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Thursday, February 17, 2011

Appointing a nominee for your investments

Manyof us invest in shares, deposits and mutual funds without bothering to fill upthe nomination details. Since choosing a nominee is not mandatory while makingan investment, the decision is often postponed. 
However, this process simplifies for nominees the realisation of investment proceeds in case of the originalinvestor’s demise. This is even more critical when an investment is heldin one person’s name since death makes it difficult to access his fundstill several formalities arecompleted.

If nominees havebeen appointed, they can produce basic documents, such as a death certificate,to access the funds. The absence of a nominee may require more documentation,such as the probate of will and certified list of legal heirs, before theinvestment can be transmitted or withdrawn. Nominees are deemed to hold theinvestment proceeds in a trust if it is disputed by legal heirs, pending adecision by thecourts.

Documentation: Most investment forms provide a space for selecting a nominee. If it is notfilled up at the time of investing, other prescribed forms can be used later.

Multiplenominees: Most investments allow more thanone nominee and the percentage of share that each would be entitled to.

Signature: The nomination form has to be filled up by all joint holders, irrespective ofthe mode of operation of theinvestment.

Transmission: Nominees can have investments transferred in their names for redemption later.For this, they need to complete the KYC and PANformalities.

Pointsto note

Whocannot nominate : Kartas of HUFs and powerof attorney holders are not authorised to make or change nominations or beappointed as nominees to aninvestment.

NRIs: Non-resident Indians can be named as nominees of investments made in rupees.However, the proceeds cannot be repatriated and have to be continued to be heldinrupees.

Whocan be the nominees: Certain investmentspermit the nomination of a trust, religious or educational institutions. Othersonly permit individuals to benominated.

Courtesy Centre for Investment Education and Learning(CIEL)

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