Transmission from the demat account of a deceased holder to the surviving joint holder(s), nominee or legal heir

The claimants have to submit the application to the depository participant with whom the demat account with the deceased was held. The key document that needs to be submitted while requesting the transfer is the transmission request form (TRF). This requires information about the demat account from which the transfer is to be made, the details of the securities to be transferred, and the new demat account into which the securities have to be transferred.

 

Single surivor: In cases of a single surviving holder, the TRF can be submitted by him to transfer all securities from the jointly held demat account to his demat account.

 

Joint survivor: In this case, the TRF has to be signed by all joint holders for transfer of securities to their demat accounts. Securities can also be transferred to an existing demat account of the joint surviving holders, provided the order of holding matches their new holding status.

 

Documentation: Surviving holders are required to submit the completed TRF, a copy of the death certificate of the deceased holder duly notarised, and closure request /delivery instruction slip (DIS) of the deceased account for transfer of shares.

 

 

Nominee power: A nominee is entitled to receive the securities in his favour only in the case of death of all the joint holders. The right of a joint holder to the securities held in the account precedes that of a nominee.

 

Change in holding pattern: In case the joint surviving holders want to change the mode or order of holding, a new demat account needs to be opened in which the shares are credited in an off-market transaction.

Source: Economic Times