The last date to add a nominee to the demat account is 31st December. If you have not yet updated the nominee details in your account, then add the nominee's name to the account by the end of December. Failure to do so may result in your demat account being frozen. Today we are giving you detailed information about the process of adding a nominee to a demat account.
Last chance to add a nominee
Security Exchange Board of India (SEBI) has kept December 31 as the last date for adding nominees to the demat account. If you have not added nominees to your account then do so before the last date. As we mentioned above, accounts that do not do so will be frozen.
Market regulatory agency SEBI has also issued instructions to physical security holders to update information like PAN, nomination, and KYC details by December 31.
What will happen after the account is frozen?
The account of users who do not update the nominee details in their demat account by December 31 can be frozen. Although your Demat account will not be closed you will not be able to do any kind of transaction from this account.
How to add a nominee to the demat account
Step 1 – First of all you have to log in to your demat account.
Step 2 - After logging into the demat account, you have to go to the profile segment and click on the 'My Nominee' option.
Step 3 – Here you will see 'Add Nominee' or 'Opt-out' options. One of these options has to be chosen.
Step 4 – On the next page you have to share the nominee details. Along with this, valid ID proof of the nominee will also have to be uploaded. If you are making more than one nominee then you will have to fill the nominee share also.
Step 5 – After completing the nominee details, you will have to submit the OTP by entering the Aadhar card number. In this way, you will be able to easily add nominees to your account.
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