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The word “transmission” means devolution of title to shares other than by transfer. Well, a transmission of shares is by an operation of law and not voluntary; it is a transmission of interest in shares of a company, of a deceased member of the company, made by the legal representative of a deceased member. For example, devolution by death, succession, inheritance, bankruptcy, marriage, etc.
Transfer and transmission of shares are often misidentified as the transfer of shares, whereas they are two separate terms. The transmission of shares is the involuntary transfer of ownership, and the transfer of shares is a voluntary transfer of ownership.
On transmission of shares, the person to whom the shares are transmitted becomes the registered shareholder of the company and is entitled to all rights and subject to all liabilities attached to the shares.
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Transmission of shares refers to the transfer of share ownership from one individual to another, typically due to the death of the shareholder or by legal mandate rather than by choice. The transmission of shares in company law ensures the company has the authority to register the transfer upon receiving official notification from the new holder, allowing shares to be legally registered through a seamless legal operation. This method protects the successor’s rights while maintaining accurate and compliant company records.
SEBI Transmission of shares is essential as it legally transfers share ownership to the rightful party. Once the shares are transmitted, the new holder becomes the registered shareholder of the company, gaining all rights and responsibilities attached to the shares.
Without proper documentation, companies cannot recognize the new shareholder, leaving the shares effectively frozen. Understanding the correct procedure for transmission of shares is therefore crucial for recovering lost shares or ensuring they are inherited by family members.
There are several challenges in the transfer and transmission of shares. Let’s go through the key challenges along the way-
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According to Section 56 of the Company Act, 2013, the transmission of security will take place only by operation of law. Here, given below is the list of person(s) eligible to apply for the transmission of shares:
If a shareholder passes away, their shares need to be transmitted to the designated legal heirs or nominees. Therefore, legal heirs and nominees are eligible for the transmission of shares.
If a shareholder goes bankrupt, their shares may need to be transmitted to creditors.
If a shareholder is declared mentally ill and incapable, their shares must be transmitted to a legal guardian or trustee.
The list of documents required for SEBI transmission of shares is as follows:
Note: In some cases, transmission of shares without obtaining a succession certificate is possible if the value of shares is below a certain threshold as determined by the policies of the company.
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The procedure of transmission of shares are as given below:
Firstly, the applicant must obtain the deceased shareholder’s death certificate, a mandatory document that serves as proof of death and is essential for initiating the share transmission process.
At this stage, the interested party must identify and confirm the legal heirs or beneficiaries entitled to the shares. This may require obtaining a legal heir certificate or other relevant documents from the authorities.
Here, the applicant shall inform the registrar and transfer agent (RTA) of the company whose shares are being transmitted about the death of the shareholder. However, it is the responsibility of the RTA to manage the share transfer.
Provide all the necessary documents to the RTA such as the death certificate, transmission request forms, affidavit of legal heirs and indemnity bond, identification proofs, etc.
This is the stage where the concerned company will conduct a verification of documents submitted ensuring that everything is in order.
After the submission of all the necessary documents, and its verification the shares are transferred to the names of the legal heirs or beneficiaries according to the instructions as provided.
In this stage, the company shall update its shareholder records in order to reflect the changes in ownership.
A stamp duty may be applicable to some jurisdictions on the transmission of shares. The applicant must ensure to pay the required stamp duty.
Book an appointment with our experts for a worry-free and effortless transmission process.
The transfer and transmission of shares in company law are two distinct things that are frequently confused by the general public. However, the difference between the transfer of shares and transmission of shares are as follows:
Have a look at the timeline for recovery of shares from IEPF-
Meaning
Timing
Nature of Transfer
Documents
Parties Involved
Ownership validation
Regulatory Compliance
Not sure about the hurdles in the pathway of transmission of shares? Get in touch with our recovery of share consultants who have a deep understanding of the transfer and transmission of shares in company law. With more than a decade of experience, they know how to simplify the process of transmission of shares and keep tension away from you.
The timeline for issuing the transmission of shares is approximately 30 to 90 days from the date the company receives the notification of the transmission of shares.
Managing the transmission of shares can be challenging due to its legal complexities, especially during times of grief or stress. At Investorlink, we offer comprehensive services to assist and support you through every step of the process.
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