Paper shares of a demised relative
9 months ago
My grandmother passed away a few years back and we have found some paper shares in her name. We had been wanting to transfer these since the time she was around but couldn't find success. What's the procedure now? Can someone help? We have no ownership conflicts over this
A.Dear client,
Before initiating the process for transfer of shares you should also check if there is any change in the legal status of the company i.e. has it been acquired/merged with any other company or is the name of the company same or it has changed or any other change.
The following documents are also required to be submitted along with the application for change of name:-
Physical Share Certificates
Death Certificate of the Deceased
PAN Card of the Successor
Transmission Request Form
Attested Signatures by Banker of the Successor
Proof of Address of the Successor
Any other document as required by the Company
Before initiating the process for transfer of shares you should also check if there is any change in the legal status of the company i.e. has it been acquired/merged with any other company or is the name of the company same or it has changed or any other change.
The following documents are also required to be submitted along with the application for change of name:-
Physical Share Certificates
Death Certificate of the Deceased
PAN Card of the Successor
Transmission Request Form
Attested Signatures by Banker of the Successor
Proof of Address of the Successor
Any other document as required by the Company
Helpful
Helpful
Share
A.Dear Client,
In case of death of the sole holder, the legal heir(s) or legal representative(s) of the deceased must request the DP (Depository Participants, i.e, Share Broker) to transmit the balances lying in the Client account of the deceased to the account of the legal heir(s) or legal representative(s). For this, the legal heir (s) or the legal representative(s) of such securities must submit an instruction called the transmission form to the DP along with the following documents: 1) A copy of the death certificate duly notarised, 2) A copy of the Succession certificate duly notarised or an order of a court of competent jurisdiction where the deceased has not left a Will; or 3) A copy of the Probate or Letter of Administration duly notarized.
However, if the legal heir(s) or the legal representative(s) express inability to produce either of the documents mentioned under (b) and (c) above, and the market value of the securities held in each account of the deceased as on the date of application for transmission does not exceed Rs. one lakh, then the DP will process the transmission request on the basis of the following documents: 1) Transmission form; 2) Copy of the death certificate duly notarised; 3) Letter of Indemnity Bond duly supported by a guarantee of an independent Surety acceptable to the DP, made on appropriate non judicial stamp paper; 4) An Affidavit made on appropriate non judicial stamp paper; and5) No Objection Certificate(s) from all the legal heir(s) who do not object to such transmission. The DP will ensure that the documents submitted by the legal heir(s) or the legal representative(s) are in order and will then effect a transfer of the balances to the Client account of the legal heir(s) or the legal representative(s). After effecting the transmission, the DP will close the account of the deceased.
In case of death of the sole holder, the legal heir(s) or legal representative(s) of the deceased must request the DP (Depository Participants, i.e, Share Broker) to transmit the balances lying in the Client account of the deceased to the account of the legal heir(s) or legal representative(s). For this, the legal heir (s) or the legal representative(s) of such securities must submit an instruction called the transmission form to the DP along with the following documents: 1) A copy of the death certificate duly notarised, 2) A copy of the Succession certificate duly notarised or an order of a court of competent jurisdiction where the deceased has not left a Will; or 3) A copy of the Probate or Letter of Administration duly notarized.
However, if the legal heir(s) or the legal representative(s) express inability to produce either of the documents mentioned under (b) and (c) above, and the market value of the securities held in each account of the deceased as on the date of application for transmission does not exceed Rs. one lakh, then the DP will process the transmission request on the basis of the following documents: 1) Transmission form; 2) Copy of the death certificate duly notarised; 3) Letter of Indemnity Bond duly supported by a guarantee of an independent Surety acceptable to the DP, made on appropriate non judicial stamp paper; 4) An Affidavit made on appropriate non judicial stamp paper; and5) No Objection Certificate(s) from all the legal heir(s) who do not object to such transmission. The DP will ensure that the documents submitted by the legal heir(s) or the legal representative(s) are in order and will then effect a transfer of the balances to the Client account of the legal heir(s) or the legal representative(s). After effecting the transmission, the DP will close the account of the deceased.
Helpful
Helpful
Share
Read Related Answers
Home loan for Gifting deed
Dear Client,
Once a donor or owner of the property gifted the property to the donor through a registered deed of gift, the property becomes the self-acquired property in the hand of the donee who beco...
Car loan
Dear Client,
Once a borrower fails to repay his debt, the Lenders/FIs initiate a routine course of action for recovery of the loan/debt from the borrower. You may negotiate or settle your dues agains...
CKYC for Bank Account of ABC Tenants Group
Dear Client,
An association is a body of individuals and an association is required to be registered under the Societies Registration Act to make it a legal entity to apply for PAN. So when you are o...
Bank ke dwara 13 2 ka jawab nahi Dena
Dear Client,
According to Section 13(2) of SARFAESI Act, the borrower is required to repay the outstanding dues within 60 days from the date of the notice. If the borrower fails to comply with the not...
Money in account is put on hold by cyber cell
Dear Client,
When a cyber complaint is field on National Cyber Crime Reporting Portal (NCCRP) or in case of any police complaint, the Cyber Crime Cell directs the concerned bank to freeze the accounts...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
