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Transmission of shares

Transmission of shares arises in case of death of the registered shareholder. If the shares are held in joint names, only the deceased shareholder's name is deleted. A copy of the death certificate of the deceased registered shareholder duly attested by competent authorities (magistrate, notary public, gazetted officer, managers of nationalised banks or official of UNION BANK OF INDIA) is to be sent alongwith the share certificate.

In case of a single shareholder, the shares will be transmitted in favour of those persons who are heirs of the deceased registered shareholder as per the probated will executed by him.

In case the deceased shareholder has not left any Will, transmission of the shares will be effected only on production of succession certificate, letters of administration or indemnity bond. SEBI vide circular no.SEBI/MRD/DoP/SE/RTA/Cir-03/2010 dated January 07, 2010 has clarified that it shall be mandatory to furnish a copy of PAN in the following cases- 1. Deletion of name of the deceased shareholder(s), where the shares are held in the name of the two or more shareholders 2. Transmission of shares to the legal heir(s), where deceased shareholder was the sole holder of shares. Kindly ensure that the documents sent for transmission of shares are accompanied by the copy of PAN card.