What is the procedure involved in Transmission of Shares?
When the shares are registered in single name (Sole name) and the registered holder is deceased, the said shares can be transmitted to the legal heirs on the strength of the following documents:- 1. Certified true copy of Death Certificate of the Deceased. 2. Certified true copy of Succession/Probate/Letter of Administration. 3. No Objection Letter from the other legal heirs if any In case the successor(s)/claimant(s) are not in a position to furnish the legal representation documents as stated above, they may execute without legal representation, the documents such as Indemnity Bond, Affidavit and Relinquishment Deed. The said documents will be placed before the Board of Directors of the Bank for necessary approval. On receipt of approval, the transmission will be put through normal transfer process and the endorsed share certificate(s) will be dispatched to the successor(s)/claimant(s) accordingly.
