My broker told me that I cannot have more than one person as a nomine on my demat account. Is that correct?
I would like to nominate four of my relatives, giving them a 25% nomination. How do I do that?
Akash (XYZ) 19 May 2015
My broker told me that I cannot have more than one person as a nomine on my demat account. Is that correct?
I would like to nominate four of my relatives, giving them a 25% nomination. How do I do that?
bsrao 19 May 2015
True. There can be only one nominee.
Nomination is not a will. Neither there is any law making it mandatory to nominate. You can leave it blank and implement your intentions by drawing a will.
Akash (XYZ) 20 May 2015
Thank you for your response.
If I do a will, then wouldn't the will need to get probated before the shares are transferred to my relatives? Wouldn't that be costly and time consuming? What would be the alternate way out?The value of the shares are more than Rs.100,000.
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