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Share transfer

Meghna Kulkarni (Secretary) (21 Points)

17 February 2017

My father is no more I want to transfer his shares in my name what is the procedure

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CA Shree Jain (Chartered Accountant) (1572 Points)
Replied 17 February 2017

first of all, in the demat account maintained by the deceased had nominee name. it may be wife/son / any other else. the amount in the demat account will go by that. generally , the legal heirs for the deceased are wife , son, daughter, mother, father

The wife, son and daughter are the legal heirs of the deceased. Brothers are not come under the purview of legal heirs in the presence of First Class Heirs under the Hindu Succession Act.

CA Shree Jain (Chartered Accountant) (1572 Points)
Replied 17 February 2017

Where nomination has not been made:

On death of the sole holder of the Demat Account, if a nomination has not been made by the deceased holder, the legal heirs or the legal representatives of the deceased can submit the Transmission Form to request transfer of all securities from the Demat Account of the deceased holder to their Demat Account. Legal heirs or the legal representatives can be one or many as determined by the court. Securities can be transferred to an existing Demat Account. Otherwise, they need to open a new Account. Go to Open Demat Account.

Legal heirs or the legal representatives are required to submit the following documents

a) A completed Transmission Form

b) A copy of the Death Certificate of the deceased holder duly notarized

c) A copy of the probate or letter of administration duly notarised, where the deceased has left a Will.

d) A copy of Succession Certificate duly notarised or an order of a court of competent jurisdiction, where the deceased has not left Will.

e) Closure request & DIS of the deceased’s account for transfer of shares