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Transposition

There is concept introduced in demat called the transposition of shares. Transposition means that if  the shares are held in the name of A & B and customer has a demat account in the reverse order i.e. name of B & A - the shares can be dematerialised in the same account, and  a new demat account in the name of B and A would not be required. The client has to submit the shares and the demat request form along with transposition form. You may get the transposition form from any of the Saraswat Bank Branches.

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:

  1. If the shares are held in physical form
  2. If the shares are held in demat form
  3. 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 Saraswat 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 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 Saraswat Bank along with the transmission form.

  1. A copy of the death certificate, duly notarised
  2. A copy of the succession certificate duly notarised 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 notarised.

Transmission of securities held in a single name without nomination and valuation of securities exceeds Rs.1 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.1 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 Rs.25/- notarial stamp to be affixed, and duly stamped by the Notary.
  3. Letter of Idemnity on Rs.200/- 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 Saraswat 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 Saraswat 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.

Nomination

A client can avail of the nomination facility for his/her demat account. You can nominate at the time of account opening itself or any time in the future by filling the nomination form. A nomination can be changed at any time by filling the same form. By availing of the nomination facility, the nominees are entitled to receive shares outstanding in the name of the deceased clients. However the following categories of investors cannot nominate:

  1. Minor accounts
  2. HUF accounts
  3. Power of attorney holders

Accounts in the name of society, trust body corporate.
The nomination forms (Form JA), are available in any of the Saraswat Bank Branches.

Please contact us at user_demat@saraswatbank.com or 27884161- 64 or fax: 27884153


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Contact Saraswat Bank

Corporate Office
Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Tel: [+91] (022) 6600 5555
Email: corporatecenter@saraswatbank.com