Separate nomination

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2009 I have a doubt regarding separate nomination. Suppose, I hold in my DP account some securities pertaining to different companies in dematerialized form. I want to nominate my father against some securities of specified companies and for rest of the securities pertaining to other companies I want to nominate my mother. Can I do so or do I have to nominate only one person for the entire securities held by me in my DP account?

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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30 November 2009 NOMINATION

Nomination can be made only by individuals holding beneficiary accounts either singly or jointly. Non-individuals including society, trust, body corporate, partnership firm, karta of Hindu Undivided Family, holder of power of attorney cannot nominate.

Nomination is permitted for accounts with joint holders. But, in case of death of any of the joint holder(s), the securities will be transmitted to the surviving holder(s). Only in the event of death of all the joint holders, the securities will be transmitted to the nominee. NRI can nominate directly. But, the power of attorney holder cannot nominate on behalf of NRI. NRI can be a nominee subject to the exchange control regulations in force from time to time. A minor cannot nominate either directly or through its guardian. But a minor can be a nominee. At present only one nomination can be made for one depository account. Nomination can be made account wise and not security wise.

Querist : Anonymous

Querist : Anonymous (Querist)

30 November 2009 Dear Expert, Thanks a lot for the reply. Regards.

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