Nomination only for individuals

The rules relating to company law has been altered to only nomination facility only for individuals.

Under the changes made by the Department of Company Affairs, nomination can be made by individuals applying or holding shares or debentures on their own behalf or individually. Others such as a society, trust, or a Hindu Undivided Family do not have the right to nominate.

If a minor is nominated, the name and address of the guardian should be disclosed. Once a repayment or renewal of a deposit is made or debentures and shares are transferred, the nomination will cease to be effective. The nomination form will have to be filed with the company or registrars and share transfer agents. A copy of it will be returned to the holder of shares/debentures or the depositor in the case of a deposit.