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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Securities and Exchange Board of India (Depositories and Participants) (Third Amendment) Regulations, 2024

30-Nov-2024 | F. No. SEBI/LAD-NRO/GN/2024/213

SEBI has issued Securities and Exchange Board of India (Depositories and Participants) (Third Amendment) Regulations, 2024, effective from 2nd December 2024.

By virtue of this notification, a new Regulation 60A is inserted in Chapter VII regarding Nomination.

The new regulation requires every participant to provide an option to the beneficial owner to nominate a person to whom the securities held by him shall vest in the event of his death. (Regulation 60A(1))

Further, it also requires every participant to provide an option to the beneficial owner to nominate a person who shall be authorized to conduct transactions in his behalf in the event of incapacitation of the beneficial owner. (Regulation 60A(2))

Also, in the case of joint holder account, the joint beneficial owners are required to jointly nominate a person to whom the securities held by them shall vest in the event of death of all joint owners. (Regulation 60A(3))

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