Transmission of Shares
The process of transferring ownership of shares from a deceased shareholder to their lawful heirs or beneficiaries following the shareholder's death is referred to as the transmission of shares. This transfer often occurs when a shareholder passes away and the shares they held need to be transferred to their heirs.
No. They are not the same. When a deceased person leaves a Will, Probate is granted. When a deceased person does not leave a Will, a Succession Certificate is issued. Only the assets stated in the Will are transferred to the beneficiaries in the event of Probate. In a succession certificate, the legal heir can claim all of the deceased's assets. A beneficiary in Probate might be an individual or any entity, however a beneficiary in Succession can only be a Legal Heir, according to the Indian Succession Act, 1925.
Legal Heir Certificate is issued by the Revenue dept of the district where the shareholder was deceased. In case of metropolitan cities, it is issued by the SDM office and in case of non-metropolitan cities, Legal Heir Certificate is issued by the Tehsil office. In some regions, it is also known as Surviving Member Certificate.
