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cute_hemant's Questions & Answers

in Personal Finance & Tax, Computers & Technology& Work & Workplace

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Total Points: 15002

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Questions Asked: 8

Best Answers: 82

If a BO holds an account with NSDL/CDSL, can he receive securities from an account in CDSL/NSDL? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:33 PM on January 22, 2009

cute_hemant's Answer

Yes. Inter depository transfers are possible without any additional costs.

Answered at 5:34 PM on January 22, 2009

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In the event of death of the sole holder, how the successors should claim the securities lying in the demat account? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:33 PM on January 22, 2009

cute_hemant's Answer

The claimant should submit to the concerned DP an application Transmission Request Form (TRF) along with the following supporting documents

1. In case of death of sole holder; where the sole holder has appointed a nominee

· Notarised copy of the death certificate

2. In case of death of the sole holder; where the sole holder has not appointed a nominee

· Notarised copy of the death certificate

And anyone of the below mentioned documents -

· Succession certificate

· Copy of probated will

· Letter of Administration

The DP, after ensuring that the application is genuine, will transfer securities to the account of the claimant.

The major advantage in case of dematerialised holdings is that the transmission formalities for all securities held with a DP can be completed by interaction with the DP alone, unlike in the case of physical share certificates, where the claimant will have to interact with each Issuing company or its Registrar separately.

Answered at 5:34 PM on January 22, 2009

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What is transmission of dematerialised securities? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:32 PM on January 22, 2009

cute_hemant's Answer

Transmission is the process by which securities of a deceased account holder are transferred to the account of his legal heirs / nominee. Process of transmission in case of dematerialised holdings is more convenient as the transmission formalities for all securities held in a demat account can be completed by submitting documents to the DP, whereas in case of physical securities the legal heirs/nominee/surviving joint holder has to independently correspond with each company in which securities are held.

Answered at 5:34 PM on January 22, 2009

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Who can nominate??????????? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:31 PM on January 22, 2009

cute_hemant's Answer

Nomination can be made only by individuals holding beneficial accounts either singly or jointly. Non-individuals including society, trust, body corporate, karta of Hindu Undivided Family, holder of power of attorney cannot nominate.

Answered at 5:34 PM on January 22, 2009

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Why is it important to nominate? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:32 PM on January 22, 2009

cute_hemant's Answer

Nomination is helpful in smooth transmission of shares upon the death of the BO/s. The nomination once made can be changed at a later date as desired by the BO/s.

Answered at 5:34 PM on January 22, 2009

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Who can be a nominee? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:31 PM on January 22, 2009

cute_hemant's Answer

Only an individual can be a nominee. A nominee shall not be a society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family or a power of attorney holder.

Answered at 5:34 PM on January 22, 2009

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What is to be done if there are any discrepancies in transaction statement?

Asked by Suraj Kumar in Personal Finance & Tax at 5:27 PM on January 22, 2009

cute_hemant's Answer

In case of any discrepancy in the transaction statement, BO can contact his DP. If the discrepancy cannot be resolved at the DP level, BO should approach the Depository.

Answered at 5:29 PM on January 22, 2009

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How does one know that the DP has updated the account after each transaction? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:26 PM on January 22, 2009

cute_hemant's Answer

The DP provides a Transaction Statement periodically, which gives details of current balances and various transactions made through the depository account. If desired, DP may provide the Transaction Statement at intervals shorter than the stipulated ones, probably at a cost.

Depositories also provide SMS Alert facility for demat account holders whereby investors can receive alerts for debits (transfers) to their demat accounts and for credits in respect of corporate actions for IPO and offer for sale. Under this facility, investors can receive alerts, a day after such debits (transfers)/credits take place. These alerts are sent to those account holders who have provided their mobile numbers to their Depository Participants (DPs).

Answered at 5:29 PM on January 22, 2009

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At what frequency will the investor receive his Transaction Statement from his DP? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:26 PM on January 22, 2009

cute_hemant's Answer

DPs have to provide transaction statements to their clients once in a month, if there is any transaction and if there is no transaction, then once in a quarter.

DPs also provide transaction statement in electronic form under digital signature subject to their entering into a legally enforceable arrangement with the BOs to this effect.

Answered at 5:29 PM on January 22, 2009

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Whom should BO contact in case of any investor complaint / problem / query? ?

Asked by Suraj Kumar in Personal Finance & Tax at 5:27 PM on January 22, 2009

cute_hemant's Answer

In case of any investor complaint / problem / query one may first contact his DP. If DP is unable to solve the complaint / problem / query one should approach concerned depository. If one is not satisfied one may approach SEBI. One may also approach SEBI directly.

Answered at 5:30 PM on January 22, 2009

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