Transposition & Transmission

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:

If the shares are held in physical form
If the shares are held in demat form
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.

A. For legal heir(s) or claimant(s), where deceased was a sole holder and no nomination in the account - Value of holding not exceeding Rs. 15,00,000 (Rupees Fifteen Lakhs) as on the date of application:

i. Original death certificate or copy of the death certificate attested by the legal heirs (s) or claimant(s) subject to verification with the original, or copy of the death certificate duly attested by a notary public or by a gazetted officer;
ii. Self–attested copy of PAN card of the legal heir(s) / claimant(s);
iii. In case the account of the legal heirs(s) / claimant(s) is/are not with the Participant, copy of Client Master Report of the account of the legal heirs(s) / claimant(s);

iv. In case the claimant/legal heir is a minor, Copy of Birth Certificate;

v. In case of claimant being a minor / of unsound mind, KYC of the Claimant Guardian;
vi. A notarized affidavit, in the format provided in Form 30 from all legal heir(s)/ claimants made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities;

However, in case the legal heir(s)/claimant(s) are named in any of the Succession Certificate or Probate of Will or Will or Letter of Administration as may be applicable in terms of Indian Succession Act, 1925 (39 of 1925), or Legal Heirship Certificate or its equivalent certificate issued by a competent Government Authority, an affidavit from such legal heir(s)/claimant(s) alone shall be sufficient;

vii. Copy of the Succession Certificate (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;
OR
Copy of Letter of Administration (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;
OR
Copy of Court Decree (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;
OR
Copy of Probate of Will* (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;

*Probate of Will shall be only insisted on, if applicable in terms of Indian Succession Act, 1925
OR
Copy of Will** (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer shall be accompanied with a notarised Indemnity Bond from the legal heir(s) / claimant(s) to whom the securities are transmitted, made on non-judicial stamp paper of appropriate value in the format specified in Form 30;

** Will duly executed in terms of the Indian Succession Act, 1925
OR
Copy of Legal Heirship Certificate (or its equivalent) issued by a Competent Government Authority duly attested by a Notary Public or by a Gazetted Officer or attested by the legal heir(s) / claimant(s) subject to verification with the original, and accompanied with (i) a notarized indemnity bond from the legal heir(s) /claimant(s) to whom the securities are transmitted, made on non-judicial stamp paper of appropriate value in the format specified in Form 30; and (ii) no objection from all the non-claimants stating that they have relinquished their rights to the claim for transmission of securities, duly attested by a notary public or by a gazetted officer in the format specified in Form 30.

viii. In case of non-availability of documents mentioned in Para A-vii, the following shall be submitted along with other documents mentioned above;
a. Indemnity Bond (format enclosed) ;

b. No Objection Certificate(s) from all the legal heir(s) / non-claimants, clearly relinquishing their rights to the claim for transmission of securities (format enclosed) ;
OR
Copy of Family Settlement Deed duly executed by all legal heir(s) , duly attested by a notary public or by a gazetted officer [as an alternate to No objection certificate(s)].

B. For legal heir(s)/claimant(s) where the deceased was a sole holder and no nomination registered in the account - Value of holding exceeds Rs. 15,00,000 (Rupees Fifteen Lakhs) as on the date of application:

i. Original death certificate or copy of the death certificate attested by the legal heirs(s) or claimant(s) subject to verification with the original, or copy of the death certificate duly attested by a notary public or by a gazetted officer;
ii. Self–attested copy of PAN of the legal heir(s) / claimant(s);
iii. In case the account of the legal heir(s) / claimant(s) is/are not with the Participant, copy of Client Master Report of the account of the legal heir(s) / claimant(s);
iv. Copy of the Succession Certificate (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;
OR
Copy of Letter of Administration (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;
OR
Copy of Court Decree (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;
OR
Copy of Probate of Will* (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;

*Probate of Will shall be only insisted on, if applicable in terms of Indian Succession Act, 1925
OR
Copy of Will** (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s)/ claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer shall be accompanied with a notarised Indemnity Bond from the legal heir(s) / claimant(s) to whom the securities are transmitted, made on non-judicial stamp paper of appropriate value in the format specified in Form 30;

** Will duly executed in terms of Indian Succession Act, 1925
OR
Copy of Legal Heirship Certificate (or its equivalent) issued by a Competent Government Authority duly attested by a Notary Public or by a Gazetted Officer or attested by the legal heir(s) / claimant(s) subject to verification with the original, and accompanied with (i) a notarized indemnity bond from the legal heir(s) /claimant(s) to whom the securities are transmitted, made on non-judicial stamp paper of appropriate value in the format specified in Form 30; and (ii) no objection from all the nonclaimants stating that they have relinquished their rights to the claim for transmission of securities, duly attested by a notary public or by a gazetted officer in the format specified in Form 30;

v. In case the claimant/legal heir is a minor, Copy of Birth Certificate;
vi. In case of claimant being a minor / of unsound mind, KYC of the Guardian of minor / of unsound person;
vii. A notarized affidavit, in the format provided in Form 30 from all legal heir(s)/ claimants made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities;

Provided that, in case the legal heir(s)/claimant(s) are named in any of the Succession Certificate or Probate of Will or Will or Letter of Administration as may be applicable in terms of Indian
Succession Act, 1925 (39 of 1925), or Legal Heirship Certificate or its equivalent certificate issued by a competent Government Authority, an affidavit from such legal heir(s)/claimant(s) alone shall be sufficient;

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: