Friends, we all know that when we create a savings account or any other sort of account in the bank, we are asked who will be our nominee and other inquiries at the same time when filling out the form.
In reality, if the truth is told, the bank authorities have made their rules so rigorous that if you do not name a nominee in your account, they have the authority to shut your account without giving you prior intimation.
In recent times, SEBI has also begun to adopt this principle.
SEBI is a regulatory body that oversees everything that happens in the stock market. It keeps a close eye on actually what happens in the stock market and tries to implement different laws to keep it under control.
For the time being, SEBI has prioritized the rule of nominating a nominee in a Demat Account similar to a bank, and if you don’t do the same then SEBI has the authority to shut your Demat Account at any time.
Due to the new SEBI guidelines, all companies that provide Demat account services have made it mandatory to authorize nominees to be added to their applications and websites.
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However, on the most popular platform, you cannot fill out the nomination form online; instead, you must download the nominee form from their website, fill it out, and deliver it to the platform’s official office address.
However, in this case, the Upstox company is giving you some advance facility, because you can nominate online in Upstox, and later to verify those nominees, you can send the physical form to the office of Upstox.
Today, through this article, we will try to give you some information about how you can add online nominees to Upstox.
Add Nominee in Upstox Online
To add nominee in the Upstox key application, first, you have to open Upstox’s trading application and you have to login into it.
After login, you will have to go to the bottom corner and click on My Account.
After clicking to My Account, you will see your account details on this webpage. On the same webpage, by scrolling down, you will get an option to add the details of the nominee.
By clicking here, you can easily add the details of the nominee to your Demat Account.
How many Nominees can I add to my Upstox Demat Account?
See, if seen in this way, then maximum stock brokers believe that a minimum of one nominee should be nominated for your Demat Account.
But you can nominate more than one i.e. a maximum of 3 nominees on the Upstox Demat account very easily. Furthermore, the unique feature of this broker is that you may specify in advance how much of the money in your Demat Account you wish to distribute to which nominee.
For example, give 80% to Nominee 1 and 20% to another nominee, and so on.
With the help of Upstox’s official application, you can log in to your account very easily and add the nominee by adding basic details about your nominee like name, PAN card, Aadhar card, Address, and some other basic details.
Step 2: Send Physically Signed Form to Upstox Office.
It is not that if you go to Upstox’s application and add the nominee details, then those details will be added immediately.
In fact, here you will have to do a process offline after completing the online process, which is something like this. After adding the details of the nominee in Upstox’s application, a form will be sent to you from the team of Upstox in your mail Id.
You have to download this form and take its printout.
You will get the maximum details already filled in the form sent by Upstox to your e-mail and you do not need to fill in any more details in this form.
But still, if you want, you can refill this form by adding your middle name and in the case of the minor nominee, the missing details of his guardian.
After this, you will have to get your signature and the signature of the witness in this form, and along with this, you will also have to collect the identity proof of the witness.
In the case of Witness, you should bear in mind that you should never make a member of your family to your witness for the Demat account, i.e. a blood relative, and if you do this then your nomination form is more likely to have a chance of being rejected. Instead of making blood relations of your witness, you can make your friends as your witness for your Demat account.
After filling out the form given to your email address by the Upstox team, you must carefully place it in an envelope and attach the appropriate documents before delivering it to Upstox’s address listed. When the Upstox team receives your courier, then they will definitely add the nominee to your account within a 48-hour period.
Final Conclusion on How to Add Nominee In Upstox Online
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