How to claim shares after an account holder's death?

Under SEBI guidelines, you must first notify the broker/DP about an account holder's death before you can claim their shares and funds. The claim process then depends on your relationship to the deceased and the value of their holdings.

Notification process

SEBI guidelines require brokers to report a deceased account holder's details to KYC Registration Agencies (KRAs). Send these documents to Upstox to get started:

• Account closure form
• Notifier Form (Due Diligence Form)
• Death certificate of the deceased holder — original, notarised, or with a verifiable QR code
• PAN or valid ID proof of the notifier — self-attested

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013.

What does transmission of shares mean?

Transmission is how shares move from a deceased shareholder to their legal heirs. It's different from a regular transfer — it isn't a choice; it's a legal step that has to happen after a shareholder passes away.

Once we receive and verify the right documents, the shares are transmitted into the heir's own demat account. From that point, they hold the same rights and responsibilities as any other shareholder.

How the process works?

What you need to submit depends on your situation — whether the account had a nominee, was jointly held, or had no holdings at all. Use the sections below to find the checklist that applies to you.

Before you submit any form

If you correct anything by hand on a printed form, add a countersignature right next to the correction. Forms with an uncountersigned correction are rejected.

If the account has no holdings

Submitted by the notifier or nominee, this simply closes the account.

• Account closure form
• Notifier Form (Due Diligence Form)
• Death certificate of the deceased holder — original, notarised, or with a verifiable QR code
• PAN of the claimant(s) — self-attested

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013

If the deceased was a joint account holder

When one joint holder passes away, the surviving holder(s) succeed to everything held in the account.

Documents to transmit the account

• Account closure form
• Notifier Form (Due Diligence Form)
• Transmission request form for joint accounts
• Client Master Report (CMR) of the surviving holder(s) — hard copy with DP seal and signature, or a digitally signed soft copy; not needed if they already have an Upstox account
• Death certificate of the deceased holder — original, notarised, or with a verifiable QR code
• PAN of the surviving holder(s) — self-attested

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013

If a nominee was appointed: The appointed nominee(s) can claim directly.

• Account closure form
• Notifier Form (Due Diligence Form)
• Transmission request form
• Client Master Report (CMR) of the nominee(s) — hard copy with DP seal and signature, or a digitally signed soft copy; not needed if they already have an Upstox account
• Death certificate of the deceased holder — original, notarised, or with a verifiable QR code
• PAN of the nominee(s) — self-attested

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013.

If the account holder did not add a nominee, but has holdings:

Quick Transmission Process — holdings up to ₹30,000

QTP is a lighter-weight route available only to close family — parents, spouse, children, or parents-in-law. What you submit depends on whether you can show proof of your relationship to the deceased.

With relationship proof

• Account closure form
• Notifier Form (Due Diligence Form)
• QTP form
• CMR of the claimant(s) — hard copy with DP seal and signature, or a digitally signed soft copy; waived if you already have an Upstox account
• Death certificate — original, notarised, or with a verifiable QR code
• Self-attested PAN of the claimant(s)
• Declaration cum Indemnity — notarised, on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party
• Proof of relationship with the deceased — one self-attested document: Aadhaar, PAN, passport, birth certificate, marriage certificate, ration card, school leaving certificate, school/service records, will, legal heirship certificate, succession certificate, letter of administration, court decree, or probate of will.

Without relationship proof

• Account closure form
• Notifier Form (Due Diligence Form)
• QTP form
• CMR of the surviving holder(s) — hard copy with DP seal and signature, or a digitally signed soft copy
• Death certificate — original, notarised, or with a verifiable QR code
• Self-attested PAN of the claimant(s)
• Declaration cum Indemnity — notarised, on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party
• QTP Affidavit - notarised, on ₹100 stamp paper — claimant as first party, Upstox Securities Private Ltd as second party

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013

No nominee — holdings between ₹30,000 and ₹30 lakhs:

Submitted by the claimant(s).

• Account closure form
• Notifier Form (Due Diligence Form)
• Transmission request form
• CMR of the claimant(s) — hard copy with DP seal and signature, or a digitally signed soft copy; waived if you already have an Upstox account
• Death certificate — original, notarised, or with a verifiable QR code
• Bond of Indemnity (BOI) - on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party
• Affidavit-cum-NOC from claimant and non-claimants (PDF) — notarised on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party or a family settlement deed in its place
• Declaration cum Indemnity — notarised, on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party
• Self-attested PAN of the claimant(s)

Notarisation

Every page of the BOI and the Affidavit-cum-NOC needs to be signed by a Notary Public or a JMFC, on non-judicial stamp paper. The stamp value depends on which state the claimant lives in and how much the holdings are worth.

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013

No nominee — holdings above ₹30 lakhs:

Submitted by the successor(s) or claimant(s). Alongside the base documents, you'll need one piece of legal proof of succession.*

• Account closure form
• Notifier Form (Due Diligence Form)
• Transmission Request Form (TRF)
• CMR of the successor(s)/claimant(s) — hard copy with DP seal and signature, or a digitally signed soft copy
• Death certificate — original, notarised, or with a verifiable QR code
• Self-attested PAN of the claimant(s)

A direct legal proof (one of the following)

• Court decree
• Probate of the will
• Succession certificate
• Letter of administration

A will, plus supporting documents:

A will (under the Indian Succession Act, 1925), together with:

• Bond of Indemnity on stamp paper - claimant as first party, Upstox Securities Private Ltd as second party
• Affidavit-cum-NOC - notarised on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party or a family settlement deed in its place
• Declaration cum Indemnity — notarised, on stamp paper — claimant as first party,
• Upstox Securities Private Ltd as second party

A Legal Heirship Certificate, plus supporting documents

A Legal Heirship / Surviving Membership Certificate — issued by an authority no lower in rank than a Tehsildar — together with:

• Bond of Indemnity claimant as first party, Upstox Securities Private Ltd as second party
• Affidavit-cum-NOC from claimant and non-claimants - notarised on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party or a family settlement deed in its place
• Declaration cum Indemnity — notarised, on stamp paper — claimant as first party, Upstox Securities Private Ltd as second party

Notarisation

Every page of the BOI and the Affidavit-cum-NOC needs to be signed by a Notary Public or a JMFC, on non-judicial stamp paper. The stamp value depends on which state the claimant lives in and how much the holdings are worth.

Courier the documents to: Upstox Securities Private Ltd, 30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013

Need help with a situation not covered here? Reach out to our support team and we'll guide you through the right process.