ISR Forms for Shares — ISR-1, ISR-2, ISR-3, ISR-4 Complete Guide (2026)

What Are ISR Forms?

The full form of ISR is Investor Service Request. These are standardised forms mandated by SEBI for processing service requests from physical shareholders.

SEBI (Securities and Exchange Board of India) introduced the ISR forms framework in 2023 through circulars under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The objective was to bring uniformity and efficiency to the processing of shareholder service requests across all companies and their RTAs.

Before ISR forms, different companies and their RTAs used different formats, processes, and documents for the same types of requests — updating bank accounts, changing addresses, registering nominations, and so on. This created confusion and delays. ISR forms standardise the process.

Who Needs ISR Forms?

ISR forms are primarily required for physical shareholders — investors who hold shares in physical (paper certificate) form rather than in demat accounts. However, ISR forms are also relevant when:

• You are converting physical shares to demat (dematerialisation)
• You want to update bank details or KYC for receiving dividends
• You are claiming unclaimed dividends from a company
• You are transmitting shares after the death of a shareholder
• You want to register or change your nomination
• You are a legal heir claiming shares from IEPF

The Four ISR Forms at a Glance

ISR-2 — Confirmation of Signature by Banker or Notary

ISR-2 is required when your current signature does not match the signature on file with the RTA. It must be attested by a bank official or notary public.

Over time, signatures change. If your current signature differs from the one the RTA has on record — perhaps because it was registered 20 years ago — the RTA will reject service requests due to "signature mismatch." ISR-2 solves this by getting your new signature officially attested.

When Is ISR-2 Required?

• Your ISR-1 or another service request is rejected due to signature mismatch
• The RTA explicitly requests signature attestation before processing your service request
• You are submitting on behalf of an elderly shareholder whose signature has changed due to age or illness
• Old share certificates were signed by someone else on behalf of the investor (e.g., a family member who originally managed the investment)

How to Get ISR-2 Attested

ISR-2 can be attested in two ways:

1. Banker attestation — Visit your bank branch where you have an account. The bank manager or authorised officer will sign and stamp ISR-2 confirming that the signature on the form matches the signature in their records for your account. This is the most commonly used method
2. Notary attestation — A registered notary public can attest your signature. This is useful if your bank signature is also different (because you changed banks) or if you prefer a notarised document for legal purposes

ISR-4 — Request for Remat (Physical Certificates from Demat)

ISR-4 is used to convert demat shares back into physical form. This is a rare transaction in practice, but the option exists.

Rematerialisation (remat) is the reverse of dematerialisation. While the entire regulatory direction in India is towards demat-only holdings, shareholders technically retain the right to request physical certificates for shares they hold in demat form. ISR-4 is the standardised form for making this request.

When Would Someone Use ISR-4?

Remat requests are genuinely rare. The most common scenarios include:

• Investors in certain unlisted or private companies who prefer physical certificates as evidence of ownership
• Legal or procedural requirements in specific jurisdictions or estate settlements where physical documents are required
• Historical/collector situations where a physical certificate is preferred for sentimental or documentation purposes

Important limitation: SEBI has prohibited the issuance of new physical share certificates for listed companies for most purposes. ISR-4 for listed company shares is therefore rarely approved and is mainly relevant for unlisted company shares. For listed shares, all transactions must occur in demat form.

For most physical shareholders, the relevant journey is the opposite — converting physical to demat. Learn about that process on our service page: Physical Shares to Demat Conversion →

What Happens After You Submit ISR Forms

Understanding the post-submission process helps you follow up effectively and avoid delays.

RTA Processing Timeline

Once the RTA receives your ISR forms with complete and correct documentation:

1. Acknowledgement (3–5 days) — The RTA registers the service request and sends an acknowledgement with a reference number
2. Verification (7–15 days) — RTA staff verify the documents against their records: name match, PAN linkage, signature comparison, bank account validity (some RTAs do a penny drop verification to confirm bank account ownership)
3. Update / Completion (up to 30 days) — Once verified, the KYC records are updated and a confirmation letter is dispatched to your registered address
4. Consolidated statement — After ISR-1 update, you should receive an updated statement of holding from the RTA confirming the new KYC details

What to Do If Your ISR Request Is Rejected

Rejection is common and not a dead end. The RTA must communicate the reason for rejection in writing within 30 days. Common rejection reasons and solutions:

• Signature mismatch — Submit ISR-2 with banker or notary attestation of your current signature
• Incomplete bank details — Resubmit with complete IFSC code and account number; attach a cancelled cheque
• PAN-Aadhaar not linked — Link your PAN and Aadhaar on the Income Tax portal first, then resubmit
• Documents not self-attested — Sign across the copy of each document with your name and date
• Wrong RTA — Check the company's annual report for the correct RTA and resubmit to the right address
• Name mismatch — If the name on your PAN differs from the folio, submit an affidavit or gazette notification explaining the name variation