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A modified nomination framework from the Securities and Exchange Board of India, notified through a circular dated 29 May 2026, took effect on 1 September 2026. From this date, every new single holder demat account or mutual fund folio must carry either a nominee or a signed declaration opting out of nomination, while joint holdings remain exempt from the requirement. SEBI said the framework is intended to ease the transmission of investments to legal heirs and reduce the pool of unclaimed financial assets sitting in the securities market. The requirement applies to newly opened single holder accounts and folios rather than retrospectively freezing existing ones without a nominee.