Eligibility and nominee selection
To be eligible to nominate, the individual should be a sole or primary account holder of the demat account. Joint holders can also nominate. However, nomination is not possible in non-individual demat accounts.
Nominees can be individuals, including family members. It is advisable to communicate with the chosen nominee to avoid disputes in the future.
Nomination process
A nomination form can be obtained from the DP (depository participant) or downloaded from its website. The individual must provide his personal information and demat account number. Information regarding the nominee should include name, any existing relationship with the account holder, date of birth, and address. The percentage of nomination should also be mentioned in the nomination form in case of multiple nominees.
Online nomination
Nomination can also be done online by visiting the DP or depository website. In this case, nomination details can be filled online and verification can be done using the Aadhaar-based OTP authentication process.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
Read More News on
(Your legal guide on estate planning, inheritance, will and more.)
Download The Economic Times News App to get Daily Market Updates & Live Business News.