Nominee rule changed for trading accounts; demat account nomination deadline extended
economictimes.indiatimes.comdemat account holders to provide a choice of nomination by another three months to December 31, 2023. Earlier, the deadline for existing eligible trading and demat account holders to provide a choice of nomination was on or before September 30.
«With respect to demat accounts, it has been decided to extend the last date for submission of ‘choice of nomination’ to December 31, 2023,» said SEBI in its circular on Tuesday.
The submission of 'choice of nomination' for trading accounts has also been made voluntary by the regulator as a step towards ease of doing business, the regulator mentioned.
For those holding physical shares, SEBI earlier said that the folios will be frozen if PAN, nomination, contact details, bank a/c details and specimen signature are not submitted by the holders by September 30, 2023. Now, the timeline for submission of PAN, nomination, contact details, bank account details etc.
have been extended to December 31.
«Based on the representations received from investors, Registrars Association of India, and various other stakeholders, it has been decided to extend the last date for submission of PAN, nomination, contact details, bank A/c details, and specimen signature for their corresponding folio numbers to December 31, 2023,» said SEBI in its circular on Tuesday.
The regulator has asked stock exchanges, depositories, and listed companies to take the necessary steps to implement the revised rules. SEBI asked stock exchanges, depositories, RTAs, and listed companies to a) take necessary steps to implement the provisions of this circular, including making a necessary amendment to the relevant bye-laws/business rules/regulations/operational instructions, as the case may be; b) bring the provisions of
