Transmission is the process by which investments in the name (s) of deceased accounts
holder(s) are transferred to the surviving joint holder (s) / nominee(s) / legal heir(s) of the
deceased account holder(s).
- Demat Account Securities Transmission Procedure
Depending on the scenario, the processes, procedures, and documentation requirements might differ:
A. Process for Transmission case with Nominee: (Incase of death of the sole holder)
Account Closure form
Transmission Request form
Nominee CMR copy
The Client Master Report of the Demat Account where the securities need to be transmitted must be duly signed by the Broker with stamp and signature.
A new Demat Account must be opened with the Upstox/other firm if there is no existing Demat Account of the Nominee.
Original Death Certificate or its copy duly notarized / attested by a Gazetted Officer.
B. Process for Transmission case without Nominee:
Account Closure form
Transmission request form
Successor CMR copy.
If the client holding Valuation is more than five lakhs, we require following documents:
A Succession Certificate, or
A Letter of Administration, or
A Probate of the will of the deceased.
If the client holding Valuation is below 5 lakhs, we require following documents:
Any one or more of the following documents:
(i) Letter of Indemnity executed by the applicant(s) on non-judicial stamp paper of appropriate value, duly notarized (Annexure – 7.3)
(ii) An Affidavit from the applicant executed on non-judicial stamp paper of appropriate value and notarized (Annexure 7.5).
(iii) No Objection Certificate [NOC] from all legal heir(s) who are not applicants conveying no objection to the transmission of the relevant securities in favour of the applicant(s) - (Annexure – 7.1 [Part – II]).
(iv) As an alternative to NOC, copy of Family Settlement Deed duly notarized or attested by a Gazetted Officer and executed by all the legal heirs of the deceased BO(Beneficial Owner), provided that: ➢ The Family Settlement Deed clearly vest the securities in favour of the person seeking transmission in his/her name. ➢ Vesting of securities in favour of the person seeking transmission in his/her name is not contingent upon any other onerous conditions in such Family Settlement Deed.