Important: How to update nominees in investments - Stockxpo - Grow more with Investors, Traders, Analyst and Research

Important: How to update nominees in investments

The most important thing you will do today is update nominees in your investments. Nomination is important in all your assets/investment. It allows your nominees/heirs to, at least, access the money, if something were to happen to you.

Even SEBI, the regulator, insists that all individual investor(s) irrespective of mode of holding, must either provide nomination OR opt out of nomination. 

I say adding nominees is a better option.

Here are some links to add/update nominees in your stocks, ETFs or mutual fund investments.

  • For your stocks and ETFs, if you have a demat account with NSDL, use this link to add your nominee(s).
  • For Mutual Funds, if you have a CAN or Common Account Number with MFU, you can validate nomination with this link.
  • For mutual funds again, you can also use the profile update feature of MFCentral. In fact, using MFCentral you can do a lot of non financial transactions such as update of contact details, nominee, etc.

Update Contact Details in Mutual Funds

While you are at it, also update your contact details (email and mobile) for the 2 Factor Authentication of transactions. What it means is that before you can submit your transaction for buy/sell, you have to enter an OTP sent on your mobile/email.

For those investors using MFU’s CAN, use this link to verify your contact details.

You must have received individual emails from your respective service providers and if you haven’t already, today will be a good time to complete this.

Read more: Making a WILL

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