Extension of timelines for nomination in eligible demat accounts and submission of PAN, Nomination and KYC details by physical security holders; and voluntary nomination for trading accounts
Summary
SEBI extends the deadline for submitting nomination choices in trading and demat accounts from September 30, 2023, to December 31, 2023. The submission of nomination for trading accounts is now made voluntary to facilitate ease of doing business. Additionally, the timeline for physical security holders to submit PAN, KYC, and other details is extended to December 31, 2023.
Text
trading accounts and demat account which do not have ‘choice of nomination’ by September 30, 2023 shall be frozen.
Submission of ‘choice of nomination’ for trading accounts has been made voluntary as a step towards ease of doing business;
With respect to demat accounts, it has been decided to extend the last date for submission of ‘choice of nomination’ to December 31, 2023.
folios shall be frozen if PAN, Nomination, Contact details, Bank A/c details and Specimen signature are not submitted by the holders by September 30, 2023.
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.
Stock Exchanges, Depositories, RTAs and Listed Companies are advised to: a) take necessary steps to implement the provisions of this circular... b) bring the provisions of this circular to the notice of their respective constituents... c) communicate to SEBI, the status of the implementation... d) monitor the compliance of this circular.
This circular shall come into effect immediately in supersession of relevant provisions contained in various circulars issued by SEBI including Master Circulars issued for Stock Brokers and Registrars to an Issue and Share Transfer Agents dated May 17, 2023.
This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992, and Section 19 of the Depositories Act, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Extension of timelines for nomination in eligible demat accounts and submission of PAN, Nomination and KYC details by physical security holders; and voluntary nomination for trading accounts. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.