What is the transmission process in KSL , if the account holder is no more?
Upon the death of an account holder at Kotak Securities, we request the dependents or relatives to provide us with the following:
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Copy of death certificate (mandatory)
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Trading Client id and Demat account number of the deceased person
Our team will look into the documents provided and help you further depending on the scenario that applies to you. There are multiple scenarios under which claims are processed after the account holder’s death.
They are as follows:
1. The deceased’s account has no holdings and no funds:
If the account has no holdings and no funds, the successor or the nominee has to send an account closure form Link given: (Closure Resident Individual.pdf (kotaksecurities.com)) and a copy of the death certificate of the deceased to close the account to Kotak Securities nearest office.
2. A joint account holder exists:
If the account is a Joint holding account than the surviving has to follow the below process :
- Transmission Form signed by surviving holder/s (As per format)
- Original / Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer
- Cheque for outstanding balance, if any
- Client Master Report of surviving holder/s duly stamped and signed by DP, in case the claimant’s DP is outside KSL
- Original Canceled Cheque (applicable if there is any trading code with KS)
- Account Closing form (Link) signed by surviving holder/s.
3. The account holder has appointed a nominee -
If the account has a Nominee in the account than Nominee has to follow the below process:
- Transmission Form signed by nominee (As per format)
- Original / Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer
- Identity proof of the nominee with OSV (original seen and verified), if target DP is outside KSL
- Cheque for outstanding balance, if any
- Client Master Report of the nominee duly stamped and signed by DP, in case the nominee’s DP is outside KSL
- Original Canceled Cheque (applicable if there is any trading code with KS)
- In case there is any discrepancies / change in nominee details like name difference etc - Affidavit signed by nominee duly stamped and notarized
- In case nominee details were updated prior to prescribe format of NSDL Annexure “JA” - Indemnity signed by nominee duly stamped and notarized (As per format)
- Account Closing form mentioning the details of target Demat account.
4. The account holder has not added a nominee to their account but has holdings.
A. If the holdings and funds value is equal to or less than Rs. 5 lakhs. If the account has No Nominee and the value of the stock is equal to or less than 5 lakhs than the claimant has to follow the below process:
- Transmission Form signed by claimant (As per format)
- Original / Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer
- Affidavit-cum-Indemnity Signed by all the legal heirs, stamped and notarized (As per format)
- No objection certificate(s) signed by each legal heir separately and signature duly attested by the authorized person of the bank / notarized (As per format)
- Identity proof of the claimant with OSV (original seen and verified), if target DP is outside KSL.
- Cheque for outstanding balances, if any
- Client Master Report of the claimant duly stamped and signed by DP, in case the claimant’s DP is outside KSL
B. If the holdings and funds value is more than Rs. 5 lakhs. If the account has No Nominee and the value of the stock is equal to or less more than 5 lakhs then the claimant has to follow the below process:
- Transmission Form (Link) signed by claimant (As per format)
- Original / Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer
- Copy of Succession Certificate or Probate of Will or Registered Will or Letter of Administration - Attested by a Notary Public or by a Gazetted Officer or an Order of a Court of Competent Jurisdiction - Attested by a Notary Public or by a Gazetted Officer
- An Affidavit-cum-Indemnity from all legal heir(s) made on appropriate non judicial stamp paper, to the effect of identification and claim of legal ownership to the securities shall be required for Registered Will.( As per format)
- Identity proof of the claimant with OSV (original seen and verified), if target DP is outside KSL
- Cheque for outstanding balances, if any
- Client Master Report of the claimant duly stamped and signed by DP, in case the claimant’s DP is outside KSL
Please find the required Forms below: