SEBI: Do you invest in stock markets? But have you added a nominee to your demat account? Not yet? But good news for you. As originally decided.. the deadline for nomination for demat account was to end on March 31 this year. However, recently the market regulator Sebi has taken a key decision. It has announced that the deadline for adding a nominee or withdrawing from the nomination has been extended by another 6 months. That means now that deadline is till September 30. Accordingly, all the stock market traders and investors must add the nomination to the demat account. Even those who are not nominated have to give a declaration that they don’t want to be named. Recently SEBI has issued a circular to this effect. SEBI has announced to add nominees to demat accounts first in 2022, on February 24. Then 2022, March 31 was fixed as the deadline. But many people are not aware of this.. It is because many people have not added yet that it has been extended for one year i.e. 2023, on March 31. Recently, the decision has been taken to extend the final date for another 6 months. If the nomination process for the demat account is not done.. the concerned demat account will be frozen. That means it becomes useless. It is known that demat account is mandatory for trading in stock markets. The number of people who invest in stock markets is also estimated based on the demat account number. Once it is frozen, buying, selling and long-term investments in stocks will not be possible.
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So.. it is mandatory to add the nominee or give a declaration of non-adoption. This is brought in keeping in mind the security of the investor’s family. If the nominee is not added.. at the time of sudden death of the investor.. the amount in it will not belong to anyone. If a nominee is added.. that person will get that amount in the form of percentage. So.. Traders must keep this in mind. Stock market brokerages including SEBI are advising investors who have not yet done this process to complete it soon.
Now let’s know how to add nominee to demat account.
You need to login your Demat account. It will also be on the website of the brokerage you have taken. (For example Angel Broking, Upstox, Zerodha etc..)
Select My Nominees in the profile segment. It will redirect you to nominee details page. If there is already a nominee it will appear in the records. There is a chance to select maximum three people.
There you have to select Add Nominee or Opt-Out.
Nominee details should be entered. Nominee ID proof is also required to be uploaded.
After uploading these documents nominee share percentage should also be entered. That means you have to specify the percentage you want to pay to the nominee. Maximum 100 percent.. If more than one person chooses they have to share the percentage.
e-Sign on the document through Aadhaar OTP verification.
Your nomination add process will end.
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