Hi.
There are a few querries & hence this might get a slightly long. Kindly bear with me & thanks for your patience & feedback in advance.
BRIEF:
- My sister, a resident Indian citizen, widower with no issues. (has expired more than a year ago)
- I am a resident Indian citizen. (80+ yrs)
- My younger brother is a US citizen (70+ yrs) holding an OCI card.
- My sister had invested in stocks keeping me & my brother as joint holders.
- All the stocks are in physical form.
- My brother does not have a demat account as of now where as I have an active demat account.
QUERY:
- My brother being a US citizen with an OCI card, will he be eligible to open a demat account in India.
- What will be the procedure to transfer the shares in my & my brother’s individual names.
- My brother being busy with his business in the US may not be able to come to India anytime soon inorder to complete the transfer of shares formality. In this case, what should be the procedure to get it done at the earliest?
- Is there a way by which I can nominate my son/wife to my part of the shares in case of some eventuality happens with me.
Kindly advice ASAP.
Thanks & regards.
CAclubindia
