Share Transfer if Account Holder Dies Without Appointing Nominee | Enterslice скачать в хорошем качестве

Share Transfer if Account Holder Dies Without Appointing Nominee | Enterslice

One of the common mistakes that a #shareholder makes, is to neglect the name of a nominee in their shares documents which results in complicated paperwork when a claim is made. Now a days, it becomes mandatory to mention the name of nominees in case of opening a #DEMAT account. It is imperative to mention that without any #nomination, the #shares will remain unclaimed for a number of years, hence leading the company to transfer them to the #IEPF funds. Therefore, to avoid any further complexities in the documentation process and to avoid indulgence of IEPF authority, it is required that the documents of the shares held shall include the nomination. How the shares are to be transmitted in different cases when there is no nomination? • The first case when one of the Joint holders becomes deceased, in that case the first preference will be given to the surviving joint holder. • The second case is when both of the joint holders becomes deceased, in that case the shares will be transferred to the nominee or the legal heirs or legal representatives. • The third case is when there is no nomination, in that case the transfer will occur according to the will or the legal testament. • The fourth case is when there is no will, in that case the transfer will take place according to the other legal documents determining the legal ownership of the original shareholder. The Documents required when there is no nomination In case of the joint holder: The surviving partner of the joint holder will acquire first preference over the shares. Therefore, the surviving holder shall present the original/copy of death certificate along with the original share certificate. In case of shares held singly: the documents that are required to be filed are: • Transmission request form • Original share certificate • Original death certificate or Copy of death certificate, duly attested by a notary public or a gazetted officer. • Copy of death certificate, attested by the legal heirs, and nominees. • Copy of self-attested Permanent Account Number • Copy of birth certificate in case of legal heir, nominee, and the claimant is a minor. • A certificate for claim and identity of ownership, duly notarized by all legal heirs on non-judicial stamp paper of appropriate value. • In case of a will, probate of will, succession certificate, legal heir administration and legal heir certificate with duly notarized affidavit from such legal heir. • Copy of succession certificate probate of will, court decree, letter of administration, will or legal heir certificate, along with a duly notarized indemnity bond from all legal heirs or claimants • Where the value of securities held are up to Rs 5,00,000 and up to Rs 15,00,000 the following substituted documents can be filed along with the other documents: 1. NOC from all legal heirs, duly attested by a public notary 2. Duly notarized Indemnity Bond, made on non-judicial stamp paper of appropriate value. What is the process of transfer of share? 1. First Situation is if the shares are held in the DEMAT account, in that case • The joint holder of the shares, the nominee, or legal representatives of the deceased has to make a transmission request at the Depository Participant. • The depository participants will then call for the necessary documents. • And after careful examination of the documents by the Depository Participant it will initiate the transfer in the name of the claimant. 2. Second Situation is if the shares are held physically, in that case the deceased shareholder's account company shall be approached for the transmission of shares. .After careful examination by the company of the necessary documents, the company will then transfer the share in the claimant's name. Want to know more about #Enterslice Share, Support, Subscribe!!! to our YouTube channel: http://bit.do/fqM2B Facebook:   / enterslice   Twitter:   / enterslice   LinkedIn:   / enterslice   Instagram:   / enterslice_official