Equity Stocks | Legal Heirs: How to transfer of equity stocks to legal heirs, nominees in case of death


The transfer of securities effected by law due to the death of a demat account holder is termed as ‘transmission’. The securities are transferred to the joint holder or nominee or legal heir, as the case may be. Once the transmission is complete, the person entitled to the transfer becomes a shareholder of the company.


Transmission form


The claimant of securities needs to obtain a transmission form from the depository participant (DP) or download from their website. It needs to be filled and submitted to the DP along with necessary documentation.

Jointly held demat account

In such cases, the surviving holders need to fill the transmission form and attach a notorised copy of the death

certificate for transmission of securities. The surviving holders can open a demat account or request transmission to an existing account.

Account with nomination

If the nomination was registered, the nominee can apply for transmission of securities by submitting the form along with a certified copy of the death certificate to the DP.

Account without nomination

In such a case, the legal heirs of the deceased need to submit the transmission form along with a notorised copy of death certificate, succession certificate or court order if the deceased has not left a will and a probate, or letter of administration if the deceased has left a will. If the legal heirs are unable to produce the above documents and the market value of the securities held in each account of the deceased does not exceed Rs.1 lakh, the DP will process the request on submission of:

  • Indemnity letter supported by guarantee of an independent surety.
  • Affidavit made on stamp paper
  • NOC from all legal heirs.

Point to note

  • After the transmission, deceased’s demat account is closed by the DP.

Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.



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