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Nomination: Safeguarding Women in Difficult Times

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Losing someone you love is really hard. It becomes even tougher if you don't have much say in money matters, especially for women in families where men usually handle finances. When a man in the family passes away, women might struggle because they weren't involved in money decisions.

When it comes to taking care of the financial security of your family, one way to make things easier is by using something called "nomination." It lets you choose someone to take charge of your money if something happens to you. This small step can make a big difference, especially for women, by making sure they're not left alone and struggling with money issues during tough times.

Why is nomination crucial for women?

In families with limited female financial literacy, the death of a male family member can abruptly thrust women into managing unfamiliar finances. Nomination ensures a designated person, often the wife or daughter, gains control over the deceased's holdings, providing vital financial security. In India, the 2021 mortality rate for women was 185.91 per 1,000 female adults, significantly lower than men (253.83 per 1,000 male adults). This higher likelihood of widowhood makes securing women's financial well-being after a spouse's loss even more critical.

Streamlined Process

Without nomination, claiming inherited assets can involve a lengthy and complex legal process, often requiring documentation and procedures women may not be familiar with. Nomination simplifies this process, allowing the designated person to access the holdings quickly and efficiently. This can be especially helpful during a time of grief and emotional strain.

Empowerment and Peace of Mind

Knowing that their financial future is secure can lift a significant burden for women during a difficult time. Nomination empowers them to focus on grieving and adjusting to their new reality without the added stress of financial uncertainty. This can be crucial for their emotional well-being and long-term stability.

New SEBI Rules

Deadline Extension

In December 2023, SEBI extended the deadline for all Demat and Mutual Fund (MF) account holders to either add a nominee or opt out of nomination. The new deadline is June 30, 2024. This provides time to take action.

Failure to choose by the deadline may result in your demat account and mutual fund folios being frozen, restricting buying, selling, or redeeming holdings until nomination or opt-out.

Opting Out

You can decide to opt out if you do not wish anyone to inherit your holdings. However, nominating someone is generally recommended, especially with dependents.

Taking Action


If you are the male head of a household, ensure your wife or daughter is nominated on all your investment accounts and holdings. Have an open conversation about finances and the importance of nomination.


Advocate for yourself! Ensure you are nominated on your husband's or male family member's accounts. Take an active interest in understanding family finances and seek professional guidance if needed.