Deadline for adding nominee for stock market, mutual fund investors end this month. Here's what you should do
mutual fund (MF) investments, trading, and demat accounts is just ten days away. Investors have time till 30 September to do the same. Earlier the deadline was March 31, 2023.
In a circular dated 27 March, the market regulator extended the deadline for existing eligible trading and demat account holders to nominate a beneficiary for their accounts to September 30, 2023. "Act now to nominate your loved ones in your demat account before the deadline on September 30, 2023. Don't delay, start the nomination process now and secure the financial future of your loved ones," the National Securities Depository (NSDL) posted on X (formerly Twitter).
“Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e. furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021, read with para 3 (a) of SEBI circular dated February 24, 2022, with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023," the market regulator mentioned in a circular dated 27 March. Failing to meet the deadline will result in trading and demat accounts being frozen.
Investors who are opening new trading and demat accounts must provide a nomination or opt out of nomination through a declaration form. Existing investors who have already provided nomination details are not required to resubmit nomination details -Login to your demat account. -Go to 'My nominees' under the profile segment, which will redirect to the nominee details page.
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