Nominee versus legal heir - demat account?

Question

i am the nominee for my grandfather's demat account. he has 2 daughters(my mother and my aunt). he passed away recently and his demat holdings were transferred to my demat account. he has left no WILL. according to indian law, as my mother and my aunt are the legal heirs, do they have a claim on the shares also?

Answer 1

Yes!

Legal heirs means the person who are legally heirs by relation.

Nominee only means to collect money or take possession of the assets of the person who nominated. Without nomination all legal heirs have to put in efforts to take possession of wealth left by the person upon his/her death. Also for the Govt. Deptt. and Bank etc. work becomes easier to hand over the money and other assets in favour of nominee.

In brief Nominee never becomes the owner upon the death. Distribution of all assets are distributed amongst legal heirs.