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

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

  • The claimant must notify and claim the shares in a death claim where there is no nominee and the market value of holdings is equal to or less 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)
    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, or 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. No Objection Certificate (NOC) (PDF) from all the non-applicants.
    9. Bond of Indemnity (BOI) (PDF) from the applicant. (Notarised)
  • Courier the documents to
    Jainam House
    New Passport Office Road,
    Kargil Chowk, Piplod,
    Surat-395007
  • The transmission process will be completed within 7 days after receiving all relevant documents.

Attachments:

JAINAM'S TRANSMISSION RELATED FORMS SAMPLE-FILLED FORMS
NOCNOC
BOIBOI
AffidavitAffidavit
Transmission request form (for individual account holder)Transmission request form(for individual account holder)
Transmission request form (for joint account  holders)Transmission request form (for joint account holders)
Account closure formAccount closure form

RELATED FACTS:-

  • The BOI and NOC must be provided on stamp paper. The value of the stamp depends on the provisions of the state government. In both NOC and BOI, the successor/legal heir/applicant/deponent/claimant is the 1st party and Jainam Broking LTD would be the 2nd party.
  • Indemnity bond has to be submitted on a non-judicial stamp paper of ₹ 300 and it have to notarized also. NOC has to be submitted to Jainam on a non-Judicial stamp paper of ₹100.
  • NOC is not required, if a notarised family settlement deed that includes all the legal heirs is provided.

Document

Stamp paper value

Needs Notarisation

1st Party

2nd Party

NOC₹100YesBy all non applicantsJainam broking Ltd
BOI₹300YesBy all applicantsJainam broking Ltd

  • 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.
  • The deceased name should match CMR and death certificate. If not, submit a name mismatch notarised affidavit.
  • The successor/nominee's name should match the CMR. If not, submit the name mismatch notarised affidavit.
  • If the nominee/successor/legal heir is a minor, provide a copy of birth Certificate and a guardian certificate to consider the guardian's signature in the form.
  • A self-attested statement of holding should be provided by the nominee/claimant if required.
  • Procedure of Transferring the funds: - As the deceased client have some funds in his trading account, procedure related to transfer of those funds will be completed prior to closure of his demat account. If the deceased have: -
      1. 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.
      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.