Nomination
Nomination refers to the process of designating a person (or multiple people) to inherit or receive your assets, such as stocks, funds, or investments, in the event of your death. It ensures that the chosen individual(s) can access and manage your account after you're no longer able to do so.
Why is Nomination Important?
- Legal Protection: Having a nominee ensures that your assets are passed on smoothly and legally to your designated person, without the need for probate or complex legal processes.
- Avoiding Disputes: By nominating a beneficiary, you prevent disputes among family members over who gets access to your assets.
- Compliance: Many financial institutions, including Firstock, require account holders to add a nominee to comply with regulations set by SEBI and depositories (NSDL/CDSL).
How Nomination Works in Firstock:
- Online Process (Recommended): You can add, modify, or remove a nominee directly through your Firstock account's Profile section.
- Offline Process: If you prefer, you can download the Nomination Form, fill it out, and mail it with the required documents to Firstock’s office.
- Regulatory Requirement: Nomination is mandatory for demat accounts as per SEBI regulations. Failing to add a nominee could result in restrictions on your account.
