If you have physical shares you require to transfer it due to certain reasons. In our experience we see this problem with techies who have migrated outside the country.
This is a different animal. Most complicated, most painful and most of the money is lost here. These are typical cases when the owner of the shares dies and the legal heirs have to get it transmitted in their favour.
Sometimes shares are obtained in joint names. If one of the shareholder dies the shares will have to be transmitted to the surviving shareholder.
Sometimes name of the shareholder is changed completely ot due to change in marital status. In these situations name in the share certificate will have to be changed to the present name.
There is no bar in holding share in physical form. However if the shares have to be traded in the stock market, they have to be demated first.
If a will has been made by a original shareholder, by law, the will has to be probated if the will is made n any one of the 4 metros. Even if the will is made out side metros, some companies insist on probate
A person is said to have died intestate when he/she does not leave behind a legal will. Such is the scenario when the requirement of obtaining a Succession Certificate jumps in.