- Transmission
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.
5. 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.
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