Transmission – (Death Case Process)

TRANSMISSION

Transmission means transfer of the title of shares to the surviving holders on account of death of one of the holders. The person/s to whom the shares devolve, has to prove his entitlement by submitting the appropriate documents. Transmission may be required in either of the two cases:

·         If the shares are held in physical form 

·         If the shares are held in demat form 

·         Transmission in case of physical holdings:

If the securities are held in physical form and the client wishes to demat these holdings, then the surviving holders have to open a demat account in the name of the surviving holder only. In case the surviving holders already have a demat account in their names a new demat account is not required. The physical shares have to be submitted to Janata Sahakari Bank Bank along with the duly signed Demat Request Form and Transmission form (Form OB).The shares will be then send to the respective companies which will be dematerialised and credited to the surviving holder’s account.

Transmission in case of demat holdings:

·         Transmission in case of death of single holder

·         Transmission in case of death of joint holder

Transmission in case of death of single holder:

In the event of death of the sole holder, if valid nomination has not been made, then the claimants /successors/legal heirs of the deceased can get the securities transmitted in their favour by submitting the following documents to t Bank along with the transmission form. 

1.      A copy of the death certificate, duly notarized

2.      A copy of the succession certificate duly notarized or an order of  a competent court if the deceased has not left a will  OR

3.      A copy of the probate or letter of Administration duly notarized.

Transmission of securities held in a single name without nomination and valuation of securities exceeds Rs.5 Lakh.

1.      Demat account required in the name of legal heir(s) or legal representative.

(If demat account of the legal heir is with other DP the original Client Master List in Crystal format duly signed, stamped and verified by that DP to be affixed.)

2.      Original copy of death certificate or notarized copy of death certificate with Rs.25/- notarial stamp to be affixed, and duly stamped by the Notary.

3.      Transmission Form (Annexure "O") duly signed by the legal heir(s).

4.      A copy of the Succession Certificate, duly notarized, or an order of a Competent Court, if the deceased has not left a will; or

5.      A copy of Probate or Letter of Administration duly notarized.

Transmission of securities held in a single name without nomination and valuation of securities is below Rs.5 Lakh.

1.      Demat account required in the name of legal heir(s) or legal representative. (If demat account of the legal heir is with other DP the original Client Master List in Crystal format duly signed, stamped and verified by that DP required).

2.      Original copy of death certificate or notarized copy of death certificate with notarial stamp to be affixed, and duly stamped by the Notary.

3.      Letter of Indemnity on Rs.500/- non-judicial stamped paper duly supported by a guarantee of an independent Surety (in a prescribed format i.e. Annexure OC).

4.      An Affidavit made on a Rs.100/- non-judicial stamped paper with verification. (in a prescribed format. i.e. Annexure OD).

5.      No Objection Certificate(s) from all the legal heir(s).
OR
Settelment deed of family (in a prescribed format. Annexure OE).

6.      Transmission Form (Annexure "O") duly signed by the legal heir(s).

The formats of the legal documents are available at any of the Branches.

Transmission in case of death of joint holder:

If any of the joint-holders of a security dies the surviving joint-holders can get the securities transmitted in their favour by producing the death certificate of the deceased to Bank. The surviving holders will have to open a demat account only in the name of the surviving holders. If such a demat account exists, then a new account need not be opened.