Power of Attorney: procedure
( I) A written application for registration of power of attorney from the Client. (In case of joint holdings, all holders must sign the application);
(II) Latest transaction statement of the account received from the DP-required. In case a Client (sole holder or either of the holders) personally visits the DP's office to submit an application (signed by all holders in case of joint holdings) for registration of power of attorney along with necessary documents, the DP need not obtain the transaction statement from such Client.
(III) Proof of address & proof of identity for both parties.
(IV) The Client should personally visit the office of the DP where the Client maintains and operates his/her account and submit the application for registration of power of attorney.
(V) The Client should sign the application once again in the presence of the officials of the DP.
In case the Client(s) is/are temporarily or permanently disabled due to which he/she cannot come in person to submit the documents as mentioned in point (c) above, the thumb impression of the Client(s) on the instruction forms must be attested by a Magistrate or a Notary Public or a Special Executive Magistrate or a similar authority holding a Public Office and authorised to use the Seal of his office or a manager of the account holder’s bank. The Client should also produce a medical certificate about his/her disability.
(VI) Power of Attorney documents should be registered / notarized with sub-registrar office.
(VII) Power of attorney signature should be present on power of attorney documents. Incase not present on the documents, the signature attested by the bank manager with full details.
(VIII) Power of Attorney should be notarized in case of photocopy.
(IX) An authorized official of the DP shall verify the documents with original documents under his name, employee code, designation, signature and branch seal.
(1)
A sample clause is given hereunder which if it forms a part of the Power of Attorney could suffice:
"To sell or otherwise deal with or dispose of and to purchase, subscribe or otherwise acquire in any manner from the market or under public or rights issues or otherwise and accept the transfers of any stocks, funds, shares, debentures, Government and other promissory notes, securities, bonds, debentures, annuities or other mercantile negotiable instruments which shall or may at any time belong to me or which hereafter be transferred to me, whether solely or jointly and whether in my own right or having any other interest of whatsoever nature and however arising and in any capacity whatsoever including those belonging to others with my name and for such purposes to sign, execute or endorse all instruments of transfer and other documents for any purpose what so ever by the virtue of these present."
That SMS alert is mandatory for all depository accounts operated through Power of Attorney except in case of accounts held by non-individuals, foreign nationals and NRIs.
(2)