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

Mrs. Kapoor, a sole holder with no nominee, has died. Her son applies to the DP for transmission of a small holding. Which of the following is generally the position regarding the documents, as per the DP procedure?

Transmission is still possible without a nominee. The legal heir can submit documents such as a succession certificate, probate or letter of administration, and for small holdings below a prescribed value simplified documents like an indemnity and heirs' no-objection. A verbal request or PAN alone is inadequate.

  1. ATransmission is not possible without a nominee
  2. BDocuments such as succession certificate, probate or letter of administration, or indemnity-based procedures up to a threshold value set by the regulations, may be usedCorrect
  3. COnly the PAN card of the son is required in every case
  4. DThe DP can transmit on a verbal request by the son

Explanation

Absence of a nominee does not prevent transmission. Legal heirs can claim with documents like succession certificate, probate or letter of administration, and for holdings below a prescribed value simplified documents such as indemnity and no-objection from other heirs are accepted. A PAN alone or a verbal request is insufficient.

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