sebi:WTM/RKA/ISD/24/2015
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Facts / Headnote
Request of Ms. Sachi Agrawal and Ms. Sneha Agrawal to revoke suspension of operation of joint beneficiary demat accounts not acceded to; representations dated January 08, 2015 disposed of.
Parties
- Ms. Neeli Agrawal
Holding
The request of Ms. Sachi Agrawal and Ms. Sneha Agrawal to lift the suspension on their joint beneficiary demat accounts was rejected, and their representations dated January 08, 2015 were disposed of.
Full text
Page 2 of 4 3. In support of their claims/submissions Ms. Sachi Agrawal and Ms. Sneha Agrawal have submitted certificates of Mohan Tandon & Co, Chartered Accountants certifying that :- (a) The shares, bonds, and units of mutual funds reflected in the aforesaid beneficiary demat accounts are the exclusive properties of Ms. Sachi Agrawal and Ms. Sneha Agrawal. (b) The investment in the shares, bonds and units of mutual funds have been made by withdrawing the funds from the respective bank accounts of the clients bearing account no 00000062129891625 (Ms. Sachi Agrawal) and 00000052119501338 (Ms. Sneha Agrawal) with State Bank of Hyderabad. (c) Though these bank accounts have Ms. Neeli Agrawal as the joint holder , they are the exclusive property of Ms. Sachi Agrawal and Ms. Sneha Agrawal. (d) All the transactions reflected in the said bank accounts belong to Ms. Sachi Agrawal and Ms. Sneha Agrawal, respectively and are duly declared in their respective income tax returns filed / book of accounts maintained and have no connection whatsoever with Ms. Neeli Agrawal except to the fact that both the demat accounts and bank accounts of the respective daughter stand in the joint name along with Ms. Neeli Agrawal, their mother.
Page 3 of 4 within 2 days in order to ascertain the actual beneficial ownership of the securities lying in the aforesaid frozen demat accounts held jointly with Ms. Neeli Agrawal .
Page 4 of 4 of ownership of securities lying in the respective beneficiary demat account. I further note that the certified copies of their capital accounts merely list the securities respectively held by them. The chartered accountant certificate does not conclusively prove that the securities lying in the respective beneficiary demat account exclusively belong to Ms. Sachi Agrawal and Ms. Sneha Agrawal and the legal presumption laid down in the Depositories Act cannot be rebutted merely on the basis of such certificate.
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Source: SecMarx — sebi:WTM/RKA/ISD/24/2015. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.