SEBI mandates nomination for Eligible Trading and Demat Account for new and existing account holders
Section 73 of Companies Act, 2013 provides for nomination by a holder of securities. SEBI has issued guidelines for nomination for Eligible Trading and Demat Account. Investors opening new trading and or demat account(s) on or after October 01, 2021, shall have the choice of providing nomination or opting out nomination.
The both nomination and Opt out of nomination shall be done in prescribed formats
It has been mandated that Trading Members and Depository Participants (intermediaries) shall activate new Trading and Demat accounts from October 01, 2021, only upon receipt of nomination forms.
The nomination and Declaration form shall be wet signed by the account holder(s) and no witness shall be required except for account holder(s) affixing thumb impression.
The on-line nomination and Declaration form may also be signed using e-Sign facility and in that case witness will not be required.
All existing eligible trading and demat account holders are required to provide nomination on or before March 31, 2022, failing which the trading accounts shall be frozen for trading and demat account shall be frozen for debits.
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