“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

Be Sociable, Share!