Abstract
These notes form the next episode in a series of articles dedicated to a detailed proof of a cohomological index formula for transversally elliptic pseudo-differential operators and applications. The first two chapters are already available as math.DG/0702575 and arXiv:0711.3898. In this episode, we construct the relative equivariant Chern character of a morphism of vector bundles, localized by a one form, and we prove a multiplicativity property of this generalized Chern character