What is the procedure for transmission of shares after the death of account holder if there is a nominee appointed by the deceased?

What is the procedure for transmission of shares after the death of account holder if there is a nominee appointed by the deceased?

  • In such cases where the deceased account holder had already appointed a nominee in his demat account then, the transmissions of securities and funds in his account will be done in the favour of the nominee appointed.
  • The nominee must submit the following documents for a death claim:
    1. Account closure Form (PDF)
    2. Transmission request form (PDF)
    3. PAN of the successor/legal heir/applicant/deponent/claimant (Self-attested copy).
    4. Death certificate of the deceased holder (Original/ notarised/attested by a gazetted officer).
    5. CMR hard copy of the successor/legal heir/applicant/deponent/claimant. (if DP is other than Jainam than with the DP seal and signature.)
  • Courier the documents to:
    Jainam House
    New Passport Office Road,
    Kargil Chowk, Piplod,
    Surat-395007

RELATED FACTS:-

  • The transmission process will be completed within 7 days after receiving of all relevant documents.
  • Nomination added after the death of the account holder is not valid.
  • If the nominee is a minor then, should also provide a copy of birth certificate of the minor and a guardian certificate to consider the guardian's signature in the form.
  • As per CDSL transmission of securities in the cases where nominee is appointed by the deceased, will be always done in the favour of the nominee. However, if name of a person other than nominee is mentioned in the will of the deceased and that person provides a court stay on transmission process then transmission process will be stopped by the Jainam and will be done as per the court’s verdict.
  • A photocopy of the death certificate can be considered if it is available on the government website. Clients can share the government link where the death certificate can be viewed or downloaded by creating a ticket.
  • A self-attested Statement of holding should be provided by the nominee/claimant if required.
  • Lock-in shares will only be moved to the successor or the nominee’s CDSL demat accounts.
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  • Procedure of Transferring the funds: - As the deceased client have some funds in his trading account, procedure related to transfer of those funds will be completed prior to closure of his demat account. If the deceased have: -
  1. Credit Balance: -
      • If the bank a/c mapped with Jainam is active or if it is a Joint a/c then : -
        The credit fund balance of the deceased’s trading a/c will be transferred to the deceased active bank a/c mapped with Jainam.
      • If the bank account of the deceased client is not active and he have a nominee then :-
        the funds will be transferred to the successor or nominee’s bank account mentioned in the CMR. A personalised cancelled cheque or a bank statement/passbook not older than 3 months should be given by the successor(s)/Legal heirs(s) if the deceased has a credit balance.
      • If there is no nominee appointed in the demat a/c and there are no securities in the demat a/c as on the date of the death of the client but, there is a credit balance in his trading a/c then, in such cases documents related to family tree can be asked by Jainam's team to ascertain the true successor of the client.
  2. Debit balance: -If the deceased trading a/c has a debit balance then, such debit( negative) balance needs to be paid to Jainam by the claimant before transmission process.
      • If the bank a/c mapped with Jainam is active or if it is a Joint a/c (including the deceased) then : -
         fund transfer ( as by cheque/RTGS etc.) from that bank a/c is acceptable.
      • If the bank a/c mapped with Jainam is deactivated then : - the successor/nominee/claimant  must provide a DD (Demand Draft) in the name of the Jainam Broking ltd.