Nomination Facility
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Who can nominate?
Nomination can be made only by individuals holding beneficiary accounts 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.
Can joint holders nominate?
Yes. Nomination is permitted for accounts with joint holders.But, in case of death of any of the joint holder(s), the securities will be transmitted to the surviving holder(s). Only in the eventof death of all the joint holders, the securities will be transmitted to the nominee.
Can a NRI nominate?
Yes, NRI can nominate directly. But, the power of attorney holder can not nominate on behalf of NRI.
Can a minor nominate?
No, a minor can not nominate either directly or through it’s guardian.
Who can be a nominee?
Only an individual can be a nominee. A nominee shall not be asociety, trust, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attorney holder.
Can there be more than one nominee?
No, at present only one nomination can be made for one depository account.
Can a minor be a nominee?
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 submitted to the DP.
Can separate nomination be made for each security held in adepository account?
No. Nomination can be made account wise and not security wise.
Can a NRI be a nominee?
Yes, NRI can be a nominee subject to the exchange control regulations in force from time to time.
What is the procedure for appointing a nominee?
The nomination form (format provided as annexure on pageno. 31) duly filled-in should be submitted to the DP either atthe 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. If nomination was not made at the time of account opening, it can be made subsequently by submitting the nomination form.
Can the nominee be changed?
Yes, the nomination can be changed anytime by the accountholder/s by simply filling up the nomination form once againand submitting it to the DP.
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