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

Mrs. Sunita Rao held demat securities as the sole holder and died without registering a nominee. Her son applies for transmission. Which of the following is the typical documentary requirement for a value of securities above the limit specified for relaxed procedure?

With no nominee, a claimant must prove legal title. For holdings above the relaxed-procedure limit, the DP requires the death certificate, a transmission request and legal-heir proof such as a succession certificate, probate or letter of administration. A self-declaration or ID alone is not enough.

  1. AOnly a self-declaration from the son
  2. BOnly a copy of the son's PAN card
  3. COnly the closure form of the deceased's account
  4. DDeath certificate and legal-heir documents such as a succession certificate, probate or letter of administration, with a transmission request formCorrect

Explanation

Without a nominee, the claimant must show a legal right to the holdings. Above the specified value limit, this means a succession certificate, probate or letter of administration, along with the death certificate and the request form. A self-declaration or a PAN card alone does not establish title above the limit.

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