NSDL to allow up to three nominations in single demat A/C

National Securities Depository Ltd is in advanced stage to offer the benefit

Country's largest depository NSDL will soon allow demat account holders to nominate up to three persons for their holdings in a single account.

National Securities Depository Ltd (NSDL) is in advanced stage to offer the benefit.

"Very soon we are going to offer up to three nominations for any single demat accounts, as against only one nomination which was allowed so far," NSDL executive VP Samar Banwat told PTI.

He said the process of system integration is already on and the facility would be unveiled to demat account subscribers as early as this month or January.

With the new facility, a demat account holder could distribute his securities holdings either in prorata or offer certain stocks to any particular nominee out of permissible limit of three.

The new modification in nomination comes after complaints of hiccups faced by demat account holders in distributing their wealth to more than one person/legal heir.

NSDL claimed to have 89 per cent of the demat securities of the country with cumulative value of over Rs 130 lakh crore in 1.48 crore accounts.

Another depository, Central Depository Services Ltd could not be reached for their comment on whether they were also contemplating similar benefit on nomination.