“Every participant shall provide an option to the beneficial owner to nominate, in the manner as may be specified, a person who shall be authorised to conduct transactions on behalf of the beneficial owner in the event of the incapacitation of the beneficial owner,” Sebi said in a notification.
The new rules are aimed at enhancing investor convenience and introducing uniform standards for nomination facilities across the Indian securities market.
In the case of joint ownership, the owners can collectively nominate a person to receive the securities in the event of death of all the joint beneficial owners.
Further, the depository and participant will not be held liable for any action based on the nomination provided by the beneficial owner.
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To give this effect, the Securities and Exchange Board of India (Sebi) has amended Depositories and Participants Regulations that became effective from November 28.
