Broker (dp) won't honour succession certificate because it has face value

It is a good query .. . Since  the grant of Succession Certificate does not amount to a decree or order within the meaning of the CPC and .Section 375 of ACT  makes it clear that the grantee of a succession certificate only gets the power to sue on an action for the recovery of the money. In rare situations like yours the  possible way is to file suit for recovery on the basis of certificate.

I am really worried because half people talk to are telling me that we should go by market value. Lawyer familiar with such matters tell me that identifyin the asset purpose of succession certificate and for the broker value is immaterial. Most lawyers are telling me that this cannot be reason of denial. My lawyer tells me that courtfees and wordings are decided by court, we can't share any format. 

See your father has named nominee in case of death , nomination is compulsory ,why you claimed succession certificate ,give only death certificate of your father to change demat account to your mother's name ,you complaint to sebi or main broker .

There was no nominee as per the CDSL statement and broker record. That is why they asked us to get succession certificate.

Issue notice to main broker or complaint to sebi.

Done already. Since they were asking for a power of attorney from my mother, she visited broker and herself handed over a letter demanding transmission in 10 days . Let us see what happens. Are there any provisions to seek clarification from court regarding the order . Something that makes it explicit that all shares irrespective of face and market value belong to my mother 

Succession to dematerialised shares is governed by the Depositories Act. It is the bank, which is the depository participant and is having the shares in the demat account of the shareholder that has to take action on the transfer of the account and the shares along with that. No broker is involved. If the deceased had filed a nomination during his life time the shares will be transferred to the name of the nominee. Heirs or successors can claim from the nominee. I do  not understand how a broker is concerned with the transfer. Sale or purchase of shares through the market is facilitated by the broker on a commission. There is a stamp duty payable on such transfers. The stamp duty is based on the actual cost of transaction, which will be the market value on the date and time. I do not know whether there is any stamp duty for the transfer of shares held by a deceased person to his or her heirs or successors. If there is a stamp duty it will be on the market value and not face value. If it was not paid it can be paid now along with any penalty and the transfer effected provided other requirements are in order..

Thank you for your reply. The broker is also the DP. There was no nomination as per their records. Looks like valuation was done on face value.  My mother is going to try to get it correct and will pay any  fees and plead for market value to be appended. Different lawyers are telling us different things. We have reached out to the DP asking what exactly they want mentioned in the certificate and if there is a format. Let's hope this get sorted. We don't mind paying any fees , but clarity is needed. Extremely disappointed with the broker/DP , they don't care. Will also ensure she personally hands over any legal documents to them to avoid them asking for power of attorney.