How to Inherit Shares if There is No Nomination in the Deceased Holders Demat Account?

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It's possible that a demat holder dies interstate without leaving a Will or without a nomination. If the deceased has left a large number of shares in the demat account whose value is high, then the legal heir would have to submit the following in case there is no nomination in the demat account.

How to Inherit Shares if There is No Nomination in the Deceased Demat Acc?

i) A copy of the death certificate duly notarised.

ii) 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

iii) A copy of the Probate or Letter of Administration duly notarised.

What if the above documents are not available?

In case the above documents are not available then the legal heir would have to submit the following:

i) Request for transmission in specified transmission form.

ii) Copy of the death certificate duly notarised.

iii) Letter of Indemnity duly supported by a guarantee of an independent Surety acceptable to the Participant, made on appropriate non judicial stamp paper.

iv) Affidavit made on an appropriate non judicial stamp paper.

v) No Objection Certificate(s) from all legal heirs who do not object to such transmission.

GoodReturns.in

Read more about: nomination, demat account
Story first published: Friday, October 3, 2014, 10:58 [IST]
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