Simplifying nominations can boost financialisation

The Securities and Exchange Board of India's (Sebi) recent consultation paper aimed at overhauling nomination facilities for mutual funds and securities in demat accounts seeks to rectify such issues

Makarand possessed a substantial portfolio of publicly listed shares in his demat account, with his daughter designated as the nominee. He unfortunately passed away during a trip abroad. His daughter submitted the required forms along with a notarised death certificate (in English and issued by the country where Makarand passed away). The concerned officials, however, insisted that the death certificate be counter-signed by the Indian embassy in the concerned country before the shares could be transferred. This insistence on self-made rules, which were contrary to regulations, caused significant distress to the daughter.

The Securities and Exchange Board of India’s (Sebi) recent