Sebi eases share transfer norms for deceased holders accounts Securities and Exchange Board of India (Sebi) the threshold value for transmission of demat securities -- in the case of deceased person without a nominee -- has been increased to Rs 5 lakh. Earlier, the limit was Rs 1 lakh. This process requires an application in a prescribed format, along with supporting documents, as evidence for the death of the holder. For securities held in single name without a nominee, Sebi has said that additional documents such as identity card and claim of legal ownership to the securities might be sought. In case the valuations of such securities are over Rs 2 lakh, a succession certificate or probate of will or Letter of Administration or court decree is required. The timeline for processing the transmission requests for securities held in dematerialized and physical mode would be 7 days and 21 days respectively, after receipt of the prescribed documents.
Posted on: Mon, 28 Oct 2013 17:39:08 +0000
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