The process is quite simple. First, open a Beneficiary Account with a DP registered with SEBI and with any one of the depositories, NSDL or CDSL. Once that is done, you can submit the dematerialization request form (DRF) (in triplicate) to your DP duly filled in and signed by all the shareholders, along with share certificate(s) and necessary documents. Ensure that the names and order of names as per certificate(s) match with the names and order of the names as per the DP account. If you are holding physical certificates jointly in the name of Ajay Shah and Preeti Shah then the demat account should also be in the same order of names for the certificates to be dematerialized.
Only then it will be dematerialized, else it will get rejected. Once the application for demat is satisfactory, you can obtain an acknowledgment from the DP. On receipt of DRF, the DP will generate a dematerialization request number (DRN), which is electronically transmitted to the Company or STA through the concerned Depository. AT the same time, the DP will send the physical certificate(s) with the original DRF to the Company or STA for verification and confirmation. The Company or STA, on receipt of DRF and share certificate(s), will process the request. If the DRF is found to be in order, i.e. verified signature and certificate(s), then it will automatically and electronically confirm the request. Your DP on receipt of such confirmation will credit your DP account with the shares dematerialized. From that point onwards, you will hold the shares in the dematerialized form with your depository participant.