December 31 last date for adding nominee to mutual fund, demat account — How to add a nominee to your account
mutual fund investors and demat account holders, as mandated by the Securities and Exchange Board of India (SEBI). It is mandatory for these account holders to either furnish nomination declarations or choose to opt out of nominations by this date.
If investors fail to nominate their holdings by the December 31 deadline, SEBI may freeze debits from their accounts.
This implies that they will be unable to withdraw funds from mutual funds or utilise their demat accounts for trading purposes. It is important to note that existing investors who have already provided their nomination details are not required to resubmit them. The process of nomination is a simple method in which a holder of securities expresses their preference regarding the recipient of these securities in the event of their death.
This nomination process can be completed when opening a demat account or at a later time. If no nomination is made, the investments could be subjected to lengthy and potentially expensive legal procedures. 1.
Visit the official NSDL portal. 2. On the homepage, click on the 'Nominate Online' option.
3. You will be directed to a new page where you need to provide your DP ID, client ID, PAN, and OTP. 4.
After entering these details, choose the option of either 'I wish to Nominate' or 'I do not wish to nominate.' 5. If you select the option to add a nominee, a new page will appear, requesting you to provide the nominee's details. 6.
On the eSign Service Provider's page, make sure to enable the checkbox and click on 'Proceed.' 7. Finally, verify the OTP to complete the nomination process. Moreover, when adding nominees to a mutual fund folio, investors can include up to 3 nominees.
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