How to claim shares if no nominee was appointed by the deceased?

The nominee/legal heir/claimant should notify Jainam about the death of the Jainam account holder. The notifier/claimant should provide the required documents for claiming the shares in the demat account and funds in the trading account of the deceased account holder.

The process of transmission of shares in such cases where there is no nominee appointed by the deceased will depend on the market value of the holdings in each of the accounts of the deceased as of the date of application for transmission: -

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 they should also provide a copy of the birth certificate of the minor and a guardian certificate to consider the guardian's signature in the form.
As per CDSL, transmission of securities in the cases where the nominee is appointed by the deceased will be done in the 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 only be moved to the successor or the nominee’s CDSL demat accounts in the lock-in perod only.
Procedure of Transferring the Funds: As the deceased client has some funds in his trading account, procedures related to the transfer of those funds will be completed prior to the closure of his demat account. If the deceased have.
1. 1. Credit Balance: -
    - If the client has 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 heir(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 the family tree can be asked by Jainam's team to ascertain the true successor of the client.
  2. Debit balance: If the deceased trading a/c has a debit balance, then such a 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.