Important Information On Transmission Of Securities

Dear Shareholder,

As a part of its ongoing measures to enhance ease of dealing in securities markets and with a view to make process of Transmission of Shares more efficient and friendly, Securities and Exchange Board of India (SEBI), vide its Circular No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65 dated May 18, 2022 specified the simplified procedure and standardized formats of documents for transmission of securities by Registrar & Share Transfer Agents (RTAs).

• The revised documentation requirements in case of transmission of securities are specified below :
  • Where the securities are held in a single name with a nomination, nominee shall be informed about the procedure to be followed for the claim on the receipt of the intimation of death of the security holder.
• where the securities are held in single name with a nomination, the following documents shall be submitted:
  • duly signed transmission request form by the nominee;
  • original death certificate or copy of death certificate attested by the nominee subject to verification with the original or copy of death certificate duly attested by a notary public or by a gazetted officer;
  • self-attested copy of the Permanent Account Number card of the nominee, issued by the Income Tax Department.
• where the securities are held in single name without nomination, the following documents shall be submitted:
  • duly signed transmission request form by the legal heir(s)/claimant(s);
  • original death certificate or copy of death certificate attested by the legal heir(s)/claimant(s) subject to verification with the original or copy of death certificate duly attested by a notary public or by a gazetted officer;
  • self-attested copy of the Permanent Account Number card of the legal heir(s)/claimant(s), issued by the Income Tax Department;
  • a notarized affidavit, in the format provided in Annexure-D from all legal heir(s) made on non-judicial stamp paper of appropriate value, to the effect of identification and claim of legal ownership to the securities. However, in case the legal heir(s)/claimant(s) are named in any of the documents for transmission of securities as mentioned in serial number 2 in Annexure-A , an affidavit from such legal heir(s)/claimant(s) alone shall be sufficient
  • a copy of other requisite documents for transmission of securities as may be applicable as per Annexure-A, attested by the legal heir(s)/claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer:
• In cases where a copy of Will is submitted as may be applicable in terms of Indian Succession Act,1925 (39 of 1925) the same shall be accompanied with a notarized indemnity bond from the claimant (appropriate beneficiary of the Will) to whom the securities are transmitted, in the format provided in Annexure-E.
• In cases where a copy of Legal Heirship Certificate or its equivalent certificate issued by a competent Government Authority is submitted, the same shall be accompanied with:
  • a notarized indemnity bond from the legal heir(s) /claimant(s) to whom the securities are transmitted, in the format provided in Annexure-E.
  • No Objection from all non-claimants (remaining legal heirs), stating that they have relinquished their rights to the claim for transmission of securities, duly attested by a notary public or by a gazetted officer, in the format provided in Annexure-F to this Circular.
• For value of securities up to rupees five lakhs per listed entity in case of securities held in physical mode, and up to rupees fifteen lakhs per beneficial owner in case of securities held in dematerialized mode, as on date of application by the claimant, and where the documents mentioned in serial number 3 in Annexure-A, are not available, the legal heir(s) /claimant(s) may submit the following documents:
  • a notarized indemnity bond made on non-judicial stamp paper of appropriate value in the format provided in Annexure-E, indemnifying the Share Transfer Agent/ listed entity:
  • no objection certificate from all legal heir(s) stating that they do not object to such transmission in the format provided in Annexure-For copy of family settlement deed executed by all the legal heirs, duly attested by a notary public or by a gazetted officer; and The listed entity may, at its discretion, enhance the value of securities from the threshold limit of rupees five lakhs, in case of securities held in physical mode

For transmission of securities to the surviving joint holder(s), RTAs shall comply with clause 23 of Table F in Schedule 1 read with Section 56(2) & 56(4)(c) of the Companies Act, 2013, and transmit securities in favour of surviving Joint holder(s), in the event of demise of one or more joint holder(s), provided that there is nothing contrary in the Articles of Association of the company as may be applicable to the Bank.

In case the securities were held by the deceased holder in a single name and in physical mode, then after verifying and processing the documents submitted for transmission of securities, the RTAs/ Issuer companies shall intimate the claimant(s) about its execution as may be applicable, within 30 days of the receipt of such request, by way of issuing a Letter of Confirmation in the format provided in Annexure-G.

List of Annexures: