SEBI, which regulates Depositories (NSDL and CDSL), has simplified the death claim settlement process, listing document requirements for transmission under diverse scenarios. In spite of this, nominees / heirs / beneficiaries continue to be vulnerable targets, with a few depository participants and banks disregarding the notifications. Three such cases came to our attention recently.
Sharthake Dikshit (from Kolkata) died with a will bequeathing his entire wealth to his wife Umadevi Dikshit. His demat account with a leading private sector bank was in his sole name and had no nomination.
