What does transmission mean in relation to demat accounts?

Transmission is the process of law by which securities belonging to a deceased account holder are transferred to the surviving Joint holder(s) / Legal heir(s) / Nominee(s) of the deceased account holder. The process of transmission in case of dematerialized holdings is relatively convenient as the transmission formalities for all securities held in a Demat account can be completed by submitting the required documents to the DP. There is no need to approach various companies for this purpose, as is required when securities are held in the physical form.

Circular Reference:SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65

Please refer to the table below to the various documents required to request for a Transmission:

Sr. No.	Type of Document	Nominee	Joint Holder	Legal Heir -Claimant (15 lacs or above)	Legal Heir- Claimant (Below 15 lacs)
1	Transmission Form: NSDL:Click Here to download the form, CDSL:Click Here to download the form - Signed by all the Legal Heir/s	YES	YES	YES	YES
2	Death Certificate - Original or copy attested by a notary public or by a gazetted officer	YES	YES	YES	YES
3	Self attested Copy of PAN and Aadhaar of Claimant/s with IPV OSV	YES	YES	YES	YES
4	CML generated from the NSDL/CDSL system, signed and stamped by the issuing Depository Participant required	YES	YES	YES	YES
5	Affidavit - Notarized on a Rs.100 stamp paper from all the claimant/s - Should be separate for each claimant duly verified by a Magistrate / Notary & it should be in favour of Axis Securities and should also have a ‘Before me’ stamp on the document	NO	NO	YES	YES
6	Indemnity Bond - Made on a non-judicial stamp paper of Rs.500/- from all the legal heir(s) / claimant(s) to whom the securities are transmitted duly verified by a Magistrate / Notary & it should be in the favour of Axis Securities	NO	NO	YES	YES
7	No Objection Certificate - Made on a non-judicial stamp paper of Rs.100/-from all the legal heir(s) / non-claimants who do not wish to claim for transmission of securities OR Copy of Family Settlement Deed duly executed by all legal heir(s), duly attested by a notary public or by a gazetted officer	NO	NO	Only From Non Claimants	Only From Non Claimants
If a customer has any of the following documents NO INDEMNITY would be required
8.a	Copy of the Succession Certificate (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer; OR	NO	NO	Optional	Any 1 of these documents is compulsorily required
8.b	Copy of Letter of Administration (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer; ¬OR	NO	NO	Optional
8.c	Copy of Court Decree (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer; OR	NO	NO	Optional
8.d	Copy of Probate* of Will (in terms of the Indian Succession Act, 1925), evidencing rights of the legal heir(s) / claimant(s), attested by the legal heir(s) / claimant(s) subject to verification with the original or duly attested by a notary public or by a gazetted officer;	NO	NO	Optional

These Documents are to be submitted at the Nearest Axis Bank Branch or you can send them to the address listed below after obtaining an In-Person Verification (IPV) and Original Seen Verification (OSV) stamp from the branch pwesonnel:

Mailing Address:

Axis Securities Ltd.

Unit No. 1001, 10th Floor, Level – 6,

Plot No. 4/TTC, Q2 Building,

Aurum Q Parc,

Thane Belapur Road,

Ghansoli, Navi Mumbai-400710.

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