'Sheer Harassment': Psychiatrist Reveals The Convoluted Ordeal Of Investment Transfer To Nominee

'Sheer Harassment': Psychiatrist Reveals The Convoluted Ordeal Of Investment Transfer To Nominee

In a recent development, an X user who happens to be a professional psychiatrist took to the social media platform to throw some light on his wife's ordeal of transferring investment and other resources to her name after the demise of her father (the X user's father-in-law).

G R MukeshUpdated: Sunday, July 07, 2024, 09:54 AM IST
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Adding a nominee to one's banking and investing account, that is, the demat account, is an essential part of the paradigm that we are a part of today. This step allows the speedy transfer of resources or control over those resources after the demise of the original account holder to the person or persons who have been registered as nominees in official documentation.

In a recent development, an X user who happens to be a professional psychiatrist took to the social media platform to throw some light on his wife's ordeal of transferring investment and other resources to her name after the demise of her father (the X user's father-in-law).

He starts the thread by naming the institutions that are allegedly causing the said delay in proceedings. "In My father-in-law died 3 months ago. My wife is a nominee on his bank accounts and demat accounts. This is a thread on the sheer harassment by @HDFC_Bank & @KotakBankLtd for the past 2 months to give her access to these accounts." he said.

He further adds the instance of certain Sovereign Gold Bonds, which father-in-law held. According to the banks associated with the account, Sovereign Gold Bonds or SGBs, need to be materialized, and then the nominee can dematerialize them. Here, rematerialization is the process of creating physical certificates of the holding, contrary to dematerialization.

Even in the case of dematerialization, it would be done in the name of the deceased.

In addition, the bank, according to the X user, fails to provide a protocol for transferring the said dematerialized assets into the account of the nominee. Despite myriad visits to the bank, the issue was allegedly not resolved by one of the largest and most consequential banks in the country.

The X user later takes us through a similar ordeal with another bank. This time, the user's wife had to open a separate demat account with another trading platform. This, however, only made the affairs a little bit more convoluted.

The X user concluded the post by accusing the two financial services entities of harassing them and tagged the market regulator, SEBI and RBI, along with the Finance minister in the post. He also intends to approach the RBI.

This incident and potentially many others shed light on the gaps that continue to exist in the system, despite all the claims of seamless and hassle-free processes.

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