Okay.
What I have understood is that I need to open the following demat accounts:
Case 1: Father's Name, Father & Mother, & Only Mother
1. My father's name (sole holder)
Case 2: Only My name & My name with Mother
2. Mine's name (sole holder)
Case 3: My father's name & My name
3. My father's name (first holder) and in my name (second holder)
(second alternative in your post)
Can all these demat accounts be linked with my husband's savings account? (as I don't want to open another savings account).
Please confirm.
dear kabita, (with apologies to sawantji for intervention)
You have stated 4 cases
1. one is shares in father's name
(I am assuming you want to open a d-mat account in your name (singly) or you want to open a demat account in your spouse or childrens name (singly). For simplicity, i assume all the shares you hold has to be in your name and and you will be trading them after getting them tranferred in your account)
Trading in shares you need three types of accounts
1. Bank account (A savings bank account where you hold money that is to be used for trading. The same account will be used by you to tranfer your sale proceeds received from broker when you sell shares)
2. Demat account (Account in which your shares are held in electronic form, you can trade most of your shares only if they are in electronic form)
3. Trading account (An account with broker - when you buy shares, actually a broker buys it on your behalf, so you need to tranfer money from your bank account to broker account for buying them. same way when you, your broker sells it on behalf of you, so he need to be authorised by you to take shares lying in your demat account.)
So you have to open all these three accounts (either in your name or spouse name or children - but it has to be in single name for facilitate trading). Again I assume that you have open all the three accounts in your name
Now let us come back to your original question
1. Shares in your a) fathers name
I this case you have obtain a share transfer form, along with the requisite stamp (you have check some broker for the amount of stamps required in each share certificate you hold) and original certificates, send them to registrar of the individual companies on which your father hold the shares.
registrar will send you the share certificates duly transferred in your name around a months time. Once such certificates are tranferred in your name, you can deposit them in your d-mat account.
b) shares jointly held in your fathers name & mothers name
I will come this later
c) shares held in your mothers name singly
you have to be obtain certain legal formalities in this regard. you have to get the death certificate, legal heirship cerificate, succession certificate from the local authorities like panchayath/taluka
once you have obtained such certicates, you can tranfer the certicate to your name again sending it the registrar along-with these certificates and also a consent letter from all the legal heirs of your mother. (This takes a little more time and follow-up)
I hope you must have understood the answer for b) by now.In the share tranfer request your father must sign along with documents mentioned above
case 2. a)shares held in your name
you have submit the original share certificates along with de-mat reqest with you DP
b) share held in your mother's name & you jointly
You have to get them tranferred to your name singly from registrar by submitting the tranfer form as mentioned above.
case 3. certificates held in your and your father's name jointly
They can be converted to your demat account by filling up de-mat form along with the consent letter from your father.
I have tried to give you a solution based on my experiences, which may not be shortest on easiest. If the amount involved in small, it is better to forgo, as procedures i described above is really tedious and time taking (in my place)