The failure to do so may result in the closure of your demat account after Saturday, July 31. According to the circular issued by the market regulator, all trading members and depository participants will have to activate new trading and demat accounts with effect from October 1. However, this will be only an option, a trading account can be opened without being nominated. If you already have a demat account, then you will also be required to fill the nomination form by March 31, 2022. But keep in mind that a maximum of three people can be nominated in a demat account.

Source: Hindustan Times July 31, 2021 04:18 UTC