Is it mandatory to opt for Nominee while account opening?

Not Mandatory, however it is highly recommended to appoint a nominee, – in case of any eventuality then your loved one can easily transfer their share to themselves instead of going through a long drawn legal process. Having a nominee in place helps avoid disagreements amongst relatives or other possible beneficiaries by providing explicit instructions on who should get your assets. While it is generally not mandatory to designate a nominee when opening a brokerage account, doing so is a prudent step to ensure your investments are handled according to your wishes in the event of your death. It simplifies the transfer process and provides peace of mind for your loved ones.