Transmission of Shares

Share certificates are an expensive piece of paper, one that is likewise liable to misuse. It may cause a big economical loss for the owner if the share certificate is lost.

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Brief About Transmission of Shares

The Transmission of Shares refers to the process of transferring ownership of shares from a deceased shareholder to their legal heirs or beneficiaries. This is necessary when a shareholder passes away without leaving a will or if the will doesn't address share ownership.

The need for transmission arises to ensure seamless transfer of inherited assets. It involves providing legal documentation such as death certificate, succession certificate, or probate of will to the company or the depository participant.

Proper transmission prevents shares from remaining idle and allows rightful inheritors to exercise ownership rights. It's crucial to adhere to legal requirements and company procedures to avoid complications and ensure the rightful Transfer of Shares to the deceased shareholder's beneficiaries.

How to Transfer Shares?

If are unaware of How to Transfer Shares, here is the guide to complete the Shares Transmission Procedure.

Agreement: Both parties (transferor and transferee) agree on terms, including share quantity, price, and date.

Share Deed: Prepare a deed for Transfer of Shares in the prescribed format, signed by both parties.

Stamp Duty: Pay stamp duty as per state laws on the Share Transfer Deed.

Company Approval: The company receiving shares may need board approval.

Execution: Both parties sign the Share Transfer Deed and the transferor hands over physical share certificates.

Transferee's Demat Account: If the transferee has a Demat account, they provide their DP ID and client ID for electronic transfer.

Submission: Submit the Share Transfer Deed, along with physical shares (if applicable), to the company.

Verification: The company validates the documents and processes the transfer.

New Share Certificate/Demat Entry: New certificates are issued to the transferee or electronic shares are credited to their Demat account.

Update Records: The company updates its records with the new shareholder's details.

Intimate Depository: If transferred to Demat, the transferee intimates their DP about the transfer.

Stamping and Registration: Some states require stamping and registration of the Share Transfer Deed.

Procedure of Transmission of Shares

In the case of a single shareholder and a nominee, the shares will be transferred in favor of the nominee upon completion of an indemnity cum affidavit. The duly executed indemnity cum affidavit, a copy of the deceased registered shareholder's death certificate duly attested by a competent authority, and the original share certificate must be sent to the bank or to our Registrar for Transmission of Shares.

In the situation of a single shareholder, where no nominee has been nominated, but a will has been made, the Transfer of Shares will be to the heirs of the deceased registered shareholder according to the probated will.

In case the deceased shareholder died intestate, or has Unclaimed Dividends> and no nomination was made, the conveyance of shares will be affected only by following the necessary processes. The legal heirs must sign the following documents to accomplish the Shares Transmission Procedure:

  • The claimants swear in an affidavit.
  • Title Claim Form Indemnity Bond.
  • Certificate of No Objection from other heirs in favor of individual claiming ownership to shares.
  • Form of Surety.

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    1. What is the Transmission of Shares?

    Ans. Transferring of shares to their legal heir due to the death of a shareholder is called Transmission of Shares. It is a legal requirement, unlike the Transfer of Shares, which is usually performed voluntarily. The shares are transferred by forwarding the required documents to the company.

    During the registration of the transmission of shares or Unclaimed Dividends, the legal heirs become the company’s shareholder and is entitled to all the rights as well as subjected to all the liabilities as shareholder.

    2. What are the benefits of the Shares Transmission Procedure?

    Ans. The Shares Transmission Procedure facilitates the seamless transfer of shares from deceased shareholders to their legal heirs, ensuring a smooth transition of ownership. This process helps maintain continuity in corporate governance and prevents disruptions in shareholder rights. Additionally, it provides a legal framework for the transfer, reducing ambiguity and potential conflicts in the inheritance of shares.

    3. How to Transfer Shares?

    Ans. In case of a single shareholder and the nominee is not appointed, then the share will be transmitted in the favor of the nominee on the execution of an indemnity cum affidavit. Whereas, if there is a single shareholder and without the nominee, however the will is made then shares will be transferred in the favor of those persons who are the heirs of the deceased registered shareholder as per the probated will.

    If the single shareholder died intestate and no nomination was made, then the transmission of the shares will be effected only by complying with the required procedure in this regard. If the shares are not transferred within 7 years, then the Shares Moved to IEPF.

    4. Why is the Transfer of Shares significant?

    Ans. The transmission of shares is significant as it ensures the orderly transfer of ownership in cases of shareholder death or transfer. This process of asking about "How to Transfer Shares," gets simplified. Moreover, This process maintains the stability of corporate ownership, upholds shareholder rights, and prevents disruptions in governance. It also provides a clear legal framework for an inheritance, reducing ambiguity and potential conflicts among heirs, and contributing to the overall integrity and efficiency of financial markets.

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