Centralized investor death reporting enables KRAs to validate deaths and block account debits pending transmission procedures. Intermediaries receiving intimation of an investor's death must obtain and verify the death certificate (online or OSV), record notifier identity, and submit a same-day KYC modification request to the KRA with supporting documents; they must block all debit transactions in the deceased's accounts while preserving allowed surviving joint-account operations. KRAs must independently validate requests, update KYC to 'Blocked Permanently' or 'On Hold' as appropriate, notify linked intermediaries, and coordinate resolution or rejection. Intermediaries must notify notifiers/nominees about transmission procedures and perform additional due diligence before allowing transactions on 'On Hold' accounts.
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.
Centralized investor death reporting enables KRAs to validate deaths and block account debits pending transmission procedures.
Intermediaries receiving intimation of an investor's death must obtain and verify the death certificate (online or OSV), record notifier identity, and submit a same-day KYC modification request to the KRA with supporting documents; they must block all debit transactions in the deceased's accounts while preserving allowed surviving joint-account operations. KRAs must independently validate requests, update KYC to "Blocked Permanently" or "On Hold" as appropriate, notify linked intermediaries, and coordinate resolution or rejection. Intermediaries must notify notifiers/nominees about transmission procedures and perform additional due diligence before allowing transactions on "On Hold" accounts.
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