1197229 SIP myths you must know!
Sebi has made only updating of nomination details in demat accounts compulsory. You have all the right to deny if you don’t want to add a nominee to your dematerialised account.
Deadline for updating nomination details in demat accounts is September 30, 2023. Failing which, you might not be able to withdraw cash from your demat account. If you have demat account with country’s largest brokerage firm, Zerodha, then, you can update nomination details on its platform. You can check on its platform whether you had mentioned nomination details at the time of opening your demat account or not.
Follow these steps:
To check whether nomination details are already updated or not:
1. Go to https://console.zerodha.com/dashboard
2. Click on menu icon at top right of screen
3. Click on My Account
4. Click on Nominees
5. A new page will open. If your nomination details are already updated, then, it will be mentioned that your account complies with Sebi’s nomination norms. And nomination details will be shown as submitted.
To update nomination details:
Follow steps 1 to 5:
6. But, if nomination details are not added. Then, click on add nominee(s) – You can add upto 3 nominees per demat account
7. If you want to add only one nominee, then, click on add nominee and fill up the details like name, DOB, your relationship with him/her
8. Select the nominee’s proof of identity like PAN, Aadhaar, Voted ID, Passport, etc.
9. Select percentage of share (This will establish how your portfolio will be divided among the nominees, if you want to add more than one nominee, after your death and in what percentage. If you want to add only one nominee, then, mention 100 per cent in the percentage of share option
10. Click on continue
11. Click on proceed to e-shine
12. Click on sign now
13. Enter your Aadhaar number and click on verify OTP
The nomination details filing process will be completed. It will show “Signed Successfully.” You will get a confirmation email from Zerodha within 72 hours of the completion of this process.
Adding nomination details will be mandatory, but not nominee!
Remember: Sebi has made nomination details in demat accounts compulsory. Adding a nominee to your demat account is still not mandatory!