- In such cases where the deceased account holder had already appointed a nominee/nominees in his demat account, then the transmissions of securities and funds in his account will be done in favor of the nominee/nominees appointed.
- The nominee must submit the following documents for a death claim:
- Duly filled Notifier form
- Account closure Form (PDF)
- Transmission request form (PDF)
- PAN of the successor/legal heir/applicant/deponent/claimant (self-attested copy).
- Self-attested copy of the claimant's Aadhar card, passport, driving license, or election card.
- Death certificate of the deceased holder (original, notarized, or attested by a gazetted officer).
- CMR hard copy of the successor/legal heir/applicant/deponent/claimant. (if DP is other than Jainam, then with the DP seal and signature.)
- Statement of holdings in the deceased account holder’s demat account with Jainam as of the date of submission of the transmission request.
- Courier the documents to
Jainam House
New Passport Office Road,
Kargil Chowk, Piplod,
Surat-395007
Attachments:
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RELATED FACTS:- - The transmission process will be completed within 7 days after receiving all relevant documents.
- Nomination added after the death of the account holder is not valid.
- If the nominee is a minor, then he/she should also provide a copy of the birth certificate of the minor and a guardian certificate to consider the guardian's signature on the form.
Transmission of Shares in Case of Multiple Nominees: In the event of multiple nominees, the transmission of shares will be carried out to all nominees in the respective share percentages specified by the deceased while adding nominees. All the ISINs or stocks in the demat account will be distributed in the same ratio. A maximum of three nominees can be added to any demat account. For Example:
If Mr. A has added X, Y, and Z as nominees in his demat account with a share percentage of 20%, 50%, and 30%, respectively, then all the stocks in his demat account will be distributed to X, Y, and Z in the same ratio after his death.
- As per CDSL transmission of securities in the cases where a nominee is appointed by the deceased, will always be done in favour of the nominee. However, if the name of a person other than the nominee is mentioned in the will of the deceased and that person provides a court stay on the transmission process, then the transmission process will be stopped by the Jainam and will be done as per the court’s verdict.
- A photocopy of the death certificate can be considered if it is available on the government website. Clients can share the government link where the death certificate can be viewed or downloaded by creating a ticket.
- A self-attested Statement of holding should be provided by the nominee/claimant if required.
- Lock-in shares will be moved to the nominee/claimant's demat accounts only after the expiry of the lock-in period. Till then, the deceased account will be kept as a 'to be closed account'.New documents can be asked if the lock-in period is for more than 6months as the validity of the stamp paper is for 6 months only.
- The procedure of Transferring the funds: As the deceased client has some funds in his trading account, the procedure related to the transfer of those funds will be completed prior to the closure of his demat account. If the deceased has:
- Credit Balance: -
- If the client have a nominee in the trading a/c:- then the funds will be transferred to the successor or nominee’s bank account mentioned in the CMR. A personalised cancelled cheque or a bank statement/passbook not older than 3 months should be given by the successor(s)/Legal heirs(s) if the deceased has a credit balance.
- If there is no nominee appointed in the trading a/c:- If there are no securities in the demat a/c as on the date of the death of the client but, there is a credit balance in his trading a/c then, in such cases, documents related to family tree can be asked by Jainam's team to ascertain the true successor of the client.
- Debit balance: -If the deceased trading a/c has a debit balance then, such debit( negative) balance needs to be paid to Jainam by the claimant before the transmission process. The successor/nominee/claimant must provide a DD (Demand Draft) in the name of Jainam Broking Ltd.
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