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Can I de-materialize jointly held physical shares?

Jointly held physical shares can only be de-materialized into a joint demat account which is in the name of the joint share holders. You won't be allowed to de-materialize it into a single holder demat account. 

The procedure is the same as explained in this article.

Note: To de-materialize jointly held shares, the names on the joint demat account must be in the same sequence as on the share certificates

When the order of names of the joint shareholders on the share certificate is not the same as the order of names on joint demat account, you will have to submit the transposition form along with the necessary documents for de-materialization. Click here to know the complete procedure.