Nominee in Demat Account Mandatory

Posted In India - By NitiN Kumar Jain On Friday, February 20th, 2009 With 0 Comments






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Recently, National Securities Depository Limited’s (NSDL) NSDL/POLICY/2009/0002 has made nominations mandatory for all Demat accounts.

If you use ICICI Demat account and you have not mentioned your nominee yet then you must receive an email from ICICI to do that on urgent basis.

Following is the extract of the mail:

We have observed that your demat account does not have a nominee. Hence we advise you to opt for a nominee by filling up the nominee registration form which is available at any ICICI Bank branch offering demat services. You can also click here to download the Nomination updation form.

In case, you do not wish to appoint a nominee for your account, please fill the declaration indicated at the end of this letter, and submit it at any ICICI Bank branch offering demat services. For a list of ICICI Bank branches that offer demat services, please click here.

Please note that as mandated by NSDL, the nominee registration form (in case you are opting for a nominee) or the below- indicated declaration (in case you are not opting for a nominee) must be submitted at any ICICI Bank branch offering demat services before April 30, 2009.

Nominees can be appointed by individuals only. Non-individuals including society, trust, body corporate, partnership firm, karta of Hindu Undivided Family, holder of power of attorney cannot nominate.

If you have already furnished the nomination details recently and got it updated in your demat account, please ignore this email.

Sincerely,

ICICI Bank Demat Services

To know more about the Nomination facility, please call us at our Customer Care numbers or write to us using the “E-mail Us” option at our website, http://www.icicibank.com/.


Declaration for not availing nomination facility.

This declaration should be signed, if you do not wish to avail of nomination facility. This document is mandatory as per NSDL circular no. NSDL/POLICY/2009/0004 dated January 9, 2009.

1. As per NSDL guidelines, I/we confirm that I/we have been explained about the benefits of nomination facility in respect of my/our demat account by the official.

2. I also understand that in the event of my/our demise, the process of “transmission” will have to be followed by the legal heir as per the guidelines set by NSDL, by visiting any ICICI Bank branch offering demat services.

3. I/We the undersigned do not wish to make a nomination in respect of my/our demat account.

DP ID: IN________________                        DP Account no: _______________

X.___________________      X._____________     X.________________

Signature of First Holder            Signature of Second Holder  Signature of Third Holder