Questions about physical share transfer

Hi,

My father has few physical shares in joint name. He wants to transfer them in my name. I have demat account in my name with HDFC.

My questions are

1) Can the physical share of my father(joint name) be transferred to my demat acount without opening the demat account of my father in joint name?

2) Is there a transfer form for physical to demat account?

3) If the physical shares are in joint name, will all the holders require pan card for transfer or any one pan card will do.

Thanks,

Jayant

Jayant,

The physical shares of your father can be transferred to your demat account without opening another demat account.

The procedure is that your father will have to sign the share transfer form (which is available with many brokers or with registrars) and then that share transfer form along with the original shares will have to be send the company registrar. They will then send the transferred shares back to you in physical form only. These can be converted into demat form by submitting these along with a form(would be available with your broker) to your broker.

If the physical shares are in joint name, there is no need for any PAN proof for the purpose of transfer.

Cheers

Kapil,

Thanks a lot for the quick reply. This will help me a lot.

Jayant

Hi,

I checked with the local broker and he says that unless I open a joint demat account in my & wife's name, the physical shares of my father's joint account can not be transferred to my individual demat account. I am confused what to do.

My other problem is I have physical shares in joint name of my wife and myself, but we both have solo (individual) demat accounts. For transferring these into electronic form, can I not use my existing individual account? When I checked with the broker, he says that I can not use my individual account.

Please advise.

Jayant


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As kapil said, you need to get share transfer form/share transfer deed. It will be available from notary. The deed will be made for amount equal to the cmp of the stock to be transferred * no. of shares, so note down the cmp before you go to get one. 9it usually equals to 0.15% of total amount. So, if you have shares worth 1 lac, you need to pay 150 rs to get share transfer deed.

>My other problem is I have physical shares in joint name of my wife and myself, but we both have solo (individual) demat accounts. For transferring these into electronic form, can I not use my existing individual account?

No, you cant. You need to follow the same procedure of obtaining share transfer deed to get them demat in solo accnt. I know the rule s*cks, dont tell me again.

Thanks.

Jayant

Hi Kapil, Tdarer and others,

thanks very much for the info,

I have a couple of questions more:
1. My mother has some shares in paper form. she does noth have a demat a/c. To transfer these to my demat a/c -> should my mother have PAN card ?

2. share transfer form - which is available with many brokers or with registrars - > i have my demat a/c in Icici and i dont know any brokers. Will icici be having the share transfer form ?


Thanks