Thread by @cdsckenya

THREAD
SHARES TRANSFER PROCESS
Here is how to transfer shares in instances where an investor is deceased.
1. Confirm that the deceased had shares. You can contact CDSC with the ID number and full name of the deceased and we shall confirm for you if their CDS account has holdings

(We shall however, not give you their shareholding information or the CDS account number)
2. Go to your local chief in the location the deceased was buried to write you a letter confirming the nature of your relationship with the deceased.

The person following up (name, ID, relationship) should be mentioned in the letter as a beneficiary.
3. Bring the letter to CDSC to get the CDS account statement of the deceased. (You should also present their Death Certificate and your national ID)

4. CDSC shall give you their CDS account statement. The statement contains information on the shares, CDS number and the stockbroker/custodian bank.

5. If the value of the shares is above Kes.100,000 you will need a probate letter and an indemnity letter...

from the Deputy Commissioner's office. If the value is above Kes.100,000, you can visit a public trustee. They shall make a determination of whether to write for you a letter themselves or refer you to the court to start the succession process.

If the public trustee refers you to the court, the end process is a Grant Certificate and a letter of administration from the court.

6. Take the documentation from step 2 to 5 to the stockbroker/custodian bank of the deceased.

7. They shall verify this information and help you fill a Private Transfer Form (CDS7) to fill. You also need to open a CDS account if you do not have one already. The stockbroker/custodian bank shall then attach the supporting documentation to the Transfer and forward to CDSC.

8. Our team verifies the documentation and will process the request or communicates back to the stockbroker/custodian bank any concerns noted for them to inform you for amendment.

*Note. Because of the multiple parties involved, it is hard to give a time frame for how long a transfer process will take. However, CDSC processes transfer requests within 24 hours.

Correction on Step 5
If the value of the shares is below Kes.100,000 you will need a grant of letters of administration and an indemnity letter from the Deputy Commissioner's office. If the value is above Kes.100,000, you can visit a public trustee.

They shall make a determination of whether to write for you a letter themselves or refer you to the courts to start the succession process. If they refer you to the court, the end process is a Grant Certificate and a letter of administration from the court.