Hi, My maternal grandfather passed away in 1990 and his legal descendants - two sons and two daughters never made a succession certificate. He did not leave a will. Can we initiate the share transmission proceedings now? My maternal aunt (his elder daughter) is no more now and her children are US citizens. Can we initiate the transmission proceedings now with his invested companies and with The IEPF to get shares transmitted into the name of the legal heir/s? Can we still get the unclaimed dividend that has been submitted in suspense accounts by his invested companies to IEPF? Thank you in advance!
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I would appreciate if someone can also guide us on all the paper work and forms the descendants need to sign for transmission of shares. All we have is the death certificate of my grandfather and all the physical shares solely in his name (no Demat shares)
1) apply for and obtain succession certificate in names of the legal heirs
2) companies would not transfer the shares in absence of succession certificate
3) succession certificate takes 6 months
4) enclose grand father death certificate . pay the court fees depending upon value of shares
as mentioned herein above succession certificate would be required
contact a local lawyer . succession certificate takes around 6 months time
1. The first thing that the heirs need to do is to find out how many shares and investments have been held by him. Once the entire portfolio is laid before them they may then file a petition for grant of succession certificate in the competent court.
2. The unclaimed divided can also be claimed.
3. Apply for Succession Certificate if you have the death certificate. The process takes around 6 months if all the legal heirs are on board.
The legal heirs or the successors can apply for transmission of shares that ws lying in their deceased father's name.
Let them try and do the things observing necessary formality, if the companies dont respond properly then they can move SEBI for further clarification and relief.
Once the shares are transmitted then the claim for the unclaimed dividends may also be clarified
I would appreciate if someone can also guide us on all the paper work and forms the descendants need to sign for transmission of shares. All we have is the death certificate of my grandfather and all the physical shares solely in his name (no Demat shares).
“Transmission” is the terminology used for this procedure that means passing of property in shares to the legal heirs. In the event of death of the shareholder procedure for transmission of shares;
For physical shares, you may be requested to send any of the below documents to the Registrar and Share Transfer Agent (RTA);
Original Share certificates.
Duly filled Transmission Request Form (TRF).
An affidavit / declaration by the nominee declaring his rights.
Notarized copy of the death certificate.
Where there is no nomination: (Part A)
Shares held in Demat mode;
Where value of the shares is upto Rs. 100,000, one or more of the following documents is to be furnished to the DP;
Notarized copy of the death certificate
Transmission Request Form(TRF)
Affidavit – to the effect of the claim of legal ownership to the shares,
Deed of indemnity – Indemnifying the depository and Depository Participants (DP)
NOC* from legal heir(s), if applicable or family settlement deed duly executed by all legal heirs of the deceased beneficial owner.
Where value is more than Rs 100,000, the Depository Participants (DP) may additionally insist on one or more of the following documents;
Surety form
Succession certificate
Probated will
Shares held in Physical mode:
Where the Shares are in physical mode, The RTA (Registrar/Share Transfer Agent) may insist on any of following documents;
Original Share certificates.
Duly filled Transmission Request Form (TRF).
Notarized copy of the death certificate.
Succession certificate or
Probate or letter of administration duly attested by Court Officer or Notary
* In case of multiple successors, NOC from non-applicants shall be recorded on the share transmission form of the applicant instead of insisting separate share transmission form from each of the successors.
Transmission of shares is required to be done within a period of one month for share held in physical form and within seven days for shares held in Demat form, from the date of lodgment of the Transmission Request Form by listed companies.
Thank you for all your guidance and inputs. I would like to know the sequence of action - Do I need to determine full value of portfolio at current market price before filing for succession certificate and is the court fees paid while filing for succession certificate or would it be paid at the time for applying for share transmission? Our challenge is that all the share certificates are in physical form and many companies have changed names, been acquire or issued bonus shares (change in face value) etc. Most of the shares acquired were during allotment from IPO and listing process in decades before. I would ideally want to work on these two tracks in parallel where we apply for succession certificate and in the meantime write to companies to ascertain full holding and current value. Thank you.
1) court fee is payable at time for filing of succession certificate
2) you have to determine market value of portfolio at time of filing SC
There are two things involved in this, one is court fees and another is Stamp duty.
Initially for filing the case only the advalerom court is required to be paid, the stamp duty can be paid after court passes an order in the main petition.