Physical share certificates bought by Parents – How to proceed ?

POSTED BY anjali1178 ON November 6, 2014 11:24 am COMMENTS (2)

I am facing a situation where in my elderly parents have several physical shares of listed as well as unlisted companies.

The problem is that these shares are in their individual as well as joint names. However they do not have demat accounts of the names as on the certificates nor do they have bank accounts or any other proof of id. What do i do?

2 replies on this article “Physical share certificates bought by Parents – How to proceed ?”

  1. Lokesh Jain says:
    November 17, 2014 at 8:59 pm

    Hi Anjali,

    First of all, open a Bank account in their names. They require any 1 ID proof to open a bank account in any of the banks in India under the JAN DHAN YOJANA. Well if NO ID proof, you cannot open a bank account. The steps goes after that goes as below.

    1. Open a Bank Account
    2. Open a Demat and trading A/c with any broker
    3. Dematerialize the Share certificates (Approx time period – 45 days maximum)
    4. Sell them or hold them as you wish.

    Regards,
    LJ

    Reply
  2. Hemanth says:
    November 6, 2014 at 8:52 pm

    first they have to have demat accounts.

    They can convert those physical shares to demat, by approaching a DP.

    Reply

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