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Can jointly held physical shares be dematerialised?

Yes, jointly held physical shares can be dematerialised to a joint account which is the name of the joint shareholders. See How to convert physical share certificates into demat form?

To dematerialise jointly held shares, the names on the joint demat account must be in the same sequence as on the share certificates. If the order of names of the joint shareholders on the share certificate is not the same as those on the joint demat account, submit the transposition form and the necessary documents for dematerialisation. See What is the procedure for transposition and dematerialisation of jointly held shares? To learn how to open a joint account, see How to open a joint demat account at Zerodha?

Did you know? Jointly held physical shares cannot be dematerialised into a single holder demat account.