SEBI Proposes Major Changes to Demat, MF Nomination Rules

• SEBI issues consultation paper to modify nomination norms for demat accounts and mutual fund folios, aligning with banking standards.
• Nomination to be default for single accounts; investors must explicitly opt-out, with a pop-up explaining benefits.
• Mandatory nominee information reduced to name and relationship; other details like address and percentage share become optional.
• Proposed increase in nominee limit to four, matching banking norms, instead of the ten previously suggested.
• SEBI clarifies nominees act as trustees only after investor's demise; Power of Attorney for incapacitation.