Further to the above query.....
In case of all bank accounts and other financial instruments, the Nominee is only a trustee and not a owner. Is the status of the nominee same in case of Equity Shares and other such instruments, (in view of Justice Roshan Dalvi's Order, probably of 2010 (refer https://www.moneylife.in/article/bombay-hc-rules-that-nominees-not-legal-heirs-get-ownership-rights-of-shares/5297.html being challenged in the Supreme Court). Also what is the legal status of a nominee of an Insurance Policy and Nominee of a Real Estate?
If a joint account holder with a mandate to the bank E or S dies, the bank pays the balance to the joint holder, irrspective of the nominee of the deceased. What is the status of the nominee vis-s-vis the joint holder. Assume they held the joint account in equal proportions.