Nomination for Eligible Trading and Demat Accounts – Extension of timelines and relaxations for existing account holders
Summary
This circular extends the deadline for existing account holders to submit nomination details from March 31, 2022, to March 31, 2023. It makes re-submission of nomination details optional for investors who have already provided them and allows new submissions via two-factor authentication. Additionally, specific identification fields in the nomination form are made optional.
Text
provisions mentioned at Para 7 of the said circular w.r.t. freezing of accounts shall come into force with effect from March 31, 2023 instead of March 31, 2022.
requirement mentioned at para 2 read with para 7 w.r.t. re-submission of nomination details shall be optional for the existing investors who have already provided the nomination details prior to issuance of the aforesaid circular.
existing investors who have not submitted nomination details till date and intend to submit their nomination or opt out of nomination may also be allowed to do so by way of two factor authentication (2FA) login on the internet trading platform for Stock Brokers/Depository Participants providing such services.
The details previously required in the form at Annexure A of the circular viz. mobile number, e-mail ID and identification details of the nominee(s)/ guardian(s) of the minor nominee(s) have been made optional.
All other provisions mentioned in the circular SEBI/HO/MIRSD/RTAMB/CIR/P/2021/601 dated July 23, 2021 shall remain unchanged.
make necessary amendments to the relevant bye-laws, rules and regulations, operational instructions, as the case may be, for the implementation of the above circular;
bring the provisions of this circular to the notice of their constituents and also disseminate the same on the website.
This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Nomination for Eligible Trading and Demat Accounts – Extension of timelines and relaxations for existing account holders. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.