How to get dmat account transferred on my name ?


My father had joint DMAT account .He was first holder , my brother second holder and me third holder.My father is passed away and my brother wants to gift me stocks held in the DMAT account and that's why he is ready to give writting consent for the same .I talked to my broker but he is not cooperating.How to do this ? 

 
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Your brother can indeed gift his portion of stocks to you in DEMAT form. It is legally called "Transfer of Shares".

The Donor (Your brother) has to make an off-market transaction by submitting a DIS (Delivery Instruction Slip) to your joint DEMAT Account provider. (Depository Participant).

The DIS should have the following details:

  1. Donee's Name.
  2. Donee’s Demat Account Details.
  3. Share/Stock to be transferred.
  4. ISIN Number of the Company.
  5. Quantity of the Shares to be transferred.

The Donee (you) are supposed to then issue a receipt instruction to your Demat Account Provider (Depository Participant).

Since the account was joint in nature, I believe he can transfer his shares in your name without much of a hassle, withdrawing his ownership in an accompanying application with a Gift Deed on a non-judicial stamp paper, which has to be executed by him, in your favour, mentioning the transactional details of the abovementioned slip.

 
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