Any communication relating to the a/c is only sent to the first holder. Any interest or dividends, notices or reports are sent to the first holder only.
Four or More Joint Holders - (1). Separate A/c opened for more than 4 joint holders (2). No standing instructions to receive credits, receipt instructions, new issue applications and any other instruction which has the effect of crediting this A/c should be accepted (3). Undertakings from the client that he will not use this A/c for the purpose of allotments in the primary market or for purchases from the secondary market except for DEMAT, bonus, rights and preferential offer of existing shares. (4). After the balances in such a joint A/c become nil, the A/c should be closed, 5. For holdings of a Trust in the joint names of four or more trustees, there are no restrictions on receiving credits into that A/c.
Freezing of A/c - Types and Procedures - i. Freezing for Debit Only, ii. Freezing for Debit and Credit, iii. Freezing of all Sec or Certain ISIN or Partial Freezing of Sec. However Freezing for Credit only is not possible.
Transposition: The process of changing the order of joint holder names in a security certificate is called Transposition. It does not require any stamp duty and can be done by giving a letter to DP.
The DP may also close the client a/c if the client has defaulted in fulfilling its obligations. This is done by giving a notice to the client, 30 days in case of CDSL.
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