Market regulator Sebi, in its board meeting on Monday, announced that it would introduce uniform standards for nomination facilities across the Indian securities market and consistent norms for nominations across demat accounts and mutual fund investments.

The maximum number of nominees will be increased to 10 now from three earlier. It will also allow nominees to act on behalf of incapacitated investors, with certain risk mitigation checks and balances. The transmission process to nominees will be simplified with minimal documentation requirements.

The market regulator stated that it would also streamline the transmission process for joint holders with minimal documentation. The unique identifiers for nominees to be obtained will be either PAN, Passport number or Aadhar.

The nominees to whom the investments will be transmitted will act as trustees for the legal heirs of investors. The rule of survivorship will be applicable in case of joint holdings. Some specific norms will be made for the operation of accounts in the event of the death of the Karta in a Hindu Undivided Family (HUF).