My father expired last year without leaving a WILL. He left behind my mother, 3 sisters (all married) and myself (married). He held shares in demat form of NSDL and had nominated my mother as his nominee. However this nomination was made in 1999 and hence there was no photograph of the nomineee was given as that was not sought at that point of time.
Since the beginning of Nov'09 I am told that NSDL has cancelled all nominations which have been done without photograph and the Depository Participants (DP) are seeking fresh nominations from the holders. Since my father has deceased the DP is insisting on a Succession certificate. My sisters & I have no problems in the shares being transmitted to our mother and we are ready to give indemnity bonds to satisfy the DP & NSDL. The market value of shares is about Rs.10.0Lacs
Pl advice whether succession certificate is mandatory? if Yes, how do i obtain the same? the procedure, cost & time. My mother & I are residents of Chennai. My father too was a resident of Chennai.