Good information for MF traders and demat account holders: The Securities and Exchange Board of India (SEBI) has prolonged the deadline for adding nominee details to your demat accounts and mutual fund folios. Earlier, the SEBI had set a deadline for December 31, 2023.
Failing so as to add nominee details or not “opting out” of the nomination course of would have resulted in traders’ mutual fund and demat accounts being frozen.However, SEBI has now prolonged the deadline to June 30, 2024, giving traders a further six months’ time to finish the details.
“Based on representations received from the market participants, for ease of compliance and investor convenience, it has been decided to extend the last date for submission of ‘choice of nomination’ for demat accounts and mutual fund folios to June 30, 2024,” the SEBI round learn.
The SEBI round went on so as to add, “Depository Participants, AMCs and RTAs shall encourage the demat account holders/ mutual fund unit holders to fulfill the requirement for nomination/opting out of nomination by sending a communication on fortnightly basis by way of emails and SMS to all such demat account holders/ mutual fund unit holders who are not in compliance with the requirement of nomination. The communication shall provide guidance to provide nomination or opting out of nomination.”
Here are the steps so as to add a nominee to your mutual fund or demat account:
Failing so as to add nominee details or not “opting out” of the nomination course of would have resulted in traders’ mutual fund and demat accounts being frozen.However, SEBI has now prolonged the deadline to June 30, 2024, giving traders a further six months’ time to finish the details.
“Based on representations received from the market participants, for ease of compliance and investor convenience, it has been decided to extend the last date for submission of ‘choice of nomination’ for demat accounts and mutual fund folios to June 30, 2024,” the SEBI round learn.
The SEBI round went on so as to add, “Depository Participants, AMCs and RTAs shall encourage the demat account holders/ mutual fund unit holders to fulfill the requirement for nomination/opting out of nomination by sending a communication on fortnightly basis by way of emails and SMS to all such demat account holders/ mutual fund unit holders who are not in compliance with the requirement of nomination. The communication shall provide guidance to provide nomination or opting out of nomination.”
Here are the steps so as to add a nominee to your mutual fund or demat account:
- Go to the URL – http://nsdl.co.in/dpmplus.php
- Subscribe for the ability by offering DP ID, Client ID, PAN, and OTP
- After profitable authentication, select to opt-in or opt-out of nomination
- Opt for nomination by choosing ‘I want to Nominate,’ enter nominee details, and click on ‘Save & Next’
- Verify the nomination details via OTP authentication
- Complete Aadhaar e-Sign by submitting an OTP on the eSign Service Provider’s web page
- Submit the OTP to finalize the method and obtain a closing affirmation on the display.
