Death of owner

Consumer Voice - - Demat Account -

Though nom­i­na­tion is es­sen­tial for all fi­nan­cial in­stru­ments, there are times when in­vestors for­get to nom­i­nate, or in­di­vid­u­als nom­i­nated years ago are not rel­e­vant to­day due to events such as di­vorce or death. If the ap­pointed nom­i­nee is still around, the hold­ings are trans­ferred to him/her once a copy of the death cer­tifi­cate is sub­mit­ted and the iden­tity of the nom­i­nee is ver­i­fied. The pro­ce­dure be­comes a lit­tle com­pli­cated if the de­mat ac­coun­tholder has not ap­pointed a nom­i­nee. In such a sit­u­a­tion, the le­gal heir has a claim to the shares held if the value is be­low one lakh ru­pees. If the value is higher, a com­pe­tent court's or­ders may be needed be­fore the shares are trans­ferred to his ac­count. In case one of the joint-holder dies, the shares are trans­ferred to the ac­count of the sur­viv­ing mem­ber. If all joint hold­ers die, the shares go to the nom­i­nee.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.