New Delhi: Ace investor and stock market mogul Rakesh Jhunjhunwala’s untimely demise has sent shock waves across the country and especially the investors.
Rakesh Jhunjhunwala’s portfolio is most looked upon by retail investors as well as institutional investors, as many bets made by the ‘Big Bull’ of the Indian stock market has fetched him impressive returns. Investors always keep a tab on stocks he adds or trims from his portfolio.
In the event of the untimely death of Rakesh Jhunjhunwala, a very pertinent question that arises is with respect to transfer of shares and stocks of decesed.
Know what happens to stocks and shares owned by someone after their death
In the event of untimely demise of a person, his or her stocks and shares can be passed on to nominees by submitting a death certificate copy attested by a notary/gazetted officer.
This form must be registered to the appropriate custodian such as NSDL or CDSL. If nomination is not registered, the heirs of the deceased must submit either of the following:
a. Probate of Will
b. Succession Certificate
c. Letters of Administration
Dharmendra Chachan, Partner Chachan and Lath told Zee Media, “Nominee is a trustee and not an owner. If there is a will, shares will be dealt with as per the will, otherwise will be distributed amongst the legal heirs as per Hindu Succession Act”
Rakesh Jhunjhunwala died aged 62 at Breach Candy hospital in Mumbai. He was reportedly brought dead to the hospital at around 6:45 am on Sunday. According to reports, Jhunjhunwala died due to a cardiac arrest.