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TRANSMISSION OF SHARES

Transmission of Shares

What is Transmission of Shares?

The process of transferring ownership of shares from a deceased shareholder to their lawful heirs or beneficiaries following the shareholder's death is referred to as the transmission of shares. This transfer often occurs when a shareholder passes away and the shares they held need to be transferred to their heirs.

Legal documents needed for Transmission of shares

What are the Legal documents needed for Transmission of shares?

The legal documents needed for transmission of shares are:

  • Legal Heir Certificate (obtained from local SDM / Tehsil Office)
  • Succession Certificate (obtained from Court)
  • Probate of Will (obtained from Court)
  • Letter of Administration (obtained from Court)

However, there are different criteria for obtaining legal documents, listed in the table below:

Physical Shares
Value Legal Documents
Below ₹5 Lakhs Legal Heir Certificate
Above ₹5 Lakhs Succession Certificate/Probate of Will/Letter of Administration
DEMAT
Value Legal Documents
Below ₹15 Lakhs Legal Heir Certificate
Above ₹15 Lakhs Succession Certificate/Probate of Will/Letter of Administration
Difference between Probate of Will and Succession Certificate

Is the Probate of Will and Succession Certificate the same thing?

No. They are not the same. When a deceased person leaves a Will, Probate is granted.When a deceased person does not leave a Will, a Succession Certificate is issued. Only the assets stated in the Will are transferred to the beneficiaries in the event of Probate. In a succession certificate, the legal heir can claim all of the deceased's assets. A beneficiary in Probate might be an individual or any entity, however a beneficiary in Succession can only be a Legal Heir, according to the Indian Succession Act, 1925.

Legal Heir Certificate

How to get Legal Heir Certificate?

Legal Heir Certificate is issued by the Revenue dept of the district where the shareholder was deceased. In case of metropolitan cities, it is issued by the SDM office and in case of non-metropolitan cities, Legal Heir Certificate is issued by the Tehsil office. In some regions, it is also known as Surviving Member Certificate.

Succession Certificate

How to get Succession certificate?

To obtain a Succession Certificate, you have to file a petition before the appropriate Civil Court where the deceased person last resided. It is required only when the deceased person has not left a will behind. The applicant has to prepare a petition, verify and sign the same and submit it to the district judge in the appropriate jurisdiction after paying the appropriate court fees. The Court summons the concerned parties for verification of the claim. Once the genuineness of the claim is confirmed, the court grants the Succession Certificate.

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TRANSMISSION OF SHARES

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