Nominee, add nominee to your demat account otherwise your equity holding become zero in case you die or lost about your investment.
CDSL is india’s largest depository in india. CDSL announced few days before, it crosses 80 millions active demat account holders. But inactive account holders also increases.
Inactive demat account number is increasing in india in last 2-3 months, because same person opening multiple demat account with different brokers.
Becuase of inactive account broker make it dormant and you can’t open your demat account if you miss rekyc.
Dormant Demat Account Meaning
Dormant demat account means no transaction is done in last 365 day. A demat account can be declared a dormant account if it hasn’t had any transaction from 12 months, it may be vary from broker to brokers.
SEBI passes this circular to exchanges make demat account dormant if no transaction is done in one year.
SEBI do this because some times broker misuse of clients demat account for illegal activities or some time hacker hack clients demat account.
When you add Nominee to your demat account and your account become dormant then broker send email and sms to nominee about demat account.
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Nominee Meaning ?
Nominee is someone who has been designated in the application as the person who would receive the proceeds of the account in the case of unexpected death.
Upon the account holder’s death, you can specify to what extent shares or securities should be transferred to each nominee. Currently you can add maximum 3 nominee to your demat account.
You can make any family member a nominee like father, brother and sister and divide percentage to every member.
Nominee Add Last Date As Per SEBI
Last date for nominee add in demat account is March 2023. SEBI extends nomination deadline for trading, demat account holders till March 2023. After you can’t add nominee to demat account.
Nominee How to Add with Demat Account ?
Mainly there are two ways to add nominee to our account first one is offline mode and second is online. Offline mode is time consuming because it take 1-2 months to add nominee.
Online mode is fast and easy to implement. Different broker have different type we choose angel one same for others but with a small difference.
- Login to Angel One Website
- Find the Dropdown Menu on the right-hand side, next on to your Client ID. Click on My Profile to find the add nominee option.
- Click on ‘Add Nominee’ and add details like name, date of birth, relationship, PAN and allocation %
- Add multiple nominees, repeat Step 3
- Click on ‘Proceed for E-Sign’ and enter your Aadhar number
- Now enter the OTP received on the mobile number linked with Aadhar and complete the process