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DEshik   30 August 2021

Joint demat account - first holder dies without will

My father and his brother ( A & B) hold a joint demat account in which shares worth Rs. 15 lakhs is held. My Father ( A) died without a WILL. I am the only child of my father. ( Son of A)

Now my uncle (B) is not willing to give me half the share of the shares held in the demat account, saying that I am not entitled to shares in the joint demat account.

Please advise me how to claim half of the shares held in the demat account please.

Respected experts, please advise me am I not entitled to the half the shares held in the demat account?

 

Thanks 



Learning

 8 Replies

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 )     30 August 2021

If you're the nominee, firstly, you need to fill a Transmission Request Form (TRF). ... Once you've filled the form, you will need to submit it along with a duly notarized copy of the death certificate of the demat account holder.

Shashi Dhara   30 August 2021

First issue legal notice and take stay in civil court Nd proceed.

DEshik   30 August 2021

Respected sir, No nomination done in the joint demat account.

Shashi Dhara   30 August 2021

U and Ur mother and Ur siblings are legal heirs ,so u have to obtain P& SC from court .

DEshik   07 September 2021

Respected Expert Sri. Shashi Dhara sir, Thanks very much for reply.. As there is is no will or nomination done by my late father in the said DEMAT Account, my uncle who is the joint holder in the said Demat account, telling that I am not entitled for any share in the said Demat account. He is saying "He is not legally bound to give any holdings to the the legal heirs of the expired joint holder", and his stand is "Upon death of a joint holder in a Demat account, the whole holdings in the joint Demat account becomes the sole property of the surviving holder in the Demat account" Am I not entitled for share in the Demat account as legal heir of my father ? Thanks

Shashi Dhara   07 September 2021

You approach civil court and challenge Ur uncle in competent court of lawl ,u ,Ur, mother is alive file joint petition inCivil court ,u r the successor as per law,Ur uncle is misleading u.

DEshik   07 September 2021

Respected Expert Sri. Shashi Dhara sir, Thanks very much for your VALUABLE reply.. The confusion is because he is willing to share joint property which is our ancestral home in our village as per law. But he has transferred the shares in the joint DEMAT Account to his sole DEMACT Account with the help of my father's death certificate..... Is it possible to claim shares that were in the joint Demat account but now transferred in his sole name ? Thanks

Shashi Dhara   10 September 2021

Ur fathers death don't give right to transfer the shares to his account , you is successor ,so issue notice to him and take stay in court.

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