Makarand possessed a substantial portfolio of publicly listed shares in his demat account, with his daughter designated as the nominee. He unfortunately passed away during a trip abroad. His daughter submitted the required forms along with a notarised death certificate (in English and issued by the country where Makarand passed away). The concerned officials, however, insisted that the death certificate be counter-signed by the Indian embassy in the concerned country before the shares could be transferred. This insistence on self-made rules, which were contrary to regulations, caused significant distress to the daughter.
The Securities and Exchange Board of India’s (Sebi) recent
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