Demat Account Nomination- Demat account holders who have already given nomination details need not submit it again. Nomination can be done online.
New Delhi. If you also invest money in the stock market, then this news is useful for you. The Securities and Exchange Board of India (SEBI) has made it mandatory for all Demat Account and Trading Account holders to declare Demat Account Nominee. The demat account holder who will not do this, his demat account will be frozen.
The last date for declaring nominee in demat account is March 31, 2023. If you have not yet declared the nominee for the demat account, then do this immediately. Earlier, the deadline for doing this work was March 2022, but SEBI, in consultation with different stakeholders, extended this date by one year.
Demat account holders who have already submitted nomination details need not submit the same again. Investors can make their nomination through two-factor authentication log-in on the trading platform with the help of stockbrokers or Depository Participants providing services related to demat accounts.
This work will be done online
Nominee’s name can be added online in the demat account. Nomination or declaration forms can also be filled online using the e-signature facility.
- First of all login to demat account.
- Go to ‘Profile segment’ and go to ‘My nominees’
- Select ‘add nominee’ or ‘opt-out’.
- Fill the details and upload an ID proof of the nominee
- Enter the nominee share in percentage
- E-sign the document with Aadhaar OTP. Nominee will be added after checking the details of the nominee.
Can make 3 nominees
An account holder can make a maximum of three nominees in a demat account. For example, if someone wants to add three nominees, he can give 50 percent to Nominee 1, 30 percent to Nominee 2 and 20 percent to Nominee 3.
Who can be made a nominee?
Father, mother, spouse, sibling, child or any other person can be nominated. A minor can also be added as a nominee. The details of the guardians of the minor will have to be given.
