Just like bank accounts, a nominee is designated in a demat account. Adding and updating a nominee in a demat account has become much easier than before. Let's understand the process...

Adding a nominee to your demat account is very easy; learn how to complete this process in minutes.

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Demat Account Nomination: A demat account serves as a digital account in which investors hold their shares, bonds, and securities. Just like bank accounts, a nominee is designated. Adding and updating a nominee in a demat account is now much easier than before.

Investors can complete this process digitally. Whether it's creating a nominee for the first time or making a change, you can do this in just a few minutes. Let's learn about the process...

How to add a nominee in the brokers app

Most brokers' apps offer the ability to add or change a nominee online through Aadhaar eSign. Customers can go to the app or their website and select the Profile section. Then, go to Account Settings and select the Nomination section.

After entering all the nominee information, it must be verified using the Aadhaar OTP. It typically takes 2 to 3 days for the nominee change to be processed. 

How to add a nominee on the NSDL portal

If you have a demat account with NSDL, updating your nominee is also very easy. You can log in via OTP on the NSDL portal using your DP ID, Client ID, and PAN. After logging in, select the "I wish to nominate" option and enter all the nominee details.

Finally, upon completing Aadhaar eSign, your request is sent to the DP. You will then receive an SMS informing you of the approval or rejection.

Who can be the nominee?

Only an individual can be nominated. No company, trust, society, or partnership firm can be nominated. Furthermore, no more than three nominees can be added to a demat account, and the share of each nominee must be specified.