What is the procedure to be followed for transmission of shares?

What is the procedure to be followed for transmission of shares?

 In case of a single shareholder and where nominee has been appointed, the shares will be transmitted in favour of the nominee on execution of an indemnity cum affidavit. The duly executed indemnity cum affidavit, a copy of death certificate of deceased registered shareholder duly attested by competent authority (magistrate, Notary Public, Government of India or managers of any Scheduled Bank) along with the original share certificate is to be sent to the Bank or to our Registrar for effecting transmission. 

In case of a single shareholder, where no nominee has been appointed but a will is made, then shares will be transmitted in favour of those persons who are heirs of the deceased registered shareholder as per probated will.

In case the deceased shareholder has died intestate and no nomination was made then the transmission of the shares will be effected only on complying with the required procedures in this regard.  For this the legal heirs are required to execute the following :

1. Affidavit sworn in by the claimants
2. Indemnity Bond
3. Title Claim Form
4. No Objection Certificate from other heirs in favour of person claiming the title to shares
5. Surety Form

The aforesaid documents, a copy of death certificate of deceased registered shareholder duly attested by competent authority (magistrate, Notary Public, Government of India or managers of any Scheduled Bank) and the original share certificate is to be sent to the Bank or to our Registrar for effecting transmission. The above procedures are not applicable to shares held in demat form. For this the nominee / legal heirs have to contact the concerned Depository Participant where demat account is maintained and not the Bank or the Registrar.

Click here for Share Transmission Form