We are in receipt of several queries from DP’s regarding the nomination facility at the time of Account Opening. We give below answers to a few queries raised by the DPs.

Nomination can be made by individuals only applying for/holding shares/debentures on their own behalf singly or jointly upto 2 persons. If the shares are held jointly, all joint holders are required to sign the nomination form.

Non -individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family, holder of power of attorney cannot nominate.

A holder of shares/debentures/deposits can nominate a minor represented by a guardian.

Trust, society, body corporate, partnership firm, karta of Hindu Undivided Family or a power of attorney cannot be appointed as a nominee.

NRI can be appointed as nominee on re-patriable basis.

How many nominee's can be appointed?

Every share holder or debenture holder of a company may nominate a person to whom his shares in or debentures of, the company shall vest in the event of his death. In case the shares or debentures are held in more than one person jointly, the joint holders may together nominate a person to whom all rights in the shares or debentures of the company shall vest in the event of the death of all the joint holders. Thus only one person can be appointed as a nominee.