The nomination works in the same way as the nomination in a bank account. Here are key points:
- Nomination facility is available to individual demat accounts only. This facility is not available to non-individual accounts i.e. corporate, partnership firm etc.
- The nomination is available in joint demat accounts also. In case of the death of one holder, the ownership is transferred to the surviving partner. When all holders are dead, it is transferred to the nominee in the account.
- Only individuals can be the nominee.
- A minor cannot be a nominee.
- Only one nominee is allowed per demat account.
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