Same word . five products . one exception
Where a nominee actually owns it
The Supreme Court has ruled on this three times across four decades. The answer is the same every time, with exactly one statutory carve out running the other way.
The asset
Owns it
Where it was settled
Life insurance policyNominee is spouse, parent or child
YES
Insurance Act Section 39(7)
Beneficial nominee, added 2015
Life insurance policyNominee is anyone else
NO
Supreme Court . Dec 1983
Only the hand authorised to receive
Shares and demat holdingsCompanies Act Section 72
NO
Supreme Court . Dec 2023
No absolute title. Succession wins
Bank depositsBanking Regulation Act Section 45ZA
NO
Supreme Court . Oct 2010
Forms part of the estate
Mutual fund folioNomination under the SEBI framework
NO
A payout instruction
Not a transfer of title