The transmission of shares involves the transfer of shares from the deceased shareholder to the legal heir or successor. The Securities and Exchange Board of India (SEBI) has established standardized procedures to facilitate this process. However, discrepancies and variations may arise in the interpretation and implementation of these procedures by different Registrars.
In one particular case, the Succession Certificate listed all three siblings as successors, but the request for transmission was specific to one sibling, with the no-objection of the other two.
While the Registrars – KFintech Technologies Ltd. and Integrated Registry Management Services – processed the transmission as requested, the other Registrars – Link InTime and TSR Darashaw – insisted on an amendment to the Succession Certificate to mention only the specific claimant as the successor.
It is not uncommon for Registrars to have their own interpretation of the requirements, and this can lead to variations in the processing of transmission requests. In such situations, it is advisable to communicate directly with the Registrars and seek clarification on their specific requirements and procedures. Additionally, legal advice may be sought to understand the implications of amending the Succession Certificate and whether such an amendment is legally necessary or if the transmission can proceed as originally requested.
It is essential to document all communications with the registrars and keep track of any additional requirements or changes to the standard procedures. If needed, escalating the matter to higher authorities within the registrars or seeking guidance from SEBI may be options to explore. Ultimately, ensuring clear communication and understanding the specific requirements of each registrar involved can help navigate such situations in the transmission of shares.
