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Online Process Transfer of shares

Is your predecessor shareholder of your family dead?

Are you stuck worrying that shares he/she bought were worthless? No. Shares that were bought by any shareholder do not become worthless forever. Even the shareholder is passed away the shares he/she bought lies with the company in the name of the shareholder. Those shares are then transferred to IEPF, only when they are unclaimed for over a period of 7 years or more from the date of declaration.

Shares can be automatically transmitted between the demised shareholder and the legal heir of the shareholder under the operation of law. Whereas, transfer of shares is different from transmission of shares because transfer of shares can happen only when there are voluntary actions made by the shareholder.

We help our customers as a medium between the companies and the shareholders, to enhance the smooth process of transmission of shares.

As a part of this process, the legal heir of the shareholder must provide the death proofs of the no more shareholder.

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Transfer of shares is a process of converting the name of the owner of the shares to the new owner of the shares. Transfer of shares can happen by selling the shares or gifting the shares to the family members. A company might buy back the shares or can transfer the shares to the family members including wife, legal heir etc.,

In order to transfer shares between one person and the other, the owner must fill a Delivery Instruction Slip (DIS) form and it should contain ISIN number. Transfer of shares can only happen under the supervision of a stock broker.

Shares Recovery India has the best team in helping out its’ clients in transferring the shares.

There are many cases for an owner to opt transfer of shares.

1 . In case of physical shares in hand and the shareholder is alive:

After April 2019, it is not in practice to transfer the shares using physical shares certificate to another person but can transfer the shares to the family members and legal heirs. If you want to transfer the shares to another person, it is only possible through the electronic mode (DEMAT) after filling out a DIS (Delivery Instruction Slip) form. To transfer the shares electronically, a newly introduced form SH4 is required with adequate value date and duly attested by notary with a stamp.

Generally, most of the shareholders add their wife’s name under the nominee. In that case, it is easy to transfer the shares in the name of the shareholder’s wife. To transfer the shares to the wife you need to submit documents like affidavit, wife and husband certificate, KYC documents like Aadhaar and PAN.

A shareholder might have more than one wife. In that case shareholder must clarify and prove to transfer the shares in a particular name. For this to happen you have to produce documents like marriage certificate with the name of the wife you are willing to transfer the shares or family member certificate, no objection certificate, KYC documents, affidavit duly attested by the notary on Rs.200/- bond paper.

Transfer of shares to a son if the shareholder has one or more than one son:

Generally, shareholders add their wife’s name as a nominee. But few add their son’s name as a nominee. It is easy to transfer the shares to your son if your son is a nominee. Even if your son is not a nominee you can transfer your shares to your son. But if you have more than one son and want to transfer shares to a particular son, you have to state your acceptance of transferring the shares. Once the shares are transferred to your son, you lose the right to retain your shares back in your name. Your son will automatically become the owner of the shares. To transfer shares willingly to your son you have to produce documents like a family member certificate, KYC documents of both owner and the son, no objection certificate, original shares certificate, and affidavit duly attested by a notary with a stamp.

If all the documents are true and clear the process of transferring the shares will be done in 10 days or more depending upon the company’s secretary’s and registrar’s procedure.

Transfer of shares to Daughter:

As per Indian guidelines, a daughter also has the same right to obtain the hereditary of the father equally as a son. The process of transfer of shares to a daughter is the same as the process of transferring the shares to a son, but there might be some marital name differences after the marriage of the daughter. In that case, the daughter should prove that she is the daughter of the shareholder. To transfer shares willingly to your daughter, you have to produce documents like a family member certificate, KYC documents of both owner and the daughter, no objection certificate, original shares certificate, and an affidavit duly attested by a notary with a stamp.

Transfer of shares to a minor:

If you are a shareholder and a father of minor children, you can transfer the shares to your children it doesn’t matter if the child is a boy or a girl. But you will be only a guardian for them until they turn major and become eligible to lead their own life. You will still have the right to get the shares back on your name before they turn major if you change your mind, not to make your children owner of the shares. After your children turn major i.e., 18 years old, they will ultimately become the owners of the transferred shares and they have the right to sell or trade their shares.

Transfer of shares to a friend:

You cannot transfer the shares to a friend using a physical shares certificate. It is only possible to transfer the shares to a friend if you dematerialize your physical shares. And your friend should also have a Demat account in his name.

2 . In case of lost/theft/burnt in fire accident physical shares certificate

Shareholders stored their physical shares certificates after they bought the shares from a company. But due to certain reasons, shareholders lost their shares certificates in a fire accident or while traveling to other places, or in a theft.

Due to these conditions, some shareholders made their shares to Demat and secured their shares. But few secured physical shares in lockers and lack of awareness they did not claim the dividend for 7 years and the shares were transferred to IEPF. Those shares are not valid and they cannot be transferred to any person including the family members and legal heirs.

For lost or theft or burnt shares certificates, it is a very long and difficult procedure to retain them back physically. Contact and get your work done.

We at solved 250+ of clients’ issues who are victims of lost shares certificates and we are happy that retaining those physical shares’ worth accounted for 30+ crores.

One of our clients had shares in a company but lost his original shares certificate. He did not have any proof of the ownership of the shares but fortunately, one day he received a dividend cheque from the company. He contacted us with a dividend cheque received and wanted to retain the lost physical share certificate.

The research team of found that the client owns 1000 shares in a company called Kotak Mahindra Ltd. Then we helped him in applying duplicate shares certificate and retaining the lost shares certificate.

Similarly, for the shares that are with the company and lost physical shares certificate, we retained the duplicate of the lost original shares certificate and helped them in transferring the shares to the people as they required.
We are glad to brief a few cases that we have solved so that you could relate yourself to the case you are facing a problem with.

In case of death of the shareholder

Case 1:

In case of death of an NRI shareholder

A shareholder who bought shares in a few companies is a resident of Hyderabad, Telangana. He has three children, out of which one stays in America, the second one stays in Australia and the third one stays in Kenya. The shareholder has lost his original shares certificate in India and has been to America to live with his child and he passed away there, after living there for 8 years. Unfortunately, his wife who is a nominee also died after 2 years of his death. The shares he owned in India were transferred to IEPF because he did not claim his dividends for more than 7 years. We found out that he owns shares in 4 companies. But as he passed away, the shares should belong to his children. We contacted his children and described the shares owned by their father. They were astonished and wanted to heir the shares of their father. For this to happen they have to gather together in India.

They decided and gathered in India on an occasion. They contacted us and as per our suggestion, they applied for a succession certificate. They got their succession certificate after 3 months from the date of application. They left India to work at their job locations giving us all the necessary documents. We carried out all the processes like retaining the duplicate for the lost shares certificate, recovering shares from IEPF, transferring the shares to the elder son, opening a Demat account in the name of the elder son, dematerialization of duplicate shares, and claiming the dividend from IEPF for a particular company. As we know that he owned shares in 3 more companies, we are now in the process of recovering the shares and dividends from IEPF and handing them over to the elder son.

With the service of, they felt very happy and we are even happier that we were successful in solving our clients’ issues.

Case 2:

In case the legal heir is minor

A shareholder of the company called Amar Raja Batteries Ltd. passed away at the early age of 40s. The shareholder has two children who are minor in age. Generally, shares bought by a shareholder will have complete authority to claim the dividends. Here this shareholder changed his address while he was alive and was unable to receive the dividends sent by the company. Unfortunately, he died after shifting to a new location. The shares were transferred to IEPF as the dividend was unclaimed for 7 years and more. The original shares certificate was lost. He added his wife’s name as a nominee but his wife wanted the shares to be transferred in the name of their child. In that case, she has to produce no objection certificate and also documents like family member certificate, KYC documents.

We applied for a duplicate shares certificate from the company using documents like an affidavit, FIR copy from the nearest police station, death certificate, and KYC documents and recovered the shares from IEPF and helped them to transfer the shares in the name of the nominee and then immediately transferred the shares equally between the minor children as per the legal guardian’s(ultimate owner after the death of the shareholder) request after she produced a no objection certificate for transferring the shares to her children.

 We also helped them in opening two Demat accounts separately in the name of two children and dematerialized the shares into digital mode. But as long as the children will be minors, they do not have the right to sell the shares and the shares will be under the control of the legal guardian. Once they turn major, they will ultimately become the complete owners of their shares and will have the right to sell and claim the dividend for the shares without the supervision of the legal guardian.

Case 3:

In the case of the legal heir or nominee or family member:

During the time when shareholders bought the shares physically, since the paperwork was heavy, shareholders did not add any nominees. But now in the digital world, as per SEBI rules adding a nominee is a must while opening a Demat account.

Being not aware of the future problems that arise for a nominee when a shareholder is dead, shareholders did not add their nominee’s names while buying the shares.

But we advise you to add a nominee name when you buy shares or when you open a Demat account. If a nominee is added to the shares, the nominee will ultimately become the owner of the shares when the shareholder is dead. If the old original shares certificate is in hand, there might be chances where the company gave bonuses for the shares and the count of the shares might be more.

For example, we have a client named Narayana who bought 600 shares for himself and 600 shares for his wife named Sarala in a company called Balaji Amines Ltd. When he bought the shares, the price was Rs. 24000/- for 600 shares. In 2006, the company gave a bonus of 1:1 for the shares, and the shares summed up to 1200. Then the company split the face value from 10 to 2. Then the number of shares became 6000 for each of them. While buying the shares he added his wife’s name Sarala as a nominee and his wife added his name Narayana as a nominee.

This case has two different scenarios that we were able to solve.

In the case of the death of Sarala:

Sarala died in the year 2014, and there were 6000 shares in her name by the time she passed away. As Sarala added Narayana as her nominee, he is the ultimate owner of the shares in his wife’s name. Narayan and Sarala together had 2 children. They stated no objection to transferring the shares from Sarala’s name to Narayana’s name. For the process of transferring the shares, they produced documents like a no objection certificate, affidavit, indemnity bond, death certificate, succession certificate, family member certificate, and KYC documents of all family members. We successfully transferred the shares to the name of Narayana.

In the case Narayana is alive:

Narayana is still alive and he has 6000 shares in his name. After transferring the shares of Sarala to Narayana, now he has total shares of 12000. Since Narayana is 65 years old, he wanted to gift the shares to his children Rakesh and Mukesh who live in Delhi and Chennai respectively. We requested a few documents like the original shares certificate, Aadhaar and PAN off Narayana, Mukesh, Rakesh, Affidavit, no objection certificate, and family member certificate. After they provided all the required documents, we successfully transferred the shares in the name of Rakesh and Mukesh equally as requested by Narayana.

We at deal with typical and difficult cases and are very successful in solving various problems of our clients related to shares.

In the case of death of both shareholder and nominee:

When shareholders bought their shares physically some of them added their nominee and some of them did not add their nominee.

At, we received a lot of cases that are associated with the issue of nominee information.

In the earlier days, the application for shareholding did have a column for adding nominee information, so shareholders were not able to add a nominee. But in the later days, SEBI made a few corrections to the application form, so that shareholders can add their nominee information. Adding nominee information is a mandatory aspect because when a shareholder dies the owner of the shares will be the nominee added to the shares. After knowing this fact shareholders started adding their nominee information while buying the shares.

What if both the shareholder and nominee are dead?

In recent days has solved many cases that are associated with the death of both the shareholder and the nominee. One of them is:

Mr. Subramaniam owned 2000 shares in Kotak Mahindra Ltd. which were registered on a physical shares certificate. He added his wife’s name Mrs. Saritha as a nominee. Subramaniam died in the year 2006. After his death shares were transferred to Mrs. Saritha as she is the nominee. But unfortunately, Mrs. Saritha also died in the year 2010. Before their death, the dividend was claimed regularly. After their death, the dividend was not claimed regularly for more than 7 years and the shares were transferred to IEPF.

Mr. Karthik our client, who is the son of Mr. Subramaniam and Mrs. Saritha approached us with a dividend cheque dated 11/08/2009 received in the name of Mrs. Saritha. As per Mr. Karthik’s information, the physical shares certificate was lost but only has a dividend cheque. With the help of that cheque, we applied for a duplicate shares certificate. But Mrs. Saritha’s will was to distribute the shares equally between Mr. Karthik and Ms. Kumari daughter of Mr. Subramaniam and Mrs. Saritha. As per our guidance, they submitted a few documents like duplicate shares certificate, an affidavit, KYC documents, and Death certificate of the shareholder, family member certificate. Then we recovered shares from IEPF and transferred shares between Karthik and Kumari equally as per Mrs. Sartiha’s will.

We at provide a wide range of services for the transfer of shares in case of the death of both the shareholder and the nominee.

In the case of a change of address:

Many shareholders contacted raising the question of how do I transfer shares with a change of address.

You can transfer shares while you are living in a different address from the registered address with the shares, but you have to update the new address with the shares.

If the shareholder is alive and is living at a different address from the address registered with the shares and want to transfer the shares, he or she has to update the new address to the shares.

For the new address to be updated, the shareholder must produce a canceled cheque, KYC documents like aadhaar and PAN, and living proof for the new address. These documents can be submitted to update the new address.

If the shareholder is dead and if the shareholder’s children want to claim and transfer the shares, then they should be living in the same address registered with the shares. If there are address differences between the shares and the current living address, they must update the new address in order to claim or transfer the shares.

To update the new address, they must produce documents like the death certificate of the shareholder, family member certificate, KYC documents, and proof of new address and they have to prove the legality of the heir. After submitting all the documents, the address can be updated and can continue transferring the shares in their name. They can only transfer shares to other people when the shares are registered with their name. has cleared many of its’ clients’ issues that are related to the change of address.

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