Is it legal to continue carrying out transactions in a deceased person’s Zerodha account?
No, it is not legal to transact in a deceased person's Zerodha account. The nominees or legal heirs of the account holder are entitled to the funds and securities in an account. They can transfer the securities and funds to their demat and bank accounts after submitting the required documents. To know more, see What is the process to claim shares and funds after the death of a Zerodha account holder?
Did you know?
- Carrying out transactions in a deceased person's account amounts to impersonification and may invite penalties or criminal charges under Indian Law.
- This restriction applies to all transactions in a deceased person's account, whether on market transactions or off-market transactions through gifting or DIS slips.
- If a transaction occurs in the deceased's account after the date of death mentioned in the death certificate, the transmission process will be delayed due to increased scrutiny.