Demat account after death: transmission of shares in India
Shares and other securities in a demat account are moved by transmission, not by closing the account like a normal bank account. The claim normally goes to the Depository Participant (DP)—the bank, broker or other provider where the demat account is maintained—not directly to the stock exchange.
Before you start
- Find the demat statement and note the DP name, DP ID and client ID.
- Check whether the account was single or joint and whether a nominee was registered.
- Ask that DP for the current transmission form and the checklist for your claimant route.
- Confirm the receiving demat-account details before submitting a transfer request.
- Keep copies and an acknowledgement, and follow up with the DP that accepted the request.
Do not mix up different kinds of holdings
Physical share certificates, mutual-fund units held outside demat, Sovereign Gold Bonds held as certificates and shares held in a demat account do not all follow the same route. Start with the statement or certificate that shows where the holding is kept.