HUF demat account Karta succession: new Karta to be senior-most member; depositories to update systems. In the event of the death of the Karta, the name of the deceased Karta in the Beneficial Owner (BO) account shall be replaced by the new Karta appointed by the member of the HUF who in such a case shall be senior most member of the family. Depositories are required to amend relevant bye-laws, carry out system changes, disseminate the circular on their websites and report implementation status in their Monthly Development Report; other Master Circular provisions remain unchanged.
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Provisions expressly mentioned in the judgment/order text.
HUF demat account Karta succession: new Karta to be senior-most member; depositories to update systems.
In the event of the death of the Karta, the name of the deceased Karta in the Beneficial Owner (BO) account shall be replaced by the new Karta appointed by the member of the HUF who in such a case shall be senior most member of the family. Depositories are required to amend relevant bye-laws, carry out system changes, disseminate the circular on their websites and report implementation status in their Monthly Development Report; other Master Circular provisions remain unchanged.
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