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How to Add a Nominee to My Demat Account?  

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Investors can choose to add a demat account nominee or decide against nomination in demat account. Assigning a nominee facilitates an effortless transfer of holdings in unforeseen situations. To proceed, submit the nomination form to your broker. If this is not completed, debit transactions from your account will be restricted starting March 31, 2024.

Definition of Demat Account

Stock investing requires you to open a Demat Account with a stock broker registered with the Securities Exchange Board of India (SEBI).

A Demat account is a mandatory account to hold financial assets in the online trading system where stock exchanges operate online and deal with digital financial securities only. A single Demat account can hold different assets, including equities, mutual funds, bonds, IPO issues , derivatives, etc. It is a safe storage for your assets as each debit or credit entry in your Demat account is completed following a secured process defined by the SEBI.

What is a Nominee in Demat Account?

Among various Demat facilities, one is nomination in demat account. A nomination facility helps easy transfer of securities in the event of the demise of the Demat account holder.

How to Add a Nominee in Demat Account? Step-by-Step Guide  

If you are wondering about how to add nominee in demat account, this blog got you covered. If your Aadhaar number is linked to your mobile number, you can add a Demat account nominee online at the official website of your stockbroker or central depositories NSDL/CDSL. Or you can visit your brokerage firm’s office for offline processing. You will need to submit the filled-in Annexure A - nomination form as per the SEBI circular.

 

Online Process

To check or add a nominee in your Demat account, the online process offers a simple and hassle-free option. You can add a nominee through the web or mobile application, both offering secure and user-friendly experiences. Ensure your Demat account is linked to your registered mobile number and email for OTP verification.

 

On Web

  1. Log in to your Demat account via the web portal.
  2. Navigate to the ‘Account Settings’ or ‘Profile’ section.
  3. Select the ‘Nominee Details’ option.
  4. Click on ‘Add Nominee’ and enter the nominee's details.
  5. Verify the nominee information and submit the request.
  6. An OTP will be sent to your registered mobile number for confirmation.
  7. Enter the OTP to finalize the nominee addition.

 

On Mobile 

  1. Open the Bajaj Broking app and log in using your credentials.
  2. Navigate to the ‘Settings’ or ‘Profile’ tab.
  3. Look for the ‘Nominee’ section under account details.
  4. Tap on ‘Add Nominee.’
  5. Enter the nominee's name, date of birth, and relationship with the account holder.
  6. Confirm the details and submit the request.
  7. Authenticate the process via OTP sent to your registered number.

 

Offline Process:

  • Visit your brokerage’s nearest branch or service center.
  • Request the ‘Nominee Addition Form’ and fill it out with the necessary details.
  • Attach a copy of your PAN card and proof of identity for both yourself and the nominee.
  • Submit the form to the respective official and ensure you receive a receipt or acknowledgment of submission.
  • Once submitted, the broker will verify the details, and the nominee will be added to your Demat account within a few working days.

How to Check Nominees in Demat Account?

You can log in to your Demat account to check if you have added a nominee while opening your Demat account.

Who can become a nominee?

A nominee for your Demat account can be any individual you trust, usually a family member or a legal heir. It is not necessary for the nominee to hold a Demat account. The nominee’s role is to receive the benefits or holdings in your Demat account in case of unforeseen events. Multiple nominees can be added, and the shares can be allocated in percentages.

How Many Nominees Can be Appointed?

Demat account holders are allowed to add up to three nominees. If you are nominating more than one person, you need to specify the share percentage of each nominee. If it is not mentioned, it will be assumed equal for all.

Tips for Choosing the Right Nominee    

  • Ensure the nominee is someone you trust, such as a close family member.
  • Consider nominating someone who understands your financial goals and can manage the assets appropriately.
  • You can nominate multiple individuals, so diversify nominations based on your share distribution preferences.
  • Reassess your nominee choices regularly and update the nominee as your life circumstances change, such as after marriage or the birth of children.
  • Keep the nominee informed about their role and your investment holdings.

What are the Benefits of Appointing a Nominees

If a Demat account holder does not designate a person as his/her nominee, the legal heir of the account holder has to request for transmission of the Demat securities in their name, in the event of the Demat account holder's death. It makes the process of receiving beneficiary ownership of Demat securities may be lengthy and hassled without nomination.

Key benefits of assigning a nominee, include:

  • Nomination ensures that an investor's Demat assets will be transferred smoothly after his/her demise.
  • It can help speed up the transmission process of asset transfer.
  • Investors can avoid potential disputes about ownership benefits among their heirs.

The account holder can complete the nomination process without the beneficiary's approval at any time.

Conclusion

Thus, adding a Demat account nominee gives an investor peace of mind knowing that their investments will be taken care of in the event of their unfortunate demise. In the presence of a nominee, the process of share transmission becomes a lot easier. The legal heir does not have to gather a NOC (No Objection Certificate) and required affidavits from the courts.

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Frequently Asked Questions

Can a Nominee Be a Non-Resident Indian (NRI)?

Answer Field

Yes, an NRI can be added as a nominee to your Demat account. However, you need to ensure that the necessary details such as NRI status and overseas address are correctly provided when adding the nominee.

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