“Transmission” is the terminology used for this procedure that means passing of property in shares to the legal heirs. In the event of death of the shareholder procedure for transmission of shares is as follows;

Where there is a nominee;

For shares in demat mode, you have to send to the Depository Participant (DP);

  1. Notarized copy of the death certificate
  2. Duly filled Transmission Request Form (TRF).

For physical shares, you may be requested to send any of the below documents to the Registrar and Share Transfer Agent (RTA);

  1. Original Share certificates.
  2. Duly filled Transmission Request Form (TRF).
  3. An affidavit / declaration by the nominee declaring his rights.
  4. Notarized copy of the death certificate.

Where there is no nomination: (Part A) 

Shares held in Demat mode; 

Where value of the shares is upto Rs. 100,000, one or more of the following documents is to be furnished to the DP;

  1. Notarized copy of the death certificate
  2. Transmission Request Form(TRF)
  3. Affidavit – to the effect of the claim of legal ownership to the shares,
  4. Deed of indemnity – Indemnifying the depository and Depository Participants  (DP)
  5. NOC* from legal heir(s), if applicable or family settlement deed duly executed by all legal heirs of the deceased beneficial owner.

Where value is more than Rs 100,000, the Depository Participants (DP) may additionally insist on one or more of the following documents;

  1. Surety form
  2. Succession certificate
  3. Probated will

Shares held in Physical mode: 

Where the Shares are in physical mode, The RTA (Registrar/Share Transfer Agent) may insist on any of following documents;

  1. Original Share certificates.
  2. Duly filled Transmission Request Form (TRF).
  3. Notarized copy of the death certificate.
  4. Succession certificate or
  5. Probate or letter of administration duly attested by Court Officer or Notary

 * In case of multiple successors, NOC from non-applicants shall be recorded on the share transmission form of the applicant instead of insisting separate share transmission form from each of the successors.  

Transmission of shares is required to be done within a period of one month for share held in physical form and within seven days for shares held in Demat form, from the date of lodgment of the Transmission Request Form by listed companies. 

Sources: SEBI

Procedure for Transmission of Shares, In the Event of Death of the Shareholder

4 thoughts on “Procedure for Transmission of Shares, In the Event of Death of the Shareholder

  • May 23, 2015 at 1:46 PM
    Permalink

    In a case where shares of a listed Company are held in physical mode jointly by Wife and husband (Wife being first applicant) what procedure should be adopted on the death of second holder?
    NOTE: 1.The first applicant does not remember whether the shares were applied on “either or survivor” basis or not. 2. The shares are required to be transmitted in the sole name of the first applicant. 3.The only other heir is the son of the deceased who is ready to give NoC for the transmission.
    Now my questions are:-
    1. If the original application was on “either or survivor” basis would it be sufficient to submit the death certificate of the deceased by the first applicant? 2. what procedure should be followed if the basis of holding as said above is not known?

    Reply
    • June 13, 2015 at 9:24 PM
      Permalink

      Hi Sanjay,

      Attested Death Certificate along with share transmission form needs to be sent to company registrar office. This will help. Since 1st holder doesn’t know the mode of holdings then in that case at least further communication from registrar office will clarify everything. I don’t think, NOC of son is of any use here as one of the owners is still alive.

      Reply
      • June 16, 2015 at 4:51 PM
        Permalink

        Dear Sir,
        My case is same as above, My father died last month. I don’t have any nomination. I am only son. what should I do..
        Yaseen

        Reply
        • June 16, 2015 at 6:35 PM
          Permalink

          Hi Yaseen,

          I am sorry for you loss. Do refer the process as suggested under “Where there is no nomination”

          Reply

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