Nomination for Mutual Fund Unit Holders – Extension of timelines
Summary
SEBI extends the deadline for mutual fund unit holders to complete nomination or opting out procedures from March 31, 2023, to September 30, 2023. Asset Management Companies and Registrar to an Issue and Share Transfer Agents are mandated to send fortnightly communications to non-compliant unit holders. All other provisions of the referenced circulars remain unchanged while this extension applies.
Text
the provision mentioned at para 4 of SEBI circular dated June 15, 2022 with regard to freezing of folios, shall come into force with effect from September 30, 2023 instead of March 31, 2023
AMCs and RTAs shall encourage the unit holder(s) to fulfil the requirement for nomination/ opting out of nomination by sending a communication on fortnightly basis by way of emails and SMS to all such unit holder(s) who are not in compliance with the requirement of nomination
All other provisions of Circular No. SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/82 dated June 15, 2022 and SEBI/HO/IMD/IMD-I DOF1/P/CIR/2022/105 dated July 29, 2022 shall remain unchanged
This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provisions of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996
Source: SecMarx — Nomination for Mutual Fund Unit Holders – Extension of timelines. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.