There is concept introduced in demat called the transposition of shares. Transposition means that if the shares are held in the name of A & B and customer has a demat account in the reverse order i.e. name of B & A - the shares can be dematerialised in the same account, and a new demat account in the name of B and A would not be required. The client has to submit the shares and the demat request form along with transposition form. You may get the transposition form from any of the Saraswat Bank Branches.
Transmission means transfer of the title of shares to the surviving holders on account of death of one of the holders. The person/s to whom the shares devolve, has to prove his entitlement by submitting the appropriate documents. Transmission may be required in either of the two cases:
If the securities are held in physical form and the client wishes to demat these holdings, then the surviving holders have to open a demat account in the name of the surviving holder only. In case the surviving holders already have a demat account in their names a new demat account is not required. The physical shares have to be submitted to Saraswat Bank along with the duly signed Demat Request Form and Transmission form (Form OB).The shares will be then send to the respective companies which will be dematerialised and credited to the surviving holder’s account.
A. For legal heir(s) or claimant(s), where deceased was a sole holder and no nomination in the account - Value of holding not exceeding Rs. 15,00,000 (Rupees Fifteen Lakhs) as on the date of application:
iv. In case the claimant/legal heir is a minor, Copy of Birth Certificate;
viii. In case of non-availability of documents mentioned in Para A-vii, the following shall be submitted along with other documents mentioned above;
a. Indemnity Bond (format enclosed) ;
A client can avail of the nomination facility for his/her demat account. You can nominate at the time of account opening itself or any time in the future by filling the nomination form. A nomination can be changed at any time by filling the same form. By availing of the nomination facility, the nominees are entitled to receive shares outstanding in the name of the deceased clients. However the following categories of investors cannot nominate:
Accounts in the name of society, trust body corporate.
The nomination forms are available in any of the Saraswat Bank Branches.
Please contact us at firstname.lastname@example.org or Tel- 23480039-41
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