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Srikanth Dasamandam   06 August 2021

Demat account without nominee or will

I am in a difficult situation and would like to get help from this group. I lost both my parents to COVID earlier this year and am trying to figure out a way to handle their Demat accounts. 

Here is my context:

  • State: Pondicherry
  • Number of heirs: 2 (me and my sister)
  • Value of Demat accounts is between 25L to 50L

Would be great if you can help with the below questions:

It looks like I will need to obtain legal heir and succession certificates.

  1. What would be the stamp duty that need to be paid?
  2. Is this stamp duty calculated based on face value of shares or market value of shares? If it is market value, how is the valuation done as the price fluctuates daily?
  3. Is there any way to avoid or minimize this stamp duty?
  4. My parents have multiple Demat accounts with multiple shares in each. Is a single succession certificate obtained for all the accounts together?
  5. How is the lawyer fees determined for obtaining succession certificate?


 5 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 )     06 August 2021

If the sole holder or all the joint holders of a demat account die and if a nomination has been made in the account, then the securities will be transmitted to the nominee. The nominee has to make a request using the transmission form supported by a duly notarised copy of the death certificate to transmit the beneficial ownership of the securities held in the demat account to the account of the nominee.

Srikanth Dasamandam   06 August 2021

Thanks for your reply. All my questions pertain to demat accounts without nominee. Please advise.

Suri.Sravan Kumar (senior)     06 August 2021

If your father or mother is a Govt Employee you can get family certificate from local MRO office. Otherwise you have to apply for succession certificate before court of law. Stamp duty varies from state to state and  the fees of an Advocate depends upon your wish.

Dr J C Vashista (Advocate)     07 August 2021

You will have to seek succession certificate from competent civil court through a local prudent lawyer.

G.L.N. Prasad (Retired employee.)     07 August 2021

List of out all the certificates in a table form and you can obtain a succession certificate for all the share certificates detailed in the schedule part.  Contact a local advocate for expediting the process.

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