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NISM Certifications · NISM-Series-VI: Depository Operations · Functions of Depository Participant - Transmission and Nomination

Mr. Sharma, the sole holder of a demat account with a nominee registered, passes away. The nominee, Ms. Sharma, approaches the Depository Participant (DP) to claim the securities. Which document is primarily needed to establish the death of the account holder?

The notarised copy of the death certificate is the primary document needed, because transmission on death requires proof that the holder has died. PAN copies, contract notes or a DP affidavit cannot serve as evidence of death.

  1. ANotarised copy of the death certificateCorrect
  2. BAffidavit from the DP's compliance officer
  3. CCopy of the deceased's PAN card only
  4. DOriginal contract notes of the deceased

Explanation

Transmission of securities on death requires proof of death, which is a notarised copy of the death certificate (or one verified by the DP against the original). A PAN copy alone does not prove death, and a DP's own affidavit or contract notes are not the required evidence.

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