Karta succession in HUF: upon death the new Karta replaces the deceased in the demat beneficial owner account. The circular mandates that upon the death of a HUF Karta, the deceased Karta's name in the Beneficial Owner account shall be replaced by the new Karta, who shall be the eldest coparcener or a coparcener appointed as Karta by agreement among all coparceners. Depositories must amend bye-laws, effect system changes, publish the circular on their websites and report implementation status in their Monthly Development Report; other provisions of the referenced Master Circular remain unchanged.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Karta succession in HUF: upon death the new Karta replaces the deceased in the demat beneficial owner account.
The circular mandates that upon the death of a HUF Karta, the deceased Karta's name in the Beneficial Owner account shall be replaced by the new Karta, who shall be the eldest coparcener or a coparcener appointed as Karta by agreement among all coparceners. Depositories must amend bye-laws, effect system changes, publish the circular on their websites and report implementation status in their Monthly Development Report; other provisions of the referenced Master Circular remain unchanged.
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