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BASIC GUIDELINES FOR NOMINATION IN DEMAT ACCOUNTS Nomination can be made only by individuals holding beneficiary accounts on their own behalf either singly or jointly. Non-individuals including society ,trust body corporate, partnership firm karta of Hindu Undivided Family, holder of Power of Attorney cannot nominate.
Yes. Nomination is permitted for accounts with joint holders. But, in case of death of any of the joint holder, the securities will be transmitted to the surviving holder(s). Only in the event of death of all the joint holders, the securities will be transmitted to the nominee.
Yes, NRI can nominate directly. But, the power of attorney cannot nominate on behalf of NRI.
No, a minor cannot nominate either directly or through its guardian.
Only an individual can be a nominee. A nominee shall not be a society, trust, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attornery holder.
No. at present only one nomination can be made for one depository account.
Yes, a minor can be a nominee. In such a case, the guardian will sign on behalf of the nominee and in addition to the name and photograph of the nominee, the name, address and the photograph of the guardian must be given.
No. separate nomination cannot be made for each security. Nomination can be made account wise and not security wise.
Yes, NRI can be a nominee subject to the exchange control regulations in force from time to time.
The nomination form duly filled-in should be submitted to the DP either at the time of account opening or later. The account holder, nominee and two witnesses must sign this form and the name, address and photograph of the nominee must be submitted.
Yes, the nomination can be changed anytime by the account holder by simply filling up the nomination form once again and submitting it to the DP. The account holder, nominee and two witnesses must sign this form and the name, address and photograph of the nominee must be submitted. In case of joint holders, all joint holders must sign.
In case of the death of the sole holder or all the joint holder, the nominee must submit a duly filled-in transmission form and give the notarized copy of the death certificate and an affidavit in the prescribed format. After verifying these documents, the DP will transmit the securities to the account of the nominee.
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