Is succession certificate mandatory for transmission of shares?

The certified copy of the will is called a ‘probate’. Succession certificate is not required when probate or letter of administration is issued. The survivors in case of joint holding can get the shares transmitted in their names by production of the death certificate of the deceased holder of shares.

Is legal heir certificate necessary?

Legal heir certificate is required for the following purpose For transferring properties and assets of the demised person to his successors. For claiming insurance. For sanctioning and processing family pension of the deceased employee. To receive salary arrears of the deceased, state or central government employee.

Who are legal heirs for transmission of shares?

a) In case the legal heir(s)/claimant(s) is named in the succession certificate or probate of will or will or letter of administration, an affidavit from such legal heir/claimant(s) alone would be sufficient.

How do you transfer shares after death?

Procedure to change name on Physical Shares of a Deceased

1. Physical Share Certificates.
2. Death Certificate of the Deceased.
3. PAN Card of the Successor.
4. Transmission Request Form.
5. Attested Signatures by Banker of the Successor.
6. Proof of Address of the Successor.
7. Any other document as required by the Company.

What is compulsory for transmission of shares?

For this, the legal heir (s) or the legal representative(s) of such securities must submit an instruction called the transmission form to the DP alongwith the following documents: A copy of the death certificate duly notarised.

Is succession certificate required if there is a will?

As per Section 370 of Indian Succession Act, when the deceased person has left a validly executed Will , the entire estate of the deceased person under that will vests on the executor of the will and in such cases Succession Certificate cannot be granted.

Who needs heir certificate?

The following persons are eligible to apply for legal heir certificate in Karnataka:

• Wife of the deceased person.
• Son or daughter of the deceased person.
• Father or mother of the deceased person.
• Sibling of the deceased person.

What is the procedure for transmission of shares?

Document required for transmission of shares

1. Transmission Request Form(TRF)
2. Affidavit on 100/- stamp paper for claiming the legal heir of the beneficial owner.
3. Notarized copy of the death certificate.
4. Indemnity deed on 500/- indemnifying both, the depository and Depository Participants (DP)
5. NOC From legal heirs.

What are the documents required for transmission of shares?

Transmission form; Copy of the death certificate duly notarised; Letter of Indemnity duly supported by a guarantee of an independent Surety acceptable to the DP, made on appropriate non judicial stamp paper; An Affidavit made on appropriate non judicial stamp paper; and.

What is the procedure of transmission of shares?

In a nutshell, “Transmission of Shares” denotes a process under which the title over the shares is transferred by the operation of law. However, it will take place only when the registered member of the company has died, declared insolvent or lunatic by the court of competent law.

Which of the following documents are not required for transmission of shares?

Execution of transfer deed is not required in case of transmission of share. Valid documents is enough for share transmission process. As transfer deed is not mandatory then the question of payment of stamp duty does not arises.

How to transfer shares from deceased owner to legal heir?

In any case, if you wish to file a request for transmission of shares from a deceased owner to a legal heir, this is the affidavit you need to file and submit with the RTA ( Registrar & Transfer agent). The applicant may be required to make some declarations and provide adequate proofs in support of his/her claim.

What are the documents required for transmission of share certificates?

Original Share certificates. Duly filled the Transmission Request Form (TRF). An affidavit/declaration by the nominee declaring his rights. Notarized copy of the death certificate. Where the value of the shares is upto Rs. 5,00,000, one or more of the following documents is to be furnished to the DP;

Who becomes the new registered shareholder when shares are transferred?

On transmission of shares the person to whom shares are transferred, becomes the new registered shareholder. The legal provisions governing transmission of shares are elaborated in sec 56 of Companies Act, 2013. Articles of Association of the company consists of set of rules and regulations for transfer and transmission of shares.

Is my wife a legal heir of my company?

My wife is legal heir along with her two brothers and surviving mother .Article of association of that company states Transmission of shares –Regulations 25 to 28 of Table A shall apply . I fear her brothers may get these shares transmitted in their name as record of company register is maintained by them / their company secretary .