Demat account shall be frozen for debits if nomination is not done by this date
Nomination in demat account is now mandatory. You have two options: you can suggest someone or you can expressly choose not to.
Existing investors do not need to submit the nomination information again if they have already provided it. By implementing two factor authentication (2FA), current investors can access the online trading platforms of Stock Brokers/Depository Participants that provide these services and submit their nomination information or opt out of nomination (not to nominate anyone).
Also read: Give nominee details for mutual funds by this date to avoid MF folio getting frozen
According SEBI circular dated March 27, 2023 “Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e.furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021 read with para 3 (a) of SEBI circular dated February 24, 2022with regard to freezing of accounts shall come into force with effect from September 30, 2023instead of March 31, 2023.”
You can nominate someone for your demat account online thanks to the assistance of NSDL. (Applicable to residents and individuals with a single demat account). Holders of demat accounts may add up to three nominees using this option.
How to add nominee in NSDL demat accounts
Step 1: Click on https://eservices.nsdl.com/instademat-kyc-nomination/#/login Step 2: Enter DP ID > + Client ID > + PAN >. OTP on mobile number registered in your demat account.
Step 3: Select 'Nominate' OR click on Opt Out. Step 4: e-sign using AADHAAR. OTP on mobile number
