A demat account of a Hindu Undivided Family or HUF is opened in the name of the karta and operated through the karta for NSDL accounts. CDSL allows the demat account to be opened in the name of the HUF. In case of death of the karta, transmission procedures prescribed by CDSL or NSDL need to be followed. NSDL accounts:
The existing account needs to be closed as the HUF gets dissolved and securities need to be transferred to a new demat account opened in the name of the new karta as per specified procedure. An application needs to be made by the surviving members through the new karta in the form specified in Annexure O.
CDSL accounts:
HUF does not come to an end in the event of death of the karta. In such a case, the members of the HUF will appoint the new karta. The new karta can open a new demat account, in which case the following procedure is followed. Documents
The following documents need to be enclosed along with the application: Notarised copy of death certificate of karta.
Appropriate order by a competent court succession certificateletters of administration.If the market value of securities is less than `10 lakh, the form can be accompanied with A notarised affidavit giving a list of surviving members of the HUF.
An letter of indemnity in the prescribed form (Annexure "O" for NSDL) from the surviving members.
Process:
Once the documents are submitted, the DP shall ensure that the documents submitted by the surviving members or the new karta are in order and shall then effect a transfer of the balances to the client account of the new karta. After effecting the transmission, the DP shall close the account held in the name of the deceased karta.
If any of the members of the HUF has an objection, the transmission of securities can be effected only on the basis of a decree by a competent court or the deed of partition.
In case of CDSL accounts, the surviving members also have the option to retain the same account with new karta by sub mitting the account modification form and change in signature.
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