New Delhi, Sept. 12 -- When an Indian resident holding mutual funds, shares or other financial assets passes away, their nominees act as a custodians of those assets until they are transferred to the legal heirs or the investor's family.

In some cases, where the investors do not wish to appoint a nominee, they can formally opt out by submitting the prescribed declaration. This can be done by logging in to your broker, bank, or mutual fund platform account.

Yes, even a non-resident Indian (NRI) can be appointed as a nominee, subject to the exchange control rules in force, from time to time, according to information available on Association of Mutual Funds in India (AMFI).

If the original account holder chooses an NRI as a nominee, the c...