Standardization and Simplification of Procedures for Transmission of Securities

Securities and Exchange Board of India with a view to make the process of transmission of securities more efficient and investor friendly, had issued a circular no. CIR/MIRSD/10/2013 dated October 28, 2013. Pursuant to various investors requests and complaints from the investors with regard to the clarification of certain points mentioned in clause 2 of the Annexure A to the aforesaid circular dated October 13, 2013, SEBI decided to modify clause 2 of the said Annexure – A. The modifications are mentioned below:

Annexure -A

Documentary requirement for securities held in physical mode

  1. For securities held in single name with a nominee:
  • Duly signed transmission request form by the nominee.
  • Original or Copy of death certificate duly attested by a Notary Public or by a Gazetted Officer.
  • Self attested copy of PAN card of the nominee. (Copy of PAN card may be substituted with ID proof in case of residents of Sikkim after collecting address proof)
  1. For securities held in single name without a nominee, the following additional documents may be sought:

 a) Affidavit from all the legal heirs made on appropriate non judicial stamp paper – to the effect of identification and claim of legal ownership to the securities. Provided that 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.

         b) For value of securities upto` 2,00,000 (Rupees Two lakh only) per issuer company as on date of application, one or more of the following documents:

  1. Succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925.
  2. In the absence of the documents as mentioned at (1) above,
  • A No objection certificate [NOC] from all legal heir(s) executed by all the legal heirs of the deceased holder not objecting to such transmission (or) copy of Family Settlement Deed duly notarized and
  • An Indemnity bond made on appropriate non judicial stamp paper – indemnifying the STA/Issuer Company.

3. For value of securities more than `2,00,000 (Rupees Two lakh only) per issuer company as on the date of application:

Succession certificate or probate of will or will or letter of administration or court decree, as may be applicable in terms of Indian Succession Act, 1925.

Securities Exchange Board of India

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