SEBI proposes to remove the provision allowing nominees to operate accounts during investor incapacitation and instead relying on the existing Power of Attorney mechanism. To simplify nomination, only the nominee’s name and relationship with the investor would be mandatory, while other details such as address, contact information, personal identifiers, and percentage share would be optional. The nomination would become the default option while opening accounts, with investors required to explicitly opt out through a consent declaration. The maximum number of nominees would be reduced from 10 to 4 to avoid operational strain and align with banking norms.