SEBI Updates Nomination Rules: Mandatory for Single Holdings, Optional for Joint; Up to 10 Nominees Allowed, Effective 2025.

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....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. - St.........