Security Exchange Board of India (SEBI) has given time till December 31 to add nominee to demat account and mutual fund account. Know here what is the process of adding it.
The year 2023 is about to end. Before the end of this year, there are some tasks which you have to complete at any cost, otherwise you may get into trouble. One of these important tasks is to add nominee in the demat account. If you have a demat account and do not have nominee added in it, then definitely complete this work by 31st December, otherwise your account may get frozen.
Security Exchange Board of India (SEBI) has given time till December 31 to add nominee to demat account and mutual fund account. You do not need to go anywhere to add a nominee in the demat account, you can do this work very easily even while sitting at home. Know its process-
Add nominee like this
- To add a nominee in the demat account, you will first have to log in to the account.
- After this, go to My Profile section and go to Nominee Details.
- Now select Add Nominee or Opt Out option.
- After this, fill the nominee details like name, PAN number, address etc. and upload the ID proof.
- Next, enter the nominee’s share in ‘percentage’.
- Then enter the Aadhaar number and e-sign the document through OTP.
- After this, document verification will take place and the nominee will be added in 24-48 hours.
Why is a nominee necessary?
If the account holder dies due to any reason, the nominee legally takes over his responsibility. The nominee has the right to close the account by withdrawing all the money from that account. However, it is not necessary that the nominee be your successor.
You can also make a family member, friend or any other trusted person as your nominee. The nominee is the person who distributes your property to your heirs according to the guidelines specified by you. If there is no nominee for your property, then the property may sink after the death of the owner.
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