If rights entitlements (REs) are credited to your Indian demat account, you have three choices before the rights issue closes: apply for the offered shares, sell the REs through a registered broker during the exchange renunciation window, or transfer them off-market to another demat account through your depository participant (DP). If you do nothing, the REs lapse and you receive no shares. The dates, RE quantity, ISIN and permitted actions are issue-specific, so use the issuer’s current letter of offer rather than a generic calendar.
What a rights entitlement is
A rights entitlement is a temporary, dematerialised entitlement credited to eligible shareholders after the record date of a rights issue. It represents an opportunity to apply for the number of securities specified in the issuer’s offer, usually at the rights-issue price and on the terms in the letter of offer. An RE is not the underlying share. Holding an RE does not make you the owner of a new share unless you submit a valid application, pay the required amount and the issue allots securities.
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REs are credited electronically against the eligible holding recorded on the record date. The issuer and exchange identify the entitlement with an issue-specific security description and ISIN. Your broker’s holdings screen may show a separate line for that RE, and the line can disappear after a sale, transfer or lapse. Because an RE exists only for the relevant issue and its deadlines, it should not be treated like a permanent investment or an ordinary equity position.
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The three choices
| Choice | What you do | Result | Time sensitivity |
|---|---|---|---|
| Subscribe | Apply for the rights shares or other offered securities and pay as required. | You may receive an allotment according to the issue terms; an application is not a guarantee of allotment. | Application must be completed by the issue closing date and in the method stated in the offer. |
| Renounce on-market | Place a sell order for the RE security through a registered stock broker during the stated renunciation period. | The RE is sold to a market participant and settles in dematerialised form. You do not receive the underlying rights shares for that entitlement. | Only during the exchange renunciation window, which can end before the issue closes. |
| Transfer off-market | Give your DP a delivery or transfer instruction naming another demat account as the recipient. | The named person receives the RE and can decide whether to apply, subject to the issue rules and remaining time. | Transfer early enough for credit to the recipient before the issue closes. |
| Do nothing | Neither apply nor sell or transfer the RE. | The RE lapses and no shares are issued for it. | It expires at the issue closing date or the applicable issue deadline. |
Check the issue notice before you act
There is no universal RE deadline, price or entitlement ratio. Start with the issuer’s current letter of offer, rights-issue notice and the communication from your broker or DP. Keep the issue-specific details together before placing an order or signing an instruction.
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- Record-date entitlement: Confirm that you were eligible on the record date and how many REs were credited.
- RE quantity: Check the actual credited quantity in the demat or broker holdings view. Do not sell or transfer more than the credited balance.
- RE ISIN and security name: Record the exact issue-specific ISIN shown by the broker, exchange or DP. An ordinary share ISIN is not a substitute for the RE ISIN.
- Issue price and terms: If you may subscribe, note the application price, payment schedule, entitlement ratio, minimum application and any additional-application rules.
- Renunciation window: Identify the first and last trading date for on-market RE transactions. It may close before the rights issue itself.
- Issue closing date: This is the final date by which the application must be submitted under the offer. An off-market transfer must leave enough time for the recipient’s account to be credited and for an application to be made.
- Application channel: Confirm whether the issue accepts an online application through the broker, a bank-supported application process or another method specified in the offer.
- Intermediary support: Ask the broker whether the RE appears as a sellable exchange security. Ask the DP which off-market instruction format, recipient details and receipt confirmation are required.
Save a copy of the offer document and the relevant account statements. Screens can change when the trading window closes, while the document records the governing dates and conditions.
How to sell an RE on the market
On-market renunciation is the usual route when you want to dispose of the entitlement at a market-determined price and do not need to identify a particular recipient. NSE states that REs can be traded on its equity market. The exact order-ticket labels differ among registered brokers, so use the issue-specific RE security rather than relying on a generic search for the company’s share.
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- Log in to the registered broker connected to your demat account. Open the holdings, portfolio or equity-order area that lists the credited RE. If the RE is absent, contact the broker before submitting an order; do not attempt to sell the ordinary share instead.
- Verify the instrument. Match the displayed RE name and ISIN with the issuer’s notice. Check that the quantity available for sale is the quantity actually credited and that the order window is still open.
- Choose the sell action. Select the RE security and enter a quantity no greater than the available balance. The broker may require a delivery sell order rather than an intraday order because the entitlement is held in dematerialised form.
- Review the order terms. Confirm price or order type, validity, quantity, brokerage, exchange fees and taxes shown by the order preview. RE liquidity can be lower than that of the company’s ordinary shares, so an order may not execute at the displayed price.
- Submit and monitor execution. An order is not a completed renunciation until it is executed. Check the open-order and trade-book screens for partial execution, rejection or cancellation.
- Check settlement. Retain the contract note and confirm that the sold quantity is debited or otherwise removed from the holdings after settlement. If a balance remains, determine whether it is an unsold remainder rather than assuming all REs were disposed of.
Common on-market problems
- The RE cannot be found: The broker may use a separate holdings segment or may not have enabled the issue in the mobile interface. Provide the ISIN and ask for the supported order path.
- The order is rejected: Check whether the renunciation window has ended, whether the quantity exceeds the credited balance, or whether the broker requires a different order product.
- The order is open but not filled: There may be no matching buyer at your limit price. You can cancel and submit a new order only while the window remains open, subject to the broker’s terms.
- The account still shows REs: A partial fill, unsettled trade or later credit adjustment may explain the balance. Compare the trade book, contract note and demat statement, then contact the broker or DP.
How to transfer an RE off-market to another demat account
Off-market renunciation is appropriate when you already have a recipient in mind, such as a family member or another investor. SEBI procedural material recognises transfer of REs through the depository system and states that rights entitlements can be transferred in dematerialised form only. This is not an exchange sale: you instruct your DP to move the entitlement from your account to the recipient’s account.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware match- Obtain the recipient’s exact account details. Get the recipient’s name as recorded by the DP, depository participant identification details, client or beneficiary-owner account number and the depository (for example, the applicable Indian depository). A single incorrect digit can cause rejection or delay.
- Confirm the recipient can receive the RE. Ask the recipient’s DP whether the account is active and whether any receipt instruction, standing instruction or authorisation is required. The recipient should know the issue closing date and the need to apply separately after receiving the RE.
- Ask your DP for the accepted instruction route. Depending on the intermediary, the instruction may be submitted through a depository portal, an online delivery instruction book, a signed physical slip or another approved process. Menu names and cut-off times are not uniform.
- Complete the transfer instruction. Enter the RE ISIN, quantity, recipient account and any required reason or consideration details exactly as requested. Sign or authenticate the instruction using the method your DP accepts.
- Allow processing time. Submit the instruction well before the issue closes. A transfer that is accepted by your DP but credited after the closing date may leave the recipient unable to apply.
- Obtain confirmation from both accounts. Check the debit in your demat statement and ask the recipient to verify the credit. Keep the instruction reference, acknowledgement and statement entries.
Why early transfer matters
The transfer and the application are separate events. Sending an instruction does not subscribe to shares, reserve an allotment or extend the issue deadline. The recipient must receive the RE, follow the offer’s application process and pay any amount due before the issue closes. A DP’s internal cut-off can be earlier than the public closing date, especially for a physical instruction or a request needing manual verification.
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On-market sale versus off-market transfer
| Decision factor | On-market renunciation | Off-market transfer |
|---|---|---|
| Recipient | Not identified; the exchange matches the order. | Specific recipient identified in advance. |
| Workflow | Broker order ticket using the issue’s RE security or ISIN. | DP delivery or transfer instruction with recipient account details. |
| Price | Market price or order price, if a buyer is available. | Direct transfer terms between the parties; the procedural material does not state a standard price. |
| Deadline risk | Must execute during the exchange renunciation period, which may end before issue closure. | Must be processed and credited early enough for the recipient to apply before issue closure. |
| Settlement | Exchange settlement in dematerialised form; timing depends on the exchange and broker process. | Depository transfer timing depends on the DPs, instruction method and cut-offs. |
| Charges | Brokerage, exchange charges, statutory levies and applicable taxes may apply. | DP or depository transfer charges and applicable taxes or legal costs may apply. |
| Best fit | You want to exit without arranging a particular buyer and accept market execution risk. | You have a willing recipient and want to transfer the entitlement directly. |
The offer document and your intermediaries control the operational details. If the issue notice conflicts with a generic broker help page, follow the current issue notice and ask the intermediary to resolve the discrepancy before acting.
What happens if you do nothing
An RE that is neither subscribed nor renounced by the issue closing date lapses. NSE’s rights-entitlement FAQ states that those REs lapse and the investor does not get shares. This applies even if the RE remains visible in an account shortly before the deadline. An investor who bought REs in the market also receives no shares merely by holding them; the investor must submit a separate application and payment within the issue period.
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Lapse is different from a failed application. With a lapse, there is no application for the entitlement. With an application, the issuer may accept, partly accept or reject it under the offer terms and applicable rules. Review the application status and allotment communication if you applied; do not infer allotment from the presence of an RE in the account.
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Yes. NSE’s FAQ says a person who was not an existing shareholder on the record date may purchase REs and apply for the offered securities, provided the REs are acquired and the application is made before the issue closes. The buyer must still follow the current offer document, including application method, payment requirements, eligibility conditions and any limits on additional applications.
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Buying the RE is only the first step. The buyer should verify that the RE has settled into the correct demat account, note the remaining time, submit the application and retain the payment and acknowledgement records. If the buyer misses the closing date, the purchased REs lapse and no shares are received for them.
Costs, tax and legal considerations
The exact cost depends on your broker, DP, exchange, transaction value, holding period and tax circumstances. Brokerage, exchange charges, depository or DP fees, statutory levies and applicable taxes can arise. The procedural material advises investors to consult their broker or tax adviser about the legal and tax consequences; it does not establish one universal rate for every investor or issue.
- Before trading: Read the order preview and tariff schedule for brokerage, exchange fees and taxes on an RE sale.
- Before transferring: Ask the DP about off-market transfer charges, instruction-book or portal fees and any cut-off that could cause a failed or delayed request.
- For records: Keep the contract note for an on-market sale, the DP acknowledgement for an off-market transfer and the demat statements showing debit and credit.
- For tax reporting: Preserve acquisition or allotment information supplied by the issuer or intermediary and obtain professional advice for your facts. Do not assume that the tax treatment of an RE sale is identical to the treatment of the underlying shares.
A practical timeline example
Suppose an issuer credits 100 REs after the record date. The letter of offer states an RE trading window that ends several days before the rights issue closes. You decide not to subscribe.
- During the trading window, you verify the RE ISIN and place a sell order for 100 REs through your registered broker.
- If the order executes for only 70 REs, you retain 30 REs. You must sell, transfer or apply for those 30 before the relevant deadlines.
- If you instead choose a family member as recipient, you submit an off-market DP instruction for all 100 REs early enough for the credit to appear in the family member’s account before issue closure.
- The family member then submits the rights application separately. If the family member does not apply, the 100 REs lapse at closure.
The dates and quantities in this example are illustrative; use the actual issue notice for a live transaction.
Safety and error-prevention checklist
- Use only the broker or DP that actually services the demat account.
- Match the RE ISIN character by character before entering an order or transfer.
- Never disclose passwords, one-time codes or depository credentials to a person claiming to arrange a transfer.
- Verify the recipient’s account through an independently obtained statement or DP confirmation, not only a message copied into a chat.
- Do not wait for the final day. Exchange orders, DP instructions and applications have separate processing cut-offs.
- Check whether an order is partially executed and whether an off-market instruction was rejected.
- Retain confirmations until the RE debit, recipient credit, application and allotment or lapse are resolved.
When to contact the intermediary
Contact the broker if the RE is missing, the sell order is rejected, the issue-specific security cannot be selected, or the executed quantity does not reconcile. Contact the DP if an off-market instruction is rejected, the recipient has not received the RE, the account details need correction or the debit and credit entries do not match. Give the intermediary the issue name, RE ISIN, quantity, instruction or order reference and relevant date so it can trace the transaction.
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