Rakesh Jhunjhunwala Died At 62: Everything You Need to Know About The Transfer Of Portfolio Of The Deceased
The ‘Big Bull of India’, Rakesh Jhunjhunwala bid goodbye to the world at the age of 62, leaving the entire nation in grief. The Rakesh Jhunjhunwala death news sent shock waves across the country, especially to the stock market and the investors.
The untimely death of the ace investor has left people bewildered about the conditions laid on the transfer of shares and stocks of the deceased.
About The ‘Warren Buffet’ Of India
Rakesh Jhunjhunwala was a chartered accountant by profession. He came from the desert state of the country, Rajasthan. Notably, Jhunjhunwala began dabbling in the stocks while he was still in college, and moving ahead, he carried on managing a stock trading firm, known as RARE Enterprises.
Due to his fine knowledge in various investment segments, both retail as well as institutional investors looked upon Rakesh Jhunjhunwala’s portfolio to fetch impressive returns. They trusted the moves made by the ‘Big Bull’ of the Indian stock market and that’s why they always use to keep a tab on the stocks that he added or trimmed from his profile.
Recently, Rakesh Jhunjhunwala promoted the newest airline in India, Akasa Air. He came up with this business venture to make air travelling experience available at an ultra low-cost. The public launch of the airline was done recently, and Mr. Jhunjhunwala was a part of the event.
The Warren Buffett of India, Rakesh Jhunjhunwala has an estimated net worth of $6 billion. Rakesh Jhunjhunwala net worth was a shocker as well as inspiration for many investors.
According to media reports, Rakesh Jhunjhunwala family was surrounded by his close aides while he passed away. Furthermore, the cause of death was also not announced by the doctors or the family members. However, the sources told the media that Jhunjhunwala died due to cardiac arrest.
Transfer Of Stocks And Shares Of The Deceased
In the event of untimely demise of a person, his shares or stocks are generally passed on to the nominee. This happens ones the nominee presents and submits the death certificate copy that should be attested by a gazetted officer.
The form should be registered to the appropriate custodian, such as CDSL or NDSL. On the other hand, if the nominee is not registered, the heirs of the deceased will have to submit either of the documents mentioned below;
- Probate of Will
- Succession Certificate
- Letters of Administration
In this case, it would be Rakesh Jhunjhunwala son.
Technically, a nominee is a trustee and not the owner of the stocks. In addition, if there’s a will of the deceased, the shares will be dealt as per the will. Otherwise, the stocks and shares will be distributed among the legal heirs of the deceased as per Hindu Succession Act.
Everyone Loved Him Due To His Friendly Nature
Jhunjhunwala’s unmatched communication skills helped the small investors understand the stock market. Businessmen and bankers based in the India’s financial capital, Mumbai, admitted that Jhunjhunwala loved to explain the working of the stock market to people who had interest in investments. People who interacted with the Big Bull in the past 30 years claim that he had excellent communication skills, which made him different from other players in the market.
Reportedly, Jhunjhunwala’s bets included number of companies operated by the Tata Group. The names included Tata Communications and Indian Hotels Co, watchmaker Titan, Tata Motors, etc. The other investments done by this ace investor included Indiabulls Housing Finance, Federal Bank and Star Health Insurance.
Rakesh Jhunjhunwala’s Cause Of Death
The Big Bull of the Dalal-Street was pronounced dead at the Breach Candy hospital in Mumbai, where he was brought at around 6.45 am.
The series of mourning began on social media as soon as the demise of the ace investor was announced. Major politicians, business leaders, big and small investors, everyone paid homage to this unmatched personality.
Even the Prime Minister of India, Mr. Narendra Modi took to his twitter handle to send condolence to the family. He wrote, “Rakesh Jhunjhunwala was indomitable, full of life, witty and insightful. He leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers, om Shanti”.
Rakesh Jhunjhunwala was indomitable. Full of life, witty and insightful, he leaves behind an indelible contribution to the financial world. He was also very passionate about India’s progress. His passing away is saddening. My condolences to his family and admirers. Om Shanti. pic.twitter.com/DR2uIiiUb7
— Narendra Modi (@narendramodi) August 14, 2022
Similarly, Uday Kotak, the chief execute of Kotak Mahindra and a friend from his school days said, “Jhunjhunwala has believed stock market in India was undervalued”, and that was right. He further said, “Jhunjhunwala was incredibly sharp in understanding financial markets, we spoke regularly, more so during COVID. We will miss your Rakesh”.
Rakesh Jhunjhunwala: my school and college mate. One year my junior. Believed stock India was undervalued. He is right. Amazingly sharp in understanding financial markets. We spoke regularly, more so during Covid. Will miss you Rakesh!
— Uday Kotak (@udaykotak) August 14, 2022
According to reports, Rakesh Jhunjhunwala health was not up to the mark for the last few days as he was suffering from multiple health problems, including kidney issues and diabetes. Due to his health ailments, he did not even appeared in public for a very long time. Last time he was seen at the launch of Rakesh Jhunjhunwala airlines.