General

What is transmission of securities?

Transmission of securities refers to the transfer of securities from an account to another as a result of the death of the sole/any of the holder of the former account. For this the latter need not approach each issuing company or its R & T Agent. Only the DP of the former account needs to be approached. Here the transfer may be done to:

Demat transmission requests are of 4 scenarios based on the account opened and details updated in the Demat account.

Transmission – Joint holder Case:

1. Transmission Form duly filled & Signed by Surviving holder
2. Death Certificate duly attested Notary Public/Gazette Officer/Original, In case Death Certificate issued in abroad then it must be attested before/by Indian embassy/Indian Consulate
3. In case surviving holder has demat account is with another DP then Client Master List (CML copy) in crystal format
4. Self-attested PAN copy surviving holder

Transmission – Nominee Case:

1. Transmission Form duly filled & Signed by Nominee
2. Death Certificate duly attested Notary Public/Gazette Officer/Original, In case Death Certificate issued in abroad then it must be attested before/by Indian embassy/Indian Consulate
3. In case nominee having demat account is with another DP then Client Master List (CML copy) in crystal format
4. Self-attested PAN copy of claimants (If PAN is not updated in deceased a/c then self-attested PAN card copy of nominee to be obtained)
5. Account opened before 2016 – Nominee Indemnity required (Only for NSDL Cases)
6. Account opened post 2016 – ID proof submitted at the time of nomination needs to be provided

Transmission – NO Nominee Case:

Transmission – Legal Heir Less than 15 lacs holdings:

• Transmission Form duly filled & Signed by Legal Heir/’s
• Original Death Certificate or copy of the death certificate duly attested Notary Public/Gazette Officer/Original, in case Death Certificate issued in abroad then it must be attested before/by Indian embassy/Indian Consulate
• Self-attested PAN copy of legal Heir/’s
• In case demat account is with another DP then Client Master List (CML copy) in crystal Format
• A notarized affidavit, from all legal heir(s) made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities; (in case the legal heir(s)/claimant(s) are named in any of the Succession Certificate or Probate of Will or Will or Letter of Administration or Legal Heirship Certificate (or its equivalent certificate), issued by a competent Government Authority, an affidavit from such legal heir(s)/claimant(s) alone shall be sufficient)
• Copy of the Succession Certificate (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer; OR Copy of Letter of Administration OR Copy of Court Decree OR Copy of Probate* of Will(*Probate of Will shall be only insisted on, if applicable in terms of Indian Succession Act, 1925) OR Copy of Will OR Copy of Legal Heirship Certificate or its equivalent certificate issued by a Competent Government Authority duly attested by a Notary Public or by a Gazetted Officer or attested by the legal heir(s) / claimant(s) subject to verification with the original to be accompanied with a notarized Indemnity Bond and No objection from all the legal heir(s) / non-claimant(s) stating that they have relinquished their rights to the claim for transmission of securities duly attested by a notary public or by a gazetted officer
• In case of non-availability of documents mentioned in Point No. 6, the following shall be submitted along with documents mentioned in Point No. 1 to 5;
• Notarized Indemnity Bond made on non-judicial stamp paper of appropriate value from all legal heir(s) / claimant(s) to whom securities are transmitted
• No Objection Certificate(s) from all the legal heir(s) / non-claimants, clearly relinquishing their rights to the claim for transmission of securities or Copy of Family Settlement Deed duly executed by all legal heir(s), duly attested by a notary public or by a gazetted officer [as an alternate to No objection certificate(s)

Transmission – Legal Heir More than 15 lacs holdings:

Transmission Form duly filled & Signed by Legal Hier/’s

1. Original Death Certificate or copy of the death certificate duly attested Notary Public/Gazette Officer/Original, in case Death Certificate issued in abroad then it must be attested before/by Indian embassy/Indian Consulate
2. Self-attested PAN copy of legal Heir/’s
3. In case demat account is with another DP then Client Master List (CML copy) in crystal Format
4. A notarized affidavit, from all legal heir(s) made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities; (in case the legal heir(s)/claimant(s) are named in any of the Succession Certificate or Probate of Will or Will or Letter of Administration or Legal Heirship Certificate (or its equivalent certificate), issued by a competent Government Authority, an affidavit from such legal heir(s)/claimant(s) alone shall be sufficient)
5. Copy of the Succession Certificate (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer; OR Copy of Letter of Administration OR Copy of Court Decree OR Copy of Probate* of Will(*Probate of Will shall be only insisted on, if applicable in terms of Indian Succession Act, 1925) OR Copy of Will OR Copy of Legal Heirship Certificate or its equivalent certificate issued by a Competent Government Authority duly attested by a Notary Public or by a Gazetted Officer or attested by the legal heir(s) / claimant(s) subject to verification with the original to be accompanied with a notarized Indemnity Bond and No objection from all the legal heir(s) / non-claimant(s) stating that they have relinquished their rights to the claim for transmission of securities duly attested by a notary public or by a gazetted officer.

Key points to check before raising Transmission Request.

1. Affidavit is mandatory from all legal heirs or claimants INDIVIDUALLY irrespective of the holding value below or above 15 lacs. For example, if there are 3 legal heirs, all three legal heirs need to give separate affidavits. It cannot be combined into one.
2. Original death certificate or copy of the death certificate attested by the legal heir(s) or claimant(s) can be accepted subject to verification with the original, or copy of the death certificate duly attested by a notary public or by a gazetted officer.
3. In case the nominee/claimant/legal heir is a minor, copy of birth certificate is required
4. In case the nominee /claimant is a minor or of unsound mind, KYC of the Claimant Guardian is required
5. In case of any cancellation done on legal documents – Affidavit, Bond of Indemnity, No Objection letter or Nominee Indemnity, counter sign of notary along with notary stamp is required.

On Stamp Paper/ e-Stamp, the description or purpose of document should be mentioned. For example - in case if affidavit has been attached, then the description/purpose needs to be mentioned as AFFIDAVIT on stamp paper/ e-Stamp along with the notary stamp