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 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 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.
Transmission of securities held in a single name without nomination and valuation of securities exceeds Rs.1 Lakh.
Transmission of securities held in a single name without nomination and valuation of securities is below Rs.1 Lakh.
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.
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:
Accounts in the name of society, trust body corporate.
The nomination forms (Form JA), are available in any of the Saraswat Bank Branches.
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