InvestorQ : What to do if the de-mat account doesn't have a nominee registered?
riya Ranade made post

What to do if the de-mat account doesn't have a nominee registered?

Mary Joseph answered.
1 year ago
In case of a de-mat account, if the sole or all of the joint holders die and a nomination has been made in the account, the securities will be transferred to the nominee. For this, the nominee shall make a request using the transmission form along with a duly notarized death certificate to transmit the ownership of the securities held in the name of the deceased to the nominee.
In a case where the holder has not made any nomination for the account, then in the case of the sole holder or all the joint holders, the legal heirs can make a transmission request for a transfer of beneficial ownership in their name.

There are two cases in that case:

Value of Securities is less than Rs 5 lakhs: In this case, legal heirs will have to submit a transmission form supported by an attested or notarized copy of the death certificate, an affidavit, letter of indemnity (in prescribed format), and a no-objection certificate from other legal heirs or family settlement deed. He shall also require the client master report of the Demat account of the deceased.

Value of securities is more than Rs 5 lakhs: In this case, the claimant shall provide a copy of the probate of the Will or notarized or attested copy of the letter of administration, or succession certificate, or order of any competent court along with the transmission certificate, client master report and the death certificate.