1. SEBI has set threshold value for transmission of shares, without requirement of producing Probate/Letter of Administration/SucceSEBI has set threshold value for transmission of shares, without requirement of producing Probate/Letter of Administration / Succession Certificate. For securities held in single name without a nominee, following additional documents may be sought:
a) Affidavit made on appropriate non judicial stamp paper – to the effect of identification and claim of legal ownership to the securities
b) For value of securities upto ` 2,00,000 (Rupees Two lakh only) per issuer company as on date of application, one or more of the following documents:
c). No objection certificate [NOC] from all legal heir(s) who do not object to such transmission (or) copy of Family Settlement Deed duly notarized or attested by a Gazetted Officer and executed by all the legal heirs of the deceased holder.
d) Indemnity made on appropriate non judicial stamp paper – indemnifying the STA/Issuer Company.
2.For value of securities more than ` 2,00,000 (Rupees Two lakh only) per issuer company as on date of application, one of these documents is required-Succession certificate (or) Probate of will (or) Letter of Administration (or) Court decree.
If nomination has not been made by the deceased the shares cannot be realised without a succession certificate from the civil court. To preempt any foul play by her brothers your wife may file a caveat and also file a suit for injunction to restrain her brothers from transferring the shares to themselves to your wife's exclusion.
3. Hindu Succession 2005 Amendment applies to only ancestral property, where the shares of her father are not ancestral in her hands. Her share is at par with the share of her brothers if her father died intestate.