This paper demonstrates the merits of nested Compressive Sensing (CS) approach for Electrocardiogram (ECG) signals using discrete wavelet transform (DWT) and discrete cosine transform (DCT) as sensing matrix and sparsifying matrix. The implementation of CS framework is done using Gradient Projection for Sparse Reconstruction (GPSR). It is tested on 9 ECG signals of different arrhythmia categories obtained from MITBIH and BIDMC dataset. It is analysed for 3 different combinations, case (1) DCT sensing and DWT sparsification, case (2) DWT sensing and DCT sparsification and case (3) DWT sensing and DWT sparsification. A novel hybrid nested CS approach is proposed as case (4) which is a combination of case (2) in higher level and case (1) in lower level. This nested method yields the best PRD of 1.39 for CR = 0.2 and performs better than all proposed cases. This proposed approach involves a fair method of discarding the measurements in all frequency band and performs better than the state of the art work when the sampling rate is reduced by 4 times for ECG signal 100.dat from MIT-BIH (Massachusetts Institute of Technology-Beth Israel Hospital) database for CR = 0.2. It is shown that the reconstruction time of the proposed nested CS approach is lesser than non-nested CS approach.