Can a state government employee be a nominee to his spouse demat account in stock market?
Sir, I have been working as an Accountant for a Private Limited Company with a salary of Rs.16500/- per month. I am now 40 years old. Recently, I have opened a “Demat Account” in my name as I would like to start investing in shares for which I have chosen my wife as a “nominee.” But, my wife is going to get a government job as a “Teacher” in the Education Department of Andhra Pradesh, while both children are minors doing their schooling. She has been still waiting for her appointment order over the last four months while it has been past 12 months now after she took her APDSC examination last year.
So, can I choose my wife as a nominee to my “Demat Account, because a government employee is not allowed to “invest” in shares? However, in my case, I have opened a “Demat Account” in my name before she has got a job, so I think it does not affect her government job in any way. Please clarify. If your answer is “it is not right to choose my wife as a nominee to my Demat Account”, I will cancel my Demat account, as I have no other way. Expecting your kind reply. Thanking you.