For new accounts, nomination will be the default option

For new accounts, SEBI has proposed making nomination the default; investors would still be able to opt out.
SEBI has proposed that only the nominee's name and relationship be mandatory, with other details optional.
SEBI has proposed that, if shares are not specified, assets would be distributed equally among nominees.

Nominees capped at 4 (down from 10)

SEBI also plans to cap nominees at four (down from 10), which lines up with what banks do (turns out almost nobody adds more than three anyway).
The number of joint account holders stays at three.
All these tweaks are meant to make passing on your investments simpler and help prevent money from getting stuck unclaimed later.