Sarah Shah 04 July 2017
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 ?
Arjun Kohli 04 July 2017
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:
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.
Member Strength 9,47,418 and growing..
© 2024 LAWyersclubindia.com. Let us grow stronger by mutual exchange of knowledge.
