Querist :
Anonymous
(Querist) 11 August 2011
This query is : Resolved
There is a d'mat account containing some equity shares held by three joint-holders, say A, B and C.
B expired recently. A had expired few years ago. C is alive.
B had made a will leaving all her property to numerous other people.
What is the status of the d'mat account? Will C be entitled to all the shares that are in the account, by virtue of his now remaining the only holder. Or will the shares be clubbed with the other assets of B and distributed to all the beneficiaries of the will. Or what?
Can somebody please clarify what the legal position is in a case like this.
ajay sethi
(Expert) 11 August 2011
1)in case demat account is held in joint names as per sebi guidelines on death of one account holder account is to be closed .fresh account will have to be opened in name of c .
2)as far as shares held in joint account are concerned the share of B will devolve on his legal heirs . you will have to obtain probate of will
Raj Kumar Makkad
(Expert) 11 August 2011
In the given circumstances, the share of deceased account holder shall devolve to beneficiaries of his will so share of deceased in these joint shares shall get clubbed with his all other properties.
Querist :
Anonymous
(Querist) 12 August 2011
So if I have understood you correctly, The shareholding will be divided into three equal parts, one part each belonging to A, B and C. Then the one-third that belongs to B will be clubbed with B's other assets and distributed to the beneficiaries.
Trouble Logging in? Try following the given steps -
1. Visit your inbox to find a confirmation mail from LAWyersClubIndia.
2. Click on the confirmation link and confirm your signup