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Shares Transferred Through a Prescribed Form

Shares Dealt In or Quoted on A Stock Exchange
Instrument of transfer, along with requisite documents, should be delivered, at any time before the date on which the register of members in closed, for the first time after the date of the presentation of the prescribed form before the prescribed authority. Or

Within twelve months from the date of such presentation, whichever is later.

In Other Case: (i.e. where shares are not quoted on a stock exchange)
In such a case, within two months from the date of such presentation.

The above said time limit is only where shares are transferred through a "Prescribed form"

Shares Transferred Through Unprescribed Form

In such cases, the instrument of transfer, along with documents should be delivered within the expiry of six months from the date on which the register of members is closed.

Such period as stated above can be extended, by making an application to central government.

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