My uncle hold a demat account with stock holding corporation india ltd., for the past 10-12 years. At the time of the opening of the DEMAT account nomination was done & recorded in the books of SHCIL. Off late SEBI has issued a notification saying that the nomination has to be registered & updated and there should be NRN number.
Before the registration of the nominee could be done my uncle died. Now on the death of my uncle the nominee's claim is being rejected & and they are saying that a succession certificate from the court is needed on the grounds that the nomination is not valid & the account is of high value a/c.
Though the nomination was done prior to the issue of notification by SEBI.
Is it not unjustice with the clients ?.. Was this information helpful? | 
All other banks use indemnity cum Affidavit procedure up to 40 Lakhs e.g. Bank of India ( check their website ) so depositors legal heirs do not put undue hardship. These banks pay to legal heirs without insisting legal documents. But SHCIL does not want to adapt this and do not want to help legal heirs and wants to give hard time to legal heirs.
I have same problem at Ahmedabad Office on my father account. SHCIL can increase their limit when they see there is no disputes among legal heirs
See example from bank of India
https://www.bankofindia.co.in/PageMenuDocs/KMBT[protected].pdf
5.1.7 In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the account balance amount of the deceased account holder(s) against joint application and indemnity by all the legal heirs or the authorised representative mandated by all the legal heirs to receive the payment on their behalf, without insisting on legal documents up to the limit of Rs. 40 Lakh approved by the Bank’s Board. This is to ensure that the depositors are not put to undue hardship on account of delays in completing legal formalities.