Personal Finance

No PAN, No probate: How SEBI has simplified share transmission for families

SEBI has unveiled a series of reforms aimed at making the transmission of securities easier and faster for legal heirs, reducing paperwork and procedural hurdles. From removing the PAN requirement to doing away with mandatory probate of wills, the changes are expected to simplify the process for families claiming the investments of deceased relatives.

Transmission refers to the process by which shares, mutual funds or other securities held by a deceased investor are transferred to legal heirs or nominees.

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Investment

No PAN, No probate: How SEBI has simplified share transmission for families

Among banks offering the highest fixed deposit rates, Suryoday Small Finance Bank and Utkarsh Small Finance Bank lead the chart with interest rates of up to 8.10% per annum.

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Without a will, the distribution of assets is governed by succession laws rather than an individual's wishes. This can lead to delays, legal complications and even family disputes.

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Prices vary slightly across cities due to local taxes, transportation costs, and jewellers’ margins.

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Unlike conventional FDs, special deposit schemes are launched for specific periods and tenures and often carry higher rates. Investors can choose between callable and non-callable options

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The RBI has also withdrawn the ceiling applicable to fresh FCNR(B) deposits with maturities ranging from three years to five years.

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The survey found that 91% of investors avoid panic selling during periods of market volatility, choosing instead to either observe, make calibrated portfolio adjustments or remain inactive.

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Experts stress that savings accounts are ideal for emergency funds and day-to-day liquidity, but they may not be the most efficient place for money that is unlikely to be used for several years.

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Tax

ITR-3 is meant for individual taxpayers and Hindu Undivided Families (HUFs) earning income from business or profession and who are required to maintain detailed books of accounts.

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Taxpayers who miss the original deadline can still file a belated return until December 31, 2026. If an error is discovered in a return already filed, a revised return can be submitted by March 31, 2027.

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Form 16 serves as the basis for reporting salary income, therefore, taxpayers should carefully review the document before submitting their returns.

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In the case of ELSS, long-term capital gains (LTCG) exceeding ₹1.25 lakh in a financial year are taxed at 12.5%. For ULIPs, the tax treatment depends on the premium amount and the date on which the policy was issued.

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A defective return can have serious consequences. If not corrected within the prescribed time, it may be treated as invalid, affecting tax compliance and other benefits.

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ITR-1 and ITR-2 filers will continue to have July 31 as the deadline, while non-audit business and professional taxpayers filing ITR-3 to ITR-7 will now have until August 31, 2026.

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Personal Finance

Investment

No PAN, No probate: How SEBI has simplified share transmission for families

Fixed deposit rates June 2026: Top FD rates in June 2026 - Which banks offer up to 8.1% interest?

Gold, silver rates on June 19, 2026: Check latest prices for 24K, 22K, 18K in Delhi, Mumbai, Chennai, Kolkata

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Gold, silver rates on June 18, 2026: Check latest prices for 24K, 22K, 18K in Delhi, Mumbai, Chennai, Kolkata

Fixed Deposit schemes: Special 555-day FDs offer up to 7.5% -- Check rates at top banks

RBI temporarily lifts interest rate caps on select FCNR(B), NRE deposits till Sept 30

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This investor's ₹50 lakh grew to ₹55.4 lakh, but he still lost ₹8.6 lakh

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