SEBI Revises Nomination Rules for Securities Market: Three-Phase Implementation Allows Online Opt-out and Multiple Nominees

SEBI has issued amendments and clarifications to the January 2025 circular on nomination facilities in Indian securities market, implementing changes in three phases starting March 1, 2025. Key modifications include allowing surviving joint holders to update details during/after transmission without mandatory KYC reverification, permitting single holders to opt-out of nomination online/offline, enabling nominees to operate accounts during investor's incapacitation, and clarifying transmission procedures. The circular introduces pro-rata distribution among multiple nominees with odd lots going to first nominee. Implementation timeline spans Phase I (March 2025), Phase II (June 2025), and Phase III (September 2025). AMCs and Depositories must..... .....

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