One of the most important things that demat account holders should do is appoint a nominee. This will make it easy for the beneficiaries to claim the shares held in the demat account, in the event of the holder’s untimely death.
Okay so, let’s say that a demat account holder has appointed a nominee. How do you transfer the shares after the death of the holder? Here’s some information that can help you understand just how to transfer shares after the death of a demat account holder.
- How do you transfer shares to the nominee after the death of the demat account holder?
The process is quite simple and involves minimal documentation. Here’s a quick overview of what you should do.
1. If you’re the nominee, firstly, you need to fill a Transmission Request Form (TRF). This form can be obtained from the depository participant of the deceased demat account holder.
2. Once you’ve filled the form, you will need to submit it along with a duly notarized copy of the death certificate of the demat account holder.
3. In most cases, the DP of the deceased account holder may also require you to submit proof of relationship with the holder, your identity proof, and your address proof.
4. Upon receiving all of the relevant documentation, the DP will scrutinize the application, and if satisfied, will transfer the shares to your demat account.
If you’re wondering how to transfer shares online in the case of death of the demat account holder, then this is for you.
In the event of the death of the account holder, unfortunately, transfer of shares via the online mode is not permitted. You will have to manually approach a branch office of the demat account holder’s depository participant to transfer shares from one demat to another.
And if you’re looking for ways on how to sell shares of a deceased person, you need to know that you can only do so after transferring the shares from the demat account of the deceased to one of yours.
Conclusion
So, if you’re a demat account holder who hasn’t appointed a nominee, reach out to your depository participant immediately for more information on how to add a nominee in a demat account.
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