To help more people move into paperless holding of securities, the market regulator Sebi has introduced more flexibility on documentary requirement for securities held in a single name without a nominee, as per a circular released by Sebi. So in case of securities held in single names without a nominee, it can be submitted through an affidavit by legal heirs on a non-judicial stamp paper. In case the legal heir or claimant is named in the succession certificate or probate of will or will or letter of administration, an affidavit from such legal heir or claimant alone would be sufficient. For value of securities up to Rs 2 lakh, succession certificate or probate of will or letter of administration or court decree might be required. In the absence of these documents, a No Objection Certificate (NOC) from all legal heirs of the deceased or copy of family settlement deed duly notarised would be sought. However, for valuations of securities over Rs 2 lakh, a succession certificate or probate of will or letter of administration or court decree is required.

olmdesk@outlookindia.com