 2021, inserted a proviso to section 196D(1) of the I-T Act to provide that in case of a payee to whom an agreement referred to in section 90(1) or section 90A(1) applies and such payee has furnished the TRC referred to in section 90(4) or section 90A(4) of the I-T Act, then the tax shall be deducted at the rate of 20% or rate or rates of income-tax provided in such agreement for such income, whichever is lower.

Accordingly, the TDS rates mentioned above will be further subject to any benefits available under the DTAA read with MLI provisions, if any, between India and the country in which such FPI/FII shareholder is considered as resident in terms of such DTAA read with MLI. This amendment is effective on all dividend payments on or after April 1, 2021.

18. How can a shareholder know the quantum of tax deducted by the Corporation from the dividend being paid? 

The amount of tax deducted on dividend being paid would be mentioned on the dividend warrant and the e-payment advice.

19. Will TDS deducted be different in case a shareholder does not file Income Tax Return? 

Effective July 1, 2021, Finance Act, 2021 has inserted section 206AB of the I-T Act on special provision for TDS for non-filers of income-tax return whereby tax has to be deducted at twice the rate specified in the relevant provision of the Act. 
Section 206AB(1) of the I-T Act provides that where TDS is required to be deducted under Chapter XVIIB, other than sections 192, 192A, 194B, 194BB, 194LBC or 194N on any sum or income or amount paid, or payable or credited, by a person to a specified person, the tax shall be deducted at the higher of the below rates:- 

- at twice the rate specified in the relevant provision of the Act; or 

- at twice the rate or rates in force; or

- at the rate of 5%.

Further, sub section (2) of section 206AB provides that where sections 206AA and 206AB are applicable i.e. the specified person has not submitted the PAN as well as not filed the return; the tax shall be deducted at the higher rate between both the said sections.

20. Who is a specified person?

The term ‘specified person’ is defined in sub section (3) of section 206AB of I-T Act who satisfies the following conditions: 

- A person who has not filed the income tax return for previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing of return of income under section 139(1) of the I-T Act has expired; and 

- The aggregate of TDS and TCS in his case isRs.50,000 or more in the said previous years. 

The non-resident who does not have the permanent establishment is excluded from the scope of a specified person.


The Securities and Exchange Board of India (SEBI) vide its circular no. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2021/655 dated November 3, 2021 (SEBI Circular) has prescribed Common and Simplified Norms for processing service request of investors holding shares in physical form and norms for furnishing PAN, KYC details and Nomination. 

In terms of the said circular, the folios wherein certain details like PAN, nomination, mobile number or email address are not available, are required to be freezed with effect from April 1, 2023.

Further, SEBI vide its circular dated December 14, 2021 has provided Clarifications with respect to Circular dated November 03, 2021.

In this connection, the Corporation has sent a letter to the concerned shareholders holding shares in physical form requesting them to submit their KYC details by submitting duly filled in Form ISR-1 along with relevant supporting documents as may be applicable.

On receipt of the said documents and its verification, the RTA would update the requested details in its records. 

The link for downloading the SEBI circulars and Form ISR-1, Form ISR-2, Form ISR-3, Form SH-13 and Form SH-14 in fillable mode are provided below. 

Click here for SEBI Circular dated November 3, 2021

Click here for SEBI Circular dated December 14, 2021

Click here for Form ISR-1 - Request For registering PAN, KYC details or Changes / Updation thereof

Click here for Form ISR-2 - Confirmation of Signature of securities holder by the Banker

Click here for Form ISR-3 - Declaration Form for Opting-out of Nomination by holders of physical securities in Listed Companies

Click here for Form ISR-4 - Request for issue of Duplicate Certificate and other Service Requests

Click here for Form SH-13 – Nomination Form

Click here for Form SH-14 - Cancellation or Variation of Nomination

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15 Years

Interest Rate

8.50% p.a.



20 Years


8.50% p.a.



30 Years


8.50% p.a.

For credit score of 800 and above*

* These rates are as on today,

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