What is the process to claim shares if the account holder has not nominated a nominee?
Please read this article that explains the documents to be given before proceeding with the steps mentioned below.
When the account holder passes away and a nominee is not appointed, there are two scenarios that the successor has to consider.
A. If the holdings and funds value is equal to or less than Rs. 5 lakhs.
If the holdings and funds value is equal to or less than Rs 5 lakhs, then the successor has to send the following forms to our head office.
- Transmission Request Form duly filled in – Annexure 7.1 (TRF)
- Original or copy of the death certificate of the deceased holder duly notarized/attested by a Gazetted Officer
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A hard copy of the Client Master Report(CMR) with DP seal and signature, in case the nominee/successor has a demat account in an individual capacity with another DP. If they have a Zerodha account, then it is not required.
- Any one of the following documents:
(a) Letter of Indemnity executed by the applicant(s) on non-judicial stamp paper of appropriate value, duly notarized (Annexure – 7.3)
(b) An Affidavit from the applicant executed on non-judicial stamp paper of appropriate value and notarized (Annexure 7.5)
(c) A copy of Family Settlement Deed duly notarised or attested by a Gazetted Officer and executed by all the legal heirs of the deceased BO provided that:
The Family Settlement Deed clearly vests the securities in favour of the person seeking transmission in his/her name.
(d) Vesting of securities in favour of the person seeking transmission in his/her name is not contingent upon any other onerous conditions in such Family Settlement Deed.
5. Successor/s ID proof.
6. Successor/s cancelled cheque or bank statement.
The Family Settlement Deed is considered as a NOC if the division of shares as per the deed is amongst more than one legal heir.
Note: If a Successor doesn’t have an account, you can open one instantly online. You can open an account here . If you need any help with the account opening, you can get in touch with us on 080 47192020 / 080 71175337
B. If the holdings and funds value is more than Rs. 5 lakhs.
If the holdings and funds value is more than Rs. 5 lakhs, then the successor has to send the following forms to our head office.
- Transmission Request Form duly filled in – Annexure 7.1 (TRF)
- Original or copy of the death certificate of the deceased holder duly notarized/attested by a Gazetted Officer.
- A hard copy of the Client Master Report(CMR) with DP seal and signature, in case the nominee/successor has a demat account in an individual capacity with another DP. If they have a Zerodha account, then it is not required.
- Any one of the following:
(a) A Succession Certificate
(b) A Letter of Administration
(c) A Probate of the will of the deceased (All of these can be obtained at district courts)
5. Successor/s ID proof.
6. Successor/s cancelled cheque or bank statement.
If a Successor doesn’t have an account, you can open one instantly online. You can open an account here . If you need any help with the account opening, you can get in touch with us on 080 47192020 / 080 71175337
Note:
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If there isn’t sufficient space in the TRF form or if there are multiple nominees/successors - you can attach an
annexure of transmission
.
- In the Affidavit and letter of Indemnity, all the mentioned successors have to sign.
- Stamp paper value for up to 2 lakhs holdings is Rs 200/-, for holdings worth 2lakhs to 5 lakhs holdings is Rs 500/-.
- The transmission process takes 15 days to complete.
- Lock-in shares will be moved to the nominee/successors CDSL Demat accounts only.
The forms have to be sent to Zerodha head office at
Zerodha,
153/154, 4th Cross, J.P Nagar 4th Phase,
Opp. Clarence Public School,
Bengaluru - 560078
The forms can be sent via post, registered post, speed post or courier.
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