What is to be done upon the unfortunate death of an account holder at Kotak Securities?

Upon the death of an account holder at Kotak Securities, we request the dependents or relatives to provide us with the following:

• Copy of death certificate (mandatory)

• Trading Client ID and demat account number of the deceased person

Our team will look into the documents provided and help you further depending on the scenario that applies to you.

There are multiple scenarios under which claims are processed after the account holder’s death. They are as follows:

The deceased’s account has no holdings and no funds:

If the account has no holdings and no funds, the successor or the nominee has to send an account closure form and a copy of the death certificate of the deceased to close the account to Kotak Securities nearest office.

A joint account holder exists:

If the account is a joint account, then the surviving holder(s) has to submit the following paperwork:

• Transmission Form signed by surviving holder(s) (As per format)

• Original/Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer

• Cheque for outstanding balance, if any

• Client Master Report of surviving holder(s) duly stamped and signed by DP, in case the claimant’s DP is outside KSL

• Original Cancelled Cheque (applicable if there is any trading code with KS)

• Account Closing form signed by the surviving holder(s)

The account holder has appointed a nominee:

If a nominee has been appointed, then they have to submit the following paperwork:

• Transmission Form signed by nominee (As per format)

• Original/Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer

• Identity proof of the nominee with OSV (original seen and verified), if target DP is outside KSL.

• Cheque for outstanding balance, if any

• Client Master Report of the nominee duly stamped and signed by DP, in case the nominee’s DP is outside KSL

• Original Cancelled Cheque (applicable if there is any trading code with KS)

• In case there is any discrepancies/change in nominee details like name difference, etc., an affidavit signed by nominee duly stamped and notarized will be required

• In case, nominee details were updated prior to the prescribed format of NSDL Annexure “JA”, an Indemnity signed by nominee duly stamped and notarized (As per format) will be needed

• Account Closing form mentioning the details of target demat account.

The account holder has not added a nominee to their account but has holdings:

If the holdings and funds value is equal to or less than Rs. 5 lakhs.

If the account has no nominee and the value of the stock is equal to or less than 5 lakhs than the claimant has submit the following paperwork:

• Transmission Form signed by claimant (As per format)

• Original/Copy of Death Certificate duly attested by a Notary

• Public or by a Gazetted Officer

• An Affidavit-cum-Indemnity signed by all the legal heirs, stamped and notarized (As per format)

• No objection certificate(s) signed by each legal heir separately and signature duly attested by the authorized person of the bank or notarized (As per format)

• Identity proof of the claimant with OSV (original seen and verified), if target DP is outside KSL.

• Cheque for outstanding balances, if any

• Client Master Report of the claimant duly stamped and signed by DP, in case the claimant’s DP is outside KSL

If the holdings and funds value is more than Rs. 5 lakhs.

If the account has no nominee and the value of the stock is equal to or more than 5 lakhs than the claimant has to submit the following paperwork:

• Transmission Form signed by claimant (As per format)

• Original/Copy of Death Certificate duly attested by a Notary Public or by a Gazetted Officer

• Copy of Succession Certificate or Probate of Will or Registered Will or Letter of Administration that is attested by a Notary Public or by a Gazetted Officer OR an Order of a Court of Competent Jurisdiction that is attested by a Notary Public or by a Gazetted Officer

• An Affidavit-cum-Indemnity from all legal heir(s) made on appropriate non judicial stamp paper, to the effect of identification and claim of legal ownership to the securities shall be required for Registered Will. (As per format)

• Identity proof of the claimant with OSV (original seen and verified), if target DP is outside KSL

• Cheque for outstanding balances, if any

• Client Master Report of the claimant duly stamped and signed by DP, in case the claimant’s DP is outside KSL