Sebi extends deadline for MF account holders till Jan 1 to comply with nomination rule

livemint.com:

PTI citing market experts said that many mutual fund folios in the past have been opened without nominating anyone to whom the assets should be transmitted in case something happens to the account holders. The move is aimed at helping investors to secure their assets and pass them on to their legal heirs.

Earlier, the deadline for existing mutual fund holders to provide a choice of nomination was September 30. On 15 June 2022, the Sebi had made it mandatory for mutual fund holders to submit the nomination details or declaration to opt out of the nomination on or after 1 August, 2022.

Since then, the deadline has been extended several times. On Tuesday, the Sebi extended the deadline by three months to December-end for existing demat account holders to provide a choice of nomination or formally opt out of nomination through a declaration form.