Section 16(3) in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
(3)The office of the issue shall not be bound to recognise such executors or administrators unless they shall have obtained probate or letters of Administration or other legal representation as the case may be from a competent court or office in India, having effect at the place of situation of the office of issue. Provided nevertheless that in any case where the prescribed officer shall in his absolute discretion think fit, it shall be lawful for him to dispense with the production of probate, letters of administration or other legal representation upon such terms as to indemnity or otherwise as he may think fit.
