In a demat account, a nominee plays a crucial role in case of the death of the account holder. The nominee is designated to receive the securities or assets held in the demat account in the event of the account holder's demise. Here are the rights and responsibilities of a nominee in a demat account:
1. Receiving Assets: Upon the death of the account holder, the nominee has the right to receive the securities, shares, and other assets held in the demat account.
2. Transfer of Assets: The nominee can request the transfer of the securities and other assets from the deceased account holder's demat account to their own demat account or any other account as per their choice.
3. No Right to Operational Control: While the nominee has the right to claim and receive the assets held in the demat account, they do not have the operational rights to manage the account during the account holder's lifetime unless specifically authorized.