Demat Account -name addition/deletion

sangram1705

Well-Known Member
#1
Query regarding transfer of shares from one demat A/c to other. Hope someone can guide me.

My mother is the 1st holder & 2nd holder my father. My father passed away 2 years back. Now Myself with my mother wish to either:
1. jointly hold the demat account with deletion of the name of my late father as he is no more.
Or
2. Opening of new demat A/c jointly with my mother. My mother being the 1st holder & transfer the shares to the newly opened demat A/c

I am trying to get the A/c regularised since last one year, but each broker has different opinion.

Please share your views if someone has gone through similar procedure. And what will be the expenses for same.

We have the docs like the death certificate of my father, identity and address proof of both of us. Is any affidavit etc. Required in this case.

Please guide me.
& Kindly do not advice me to sell the holdings & buy again as I don't have any such intentions.
 
#2
Query regarding transfer of shares from one demat A/c to other. Hope someone can guide me.

My mother is the 1st holder & 2nd holder my father. My father passed away 2 years back. Now Myself with my mother wish to either:
1. jointly hold the demat account with deletion of the name of my late father as he is no more.
Or
2. Opening of new demat A/c jointly with my mother. My mother being the 1st holder & transfer the shares to the newly opened demat A/c

I am trying to get the A/c regularised since last one year, but each broker has different opinion.

Please share your views if someone has gone through similar procedure. And what will be the expenses for same.

We have the docs like the death certificate of my father, identity and address proof of both of us. Is any affidavit etc. Required in this case.

Please guide me.
& Kindly do not advice me to sell the holdings & buy again as I don't have any such intentions.
There is no provision of adding any other name in a demat account. In case of death of one account holder in a joint account ,that account has to be closed.So you will have to follow the following steps :

1) Give death certificate of your father so that his name will be deleted . But this name deleted account cannot be operated.

2) Open a fresh demat account in the single name of your mother and the bank will transfer all the shares from the joint account to this single account.The earlier joint account will stand closed.

3) Open another new account in the name of your mother as first name holder and your name as second name. Transfer the shares from your mother's single name demat account to this new joint account as a off market transfer....once all shares are transferred, close the single account. Now this joint account is ready in all respect and you can hold the shares in joint names.

All this process can be done in 1 month.

Smart_trade
 

sangram1705

Well-Known Member
#3
There is no provision of adding any other name in a demat account. In case of death of one account holder in a joint account ,that account has to be closed.So you will have to follow the following steps :

1) Give death certificate of your father so that his name will be deleted . But this name deleted account cannot be operated.

2) Open a fresh demat account in the single name of your mother and the bank will transfer all the shares from the joint account to this single account.The earlier joint account will stand closed.

3) Open another new account in the name of your mother as first name holder and your name as second name. Transfer the shares from your mother's single name demat account to this new joint account as a off market transfer....once all shares are transferred, close the single account. Now this joint account is ready in all respect and you can hold the shares in joint names.

All this process can be done in 1 month.

Smart_trade
Thank you
It was a pleasure talking to you after long time.
Now I will move ahead in this direction.
Just another query is there any major expenses excluding A/c opening charges in off market transfer.
 
#4
Thank you
It was a pleasure talking to you after long time.
Now I will move ahead in this direction.
Just another query is there any major expenses excluding A/c opening charges in off market transfer.
Hello Sangram,

There will be no charge when scrips get transferred from the joint account of your parents to a single account of your mother. From your mother's single account to your new joint account there will be off market transfer charge of Rs 12-15 per scrip.

Account opening charges will be extra....make sure you close your mother's single account after all the shares are transferred else bank will keep charging for that account in future even though there are no shares in the account.

Smart_trade
 

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