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What is the Procedure for Change in Address for Shares?

What is the Procedure for Change in Address for Shares?

29, Aug 2020

The article will answer the following questions relating to change in address for Shares

 

If there is a change in my address what is the procedure to get it recorded?

 

  1. If the shares held by you are in physical form, kindly send a request lettersigned by the shareholder (first named shareholder in case of joint-holders) giving the new address along with the Pin Code. Please quote your folio number without fail. In case the shares held by you are in demat,please inform the change to your DP.

Annexure 1: Request Letter

CHANGE OF ADDRESS

Annexure 1:

REQUEST FOR UPDATION OF RECORDS-CHANGE OF ADDRESS

 

To,

Name of the RTA

(Unit: _______________________ )

Address:

Dear Sir,

I/We hereby request you to please update my/our change in address in your Records for the Registered Folio No.________________

Old Address                                                                                New Address

 

 ___________________________________                          ___________________________________

 

 ___________________________________                          ___________________________________

       

 ___________________________________                          ___________________________________

 

City________________________________                           ___________________________________

 

State_______________________________                           ___________________________________

 

Pin code____________________________                            ___________________________________

As required, I/We am/are attaching herewith copies of Proof of Address (POA)and Photo ID Proof

Kindly confirm having recorded the changed address.

Yours faithfully

(______________________________________)

Signature of the First and Jt.Holder(s)

(as per specimen Registered)

Date :

 

Can joint-holders request for a change of address?

 

  1. No. The letter of request will require the signature of the first holder only.

 

Can there be multiple addresses for a single folio?

  1. No. There can be only one registered address for one folio.

If the shares are dematted, what is the procedure for change of address?

  1. Since your Depository Participant maintains your record of dematted shares, you have to inform them about any change in your address. Your Depository Participant will then pass on this information when any action like dispatch of Annual Accounts or payment of dividend etc., is due to be taken by the company.

 

 

 

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What is Unclaimed Investment?

What is Unclaimed Investment?

28, Aug 2020

We invest for achieving certain financial goal, such as financial freedom, retirement planning, education of our children etc

Having investing so much of time effort and energy to ensure that we invest in right asset class, we do not pay hid to the simple fact that Protection of Investment is as important as making investment.

What is Unclaimed Investment?

An investment which has been made by an investor but he or she either forgets to claim the same or in case of any contingency one's family is not aware about such investment is called Unclaimed Investment

What all Investment can be Unclaimed?

The following class of investment might remain Unclaimed :

  1. Old Physical Shares by the investor or ancestral investment
  2. Provident Fund of the person who has worked in various companies but family might not be aware whether the same has been withdrawn or not
  3. Unclaimed matured Insurance where insurance premium might have been fully paid but the insured either has forgotten or might have changed the address of their communication thereby forgetting the same
  4. Inoperative bank account or money lying as fixed deposit with banks
  5. Old mutual fund units / postal savings units of family can remain unclaimed
  6. Ancestral properties can also be Unclaimed

 

www.sharesamadhan.com (samadhan@sharesamadhan.com)

 

 

 

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HOW TO CLAIM THE ASSETS OF DECEASED PERSON?

HOW TO CLAIM THE ASSETS OF DECEASED PERSON?

28, Aug 2020

 

We keep on working throughout our life to earn and accumulate more and more assets / Investment but very few of us are serious of the fact about protection of this hard earned wealth.

Here comes a million dollar question! What happens to these investments after the death of the persons who owns / inherit such investment or properties?

How a person can deal with his assets / investments?

The following key points suggest some ways to deal with one’s assets / investments:

 

  • A self-acquired property can be dealt by a person as per his wish.
  • It is his/her prerogative to decide about the property during his / her life time.
  • During one’s lifetime, a person can sell his / her property at any value, or gift the same to anyone.
  • One can enter into some family settlement.
  • The person can write a ‘Will’ that after the death; the property will be transferred to the person named therein.
  • On the death of the owner, the property will be transmitted either by testamentary or intestate succession.

 

What is a Will?

A ‘Will’ is the declaration, by the owner of the asset, as to how and to whom, the property be transmitted after his / her death.

Some key facts to be known for a “Will”

  • The individual who creates the Will is called the testator or executor  and The person in whose favor the Will is created is known as the legatee.
  • The Will takes effect only after the death of such owner, and therefore, the person executing the Will can change the “Will” or revoke it any time or any number of times, during his /her lifetime.

 

  • There is no express condition that the testator or executor (the person who executes a Will) must necessarily sign the Will in presence of the attesting witnesses.

 

  • There is no legal obligation to get a Will registered but if the testator or executor desires to do so, he may get it Registered.

 

  • The registration of a Will is not compulsory. 

 

  • A Will that is properly signed and clearly expresses the wishes of the testator will be legally valid even if it is not registered with the Registrar.

 

How the property is transmitted after the death of a person?

After the death of a person, his / her property or assets are transmitted in two ways, viz., Testamentary Succession or Intestate Succession.

Now, lets understand what is Testamentary Succession and Intestate Succession?

  1. Testamentary succession – one with a will; or
  2. Intestate succession – one without a will.
  • Testamentary Succession: Succession is done through ‘Will’ is called Testamentary Succession. The following are key points to be noted in case of Testamentary Succession :

 

    • After the death, the right of possession and enjoyment of a property / assets / investment can be obtained by the legatee by obtaining a Probate, Letter of Administration or Succession Certificate, from a court of competent jurisdiction, as the case maybe.

 

2. Intestate Succession: In situations, where the person dies intestate i.e. without creating a Will, then that person’s property is transferred among his / her ‘legal heirs’ by the respective applicable laws of intestate succession.

 

 

 

 

 

What is the applicable law?

In India, the law relating to succession is governed by the Indian Succession Act, 1925. Please note the following point in case of succession:

  • In case of Hindus, Sikhs, Jains and Buddhists, Indian Succession Act is applicable for ‘testamentary succession’.
    • However, for ‘intestate succession’, Hindu Succession Act, 1956 is applicable in case of these religions.
    • The Indian Succession Act, 1925 does not apply to Muslims, as their succession is based on their personal laws.
    • In case of Christians, Laws relating to testamentary as well as intestate succession is governed as per the Indian Succession Act, 1925.

What happens to the property if there is no Will?

If a person dies without executing any Will, then the property will be devolved amongst his ‘legal heirs’ via Intestate Succession as per the principles of the Hindu Succession Act, 1956.

 

Who are the Legal Heirs?

Let’s understand about who the Legal Heirs of the deceased.

 

If a Male Hindu dies intestate:

  • The Hindu Succession Act, 1956, says the property of a Hindu Male dying intestate (without Will) will be inherited to ‘Heirs in Class I’.

 

  • The ‘Heirs in Class I’ broadly includes:
    •  Mother, widow, son(s) and daughter(s) etc.
    • It is to be noted that each of them, gets an equal share in the property of the deceased. For example, if Mr ‘X’ dies intestate without leaving a Will, then his mother, widow wife, son and daughter will each get equal share i.e., 1/4th share each.
    • There is no such distinction between a married and unmarried daughter and a married daughter inherits equally.
    • If any of the legal heirs as mentioned in the Class I’ is not alive then his/her share in the property will go to the legal heirs of that deceased legal heir.

 

  • However, if there is no person alive in ‘Class I’ at the time of death of the deceased, then the property of the deceased will be inherited by ‘Heirs in Class II’.
  • The ‘Heirs in Class II’ broadly includes which broadly include the father, brother, sister, sibling’s children, living children’s grandchildren etc. and they are entitled to a share in the property only if there is no ‘Class I Heir’ living.
  • Lastly, if there are no Class I or Class II heirs, then the property will be devolved upon the Agnates and the Cognates. Agnates of the deceased are relatives from the parental side while Cognates of the deceased are relatives through maternal side.

 

When a Hindu female dies intestate, her property would devolve as below:

  • First, to husband, sons and daughters (including children of predeceased son or daughter). Divided in equal measures.
  • Second, to husband's heirs. If the husband doesn't have any heir, then to mother and father of the deceased female.
  • When the parents have expired, then to heirs of the father. If none of the above exists, to heirs of the mother.

 

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Enhance due diligence for dematerialization of Physical share

Enhance due diligence for dematerialization of Physical share

08, Nov 2019

As part of strengthening the due diligence for Dematerialization of Physical Securities, the market regulator Securities and Exchange Board of India (SEBI) on November 5 asked listed companies to compile and submit data about shareholders holding shares in physical form to depositories by December 31, 2019

 

Companies or their RTA (Registrar & Transfer Agent) to provide a static database of their members to depositories:

All listed companies or their RTAs shall provide the following data (static database) of their members holding shares in a physical mode as on 31st March 2019 in a format which will be jointly decided by NSDL and CDSL

  • the name of shareholders
  • folio numbers
  • certificate numbers
  • distinctive numbers
  • PAN etc

 

The deadline set by SEBI to provide the above information is December 31, 2019

 

Due Diligence process to be adopted by Depositories   :

  • Depositories have to put in place systems to validate any dematerialization request received after December 31, 2019
  • After December 31st, 2019, each DRN request will be validated against the Demat account holders' names as available in the records of the depositories.

 

Depository system to generate flag/alert in case of any normal mismatch in Physical certificate:

  1. Any minor change in physical certificate name and demat account name  depository system will generate a flag
  2. the following additional documents  explaining the difference in name shall be sought, 
  • Copy of Aadhar Card
  • Copy of Passport
  • Copy of legally recognized marriage certificate
  • Copy of gazette notification regarding change in name

 

In case of complete mismatch the applicant to approach issuer company or RTA :

If there is a complete mismatch the applicant can approach the issuer company or the RTA for establishing his or her ownership.

This welcome move by SEBI will ensure full-proof ownership of shares to the legal owner of those physical shares.

Author,

Vikash Jain

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Government’s exemplary initiative to protect Investors Lost / Forgotten / Unclaimed Investment.

Government’s exemplary initiative to protect Investors Lost / Forgotten / Unclaimed Investment.

28, Sep 2019

HR Head of a leading company had joined ITC as her first company and purchased few shares of the company, but then she lost track of her investment with the change in jobs and city. After many years she realized that she had made some investment in ITC Ltd, but had no clue about it. She approached Share Samadhan and we were glad to assist her. After thorough research, we could retrieve her shares details and to her surprise, a few thousand rupees invested around 20 years ago had turned into fortunes of around 25 lakhs. She could not believe when we told her the current value of her investments

But the problem started when we pursued the case because share certificates were not available with her, further her name had changed after marriage, her dividends were not claimed. Thus we started the process with the company and complied with all the formalities and multiple requirements of the company and could recover not only the shares but also the unclaimed dividend for the last 10 years. She cherished to have recovered the investment she made when she started her career with ITC. Like her, there are many investors who is struggling to recover their Lost / Forgotten or blocked investment. The following typical issues are being faced by Investors

  • Lost Shares / Investments
  • Mutilated shares
  • Pending Transfer & Transmission of shares
  • Unclaimed Dividend
  • Unclaimed Shares
  • Physical shares
  • Unclaimed Provident Fund
  • Unclaimed Matured Insurance
  • Inoperative bank account

The Unclaimed Investment: We may call it a ‘black hole’ of investor wealth.  There are no takers for crores of money stuck up, literally! Various financial instruments such as Old Shares, Mutual Funds, Old Insurance, In-operative bank accounts, Provident Funds and post office deposits carry the ‘black hole’ of unclaimed money that nobody claims year after year.

Some data suggests that more than Rs 3.00 Lakhs crore worth of money is stuck up in shares which are in physical form.

If we notice beyond the capital markets, the amount is no less mind-boggling. A whopping Rs 60,000 crore is lying in equally crucial instruments of dormant bank accounts, unclaimed provident funds, post office savings schemes and matured insurance policies, Bonds, Debentures, etc. involving crores of investors. “This is such an issue that bothers every household. We prefer to ignore it despite the chronic presence in our daily life”

With whopping unclaimed investment in the country lot of fraud has been uncovered wherein the original investor’s money siphoned into the coffers of fraudsters.  To counter these frauds the Government has taken the following admirable initiative in recent past.

  • Shares: As per the latest notification from Government, all shares in respect of which dividend has not been paid or claimed by the shareholder for 7 consecutive years or more, all these shares will be transferred to Investor Education and Protection Fund (IEPF) suspense account set up by the Central Government. This step by Government of India is a good move to stop fraud-related activity wherein instance happen in the past where old shares of shareholder whose dividend was not getting credited since a long time got fraudulently transferred to some other account. Good part where Government is concerned about protecting the wealth of the citizens hence they have provided the window to the investor to claim back from Government. Government is just holding and protecting the investment to avoid any fraudulent transfer of investors hard-earned money.

 

  • Provident Fund: The government has reversed a five-year-old decision and announced that inoperative employees provident fund (EPF) accounts will earn interest, a move that will cheer millions of workers. The move will benefit more than millions of holders of inoperative accounts; over Rs43,000 crore is parked in such accounts.

 

  • Depositor Education & Awareness Fund: The unclaimed amount with banks in the form of unclaimed savings or fixed deposit which remains with bank for more than 10 years goes to RBI in a fund called Depositor Education & Awareness Fund. As the Balance sheet of FY19 of RBI, the amount credit in this fund is around Rs 25,000 crore.  One can claim it back from bank even after goes to the fund with RBI but within 15 years from the date of transfer to the fund.

How to protect your wealth?

To avoid the scenario of Unclaimed Investment, One should keep a proper record of their investment whether in paper form or in electronic media. Someone in the family should be aware about all the investment made by the investor so that in case of exigencies, there is someone who can be dealt with those papers. One should also get the WILL  executed to avoid any future litigation.

 

Everyone’s Family Deserve to preserve their Investments so that the same can be help them to sail through a troubled time. Please do not let those investments just ruined in old papers. Convert it in liquid cash or keep in Demat if possible. But for other instruments details which are just lying in physical papers, in those cases what to do ? its a very big question mark.

Keep your investment document in Safe digital format with the company who can help in the transfer or transmission and can provide expert advice who can help you recovering your old investment. The investor must keep their investment details in digital format where data is encrypted (not visible to others without password or login). Without even giving them any investment document or disclosing the amount of investment one case store their investment related information in digital form so that the same can be recovered in even any contingencies such earthquake, fire or any other disaster or sudden death of the investor.

So happy investing, You deserve your money back. keep saving for future and plan in advance to protect the wealth from becoming a victim of any financial disaster.

Author,

Vikash Jain

Happy Investing

Please free to reach out to us at Samadhan@sharesamadhan.com

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