Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
SEBI issued a circular revising and revamping nomination facilities for demat accounts and mutual fund folios. Key points: Reiteration of Existing Norms: - Rule of survivorship for joint accounts upon demise of holders. - Simultaneous death of joint holders - assets transmitted to nominee(s) or legal heir(s). - Nomination mandatory for single holdings, optional for joint holdings. Revamped Norms: - Investors to provide nominee's personal identifiers like PAN/DL/Aadhaar and contact details. - Up to 10 nominees permitted. Nominee can operate incapacitated investor's account. - Simplified transmission to nominee(s) by submitting death certificate and nominee's KYC. - Nominee(s) to facilitate transfer to legal heir(s) of deceased investor. - Standardized nomination form and procedure for opting out. The circular aims to prevent unclaimed assets and streamline nomination and transmission processes in the securities market. It comes into effect from March 1, 2025.
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