Section 16(3) in The Small Industries Development Bank Of India (General Regulations), 2000*
(3)If two or more persons are nominated under sub-regulation (1), the amount due on the security shall be distributed amongst the nominees in the manner specified in the nomination and in the absence of such specification, the amount shall be distributed equally among all the nominees:Provided, however, that if no nomination subsists or if such nomination relates only to a part of the amount due, the whole amount or part thereof to which the nomination does not relate, shall be paid to the persons who may be entitled thereto under sub-regulation (2) of regulation 15.
