How to claim shares if the holder dies without appointing a nominee and holdings are more than ₹15 lakhs?

• The claimant must notify and claim the shares in a death claim when no nominee was appointed and the market value of holdings is more than ₹15 lakh.

• The claimant must submit the following documents:
  1. Duly filled Notifier form
  2. Account closure Form (PDF)
  3. Transmission request form (PDF)  .To view sample filled form see,(PDF)
  4. PAN of the successor/legal heir/applicant/deponent/claimant (self-attested copy).
  5. Self-attested copy of the claimant's Aadhar card, passport, driving license, or election card.
  6. Death certificate of the deceased holder (original/notarized/attested by a gazetted officer).
  7. CMR hard copy of the successor/legal heir/applicant/deponent/claimant. (if DP is other than Jainam, then with the DP seal and signature.)
  8. Affidavit: Each claimant must provide a separate affidavit with the signatures of all the legal heirs on a stamp paper valued at ₹100. The defendant is the 1st party, and Jainam Broking Ltd. would be the 2nd party. (PDF) To view sample filled form (PDF) 
  9. Statement of holdings in the deceased account holder’s demat account with Jainam as of the date of submission of the transmission request.
  10. Any one of the following:
      
      • • Succession certificate.
        • Letter of administration.
        • The probate of the will.
        • Will and Bond of Indemnity from the applicant.
        • Court decree.
        • Legal heir certificate, Bond of Indemnity from the applicant and NOC from all the non-applicants

Attachments:

RELATED FACTS:

• Courier the documents to
  Jainam House
  New Passport Office Road,
  Kargil Chowk, Piplod,
  Surat-395007

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• The transmission process will be completed within 7 days after receiving all relevant documents.

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• 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.

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• The deceased name should match the CMR and death certificate. If not, submit a name mismatch notarized affidavit.

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• The successor/nominee's name should match the CMR. If not, submit the name mismatch notarized affidavit.

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• If the nominee/successor/legal heir is a minor, provide a copy of the birth Certificate and a guardian certificate to consider the guardian's signature on the form.

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• A self-attested statement of holding should be provided by the nominee/claimant if required.

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• Lock-in shares will only be moved to the successor or the nominee’s CDSL demat accounts in the lock-in shares.

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• 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 have a nominee in the trading account, 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 account: If there are no securities in the demat account as of the date of the death of the client, but there is a credit balance in his trading account, then, in such cases, documents related to 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 debit( negative) balance needs to be paid to Jainam by the claimant before transmission process. The successor/nominee/claimant  must provide a DD (Demand Draft) in the name of the Jainam Broking ltd.

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