How to convert physical share certificate on different names to one D mat account

[aditithakur]

Hi.
I have little or no knowledge about share market or trading. So need your help.

During the crazy years of 90s my father like everyone else bought several shares. Some in his name, some on my mother's.

But he also bought a considerable amount of shares on his pet name. Now for all these years those share certificates have been left unattended. I want to convert all of them on into one dmat account, preferably mine so that I can look after them. My father has a pan card on his official name but not on his pet name. My mother also has a pan card on her name.

I would be really thankful if you could answer some of my questions.

1) Can he gift me those shares so that it doesn't come under income tax, because practically he is not selling it.

2) How can the shares on his pet name(the one without the pan card) can be converted onto Dmat.

3) Since it has been a long time some of the companies must have been closed or merged/acquired. What to do with those shares.

4) How to check if the company owns some our share of profit and if yes, how to claim it.
Would really appreciate your help.

 

[OneThatGotAway]

Your share are tax free as it;s more then 1 yrs of holding....

Best is to open demate account and get physical converted.
Go to Full service broker ask them what to do they can guide u proper.
OR sell it in Grey market .they buy physical share at 30% less then CPM

For company that have merged u need to visit them i think and give Folio number and they will issue u fresh share .


My uncle bought 100 share of company as his friend was insisting in 2010
mere 60K investment .. He doesn;t do stock market and he never even looked share price it is still physical form lol
Last month when i visited him while cleaning Cupboard i said him Do u know that share price currently ? and he is millionaire now
Share name is EICHERMOT 1 share is worth 31000 today lol

poor guy didn;t even knew his approx 3.1 millions INR was lying in rusty Cupboard .... True story

 

[Cornelis]

It's a very interesting story of course. You really need to consult with an experienced broker and lawyer.

 

[sabkaview]

1) he can very well gift you but in case the amount is big ,please consult a CA.
2) the shares on his pet name for which there is no aadhar card or pan card available MUST BE physically transferred on your name exactly as per name on demat account. after having transferred on your name the same can be demated. KINDLY NOTE that the signature of pet name share with the company must tally or he needs a signature attested letter from bankers .if both not possible it will be very very difficult
3) search at bse/nse website if the company has some quote /also in the nsdl/cdsl for ISIN . please note that still there are some shares traded in P group which is a physical settlement group and do not have ISIN ...Bombay oxygen(9509470) trade around 17500 rs per share in physical form. if you do not find quote and isin means the share in all practical purpose is just a paper with very rare exceptions like if you have Physical share of LOK PRAKASHAN which quotes over one lakh per share or HUTTI GOLD MINES AROUND 80000 PER SHARE with unquoted dealers.
4) you can very well claim dividend etc from company for 7 years simply by proving your case and genuineness. cases of before 7 years must be dealt with IPF and it is possible from there too.