What is the procedure to claim shares after a joint demat account holder's death?

What is the procedure to claim shares after a joint demat account holder's death?

  • After the death of one of the joint account holders, the transmission of securities and funds in his account will be done in the favour of the surviving holders.
  • The following documents must be submitted to notify and claim the shares:
    1. Account closure Form (PDF)
    2. Transmission request form (PDF)
    3. Death certificate of the deceased holder original/notarised/attested by a gazetted officer.
    4. Self-attested PAN copy of the surviving account holder(s)
    5. CMR hard copy of the surviving account holder. (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
  • The transmission process will be completed within 7 days after receiving of all relevant documents.

RELATED FACTS: -

  • 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.
  • In case of joint account legal claimant after death of one of the joint account holders will always be surviving holders. The nominee of the deceased joint holder will have no legal claim whatsoever.
  • For transmission of securities in case of death of one of the Joint holders, the surviving holders can opt to continue the existing demat account by giving a request for deletion of name of the deceased holder[s] from the existing account after providing documents as required by Jainam.
  • If the surviving holder(s) fails to submit such request within one year of the date of demise, a new demat account shall be opened by the surviving account holder(s) to execute transmission.
  • If the surviving holder wishes to open a new account, the same would need to be opened in the same order of names of the surviving holders as given in the old account. The surviving holder(s) can transmit securities to an account opened in their names only.

For example:

  • If the old account is in the names of A, B & C and "C" expires, the new account, shall necessarily be in the names of A and B, the order od names in new a/c must be A & B and not B & A.
  • If a joint account is held, where A is the primary account holder, and B is the second. If B passes away, the holdings in the joint account can be transferred to an account where A is the primary and single account holder and not to any other joint account of A.