Section 16A(11) in State Bank of India General Regulations, 1955
(11)Notwithstanding anything contained in these regulations, in respect of any shares held by a person individually or jointly with any other person in a demat account, any valid nomination registered in such demat account as per the relevant provisions shall alone be deemed as a valid nomination in respect of such shares.Explanation. - Any nomination in respect of shares held by a person in physical form shall be deemed to have been cancelled on conversion of such shares into dematerialised form and similarly any nomination in a demat account shall not be valid in respect of shares converted from demat form to physical form.
