(Last Updated On: September 11, 2014)
Death is something none of us can avoid. Some people usually leave various types of property they own behind to their beneficiaries. Today we focus a bit on shares held at the Nairobi Securities Exchange (NSE).
For example, suppose someone died and he used to own 50,000 KCB shares at the NSE. How do you claim these?
In this case visit the KCB Registrars at Kencom house they will tell you how to extract shares held.
The following is the procedure of transferring shares from a deceased shareholder to the beneficiary:
i. certified copy of death certificate
ii. certified copy of letters of administration from High/Magistrate Court
iii. certified copy of certificate of confirmation of grant from High/Magistrate court
iv. certified copy of beneficiary and administrator identity card
v. original share certificates and all dividend cheques not presented for payment
vi. indemnity for lost share certificates and cheques
vii. certified copy of will (if any)
viii. transmission fee kes 2500.00 to be deposited at kcb share registration account
ix. transfer deed
x. approval fee of kes 675.00 to be deposited in NSE Ltd account. A further fee of kes 825.00 will be paid to the CDA at the time of presenting the documents.
xi. certified copy of ID card or surrender form for the deceased.
xii. CDS2 – CDA to avail the form to be signed by Administrator(s)
xiii. CDS7 – CDS to avail the form- to be signed by both the Administrator(s) and Beneficiary(ies)
In case a client goes through a public trustee (County Commissiner or Deputy County Commissioner) the following documents may be obtained in place of no. ii and iii above if the deceased died intestate and the gross ov the Estate does not Exceed Kes 50,000
a) letter of indemnity
b) Certificate of Summary Administration
NB: Transfer documents to be submitted through a Central Depository Agent (CDA) ie stockbroker or investment bank or custodian