Extension of timelines for providing ‘choice of nomination’ in eligible demat accounts and mutual fund folios
Summary
SEBI extends the deadline for submitting a 'choice of nomination' in eligible demat accounts and mutual fund folios to June 30, 2024. Depository Participants, Asset Management Companies, and Registrars to an Issue are required to encourage compliance through fortnightly communications. Other provisions regarding nomination requirements remain unchanged as per existing master circulars.
Text
SEBI extended the last date for submission of ‘choice of nomination’ for demat accounts and mutual fund folios respectively to December 31, 2023.
The last date for submission of ‘choice of nomination’ for demat accounts and mutual fund folios is extended to June 30, 2024.
Depository Participants, AMCs and RTAs shall encourage the demat account holders/ mutual fund unit holders to fulfil the requirement for nomination/opting out of nomination by sending a communication on fortnightly basis by way of emails and SMS.
Stock Exchanges, Depositories, AMCs, RTAs and Listed Companies are advised to take necessary steps to implement the provisions of this circular, including making necessary amendment to the relevant bye-laws / business rules / regulations / operational instructions.
Bring the provisions of this circular to the notice of their respective constituents and also disseminate this circular on their websites.
Communicate to SEBI, the status of the implementation of the provisions of this circular.
Monitor the compliance of this circular.
All other provisions related to requirement of Nomination as provided in SEBI Master Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19, 2023 for Mutual Funds and SEBI Master Circular No. SEBI/HO/MRD/MRD-PoD-2/P/CIR/2023/166 dated October 06, 2023 for Depositories shall remain unchanged.
This circular is issued in exercise of powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992, read with Section 19 of the Depositories Act, 1996 and Regulation 77 of SEBI (Mutual Funds) Regulations, 1996.
Source: SecMarx — Extension of timelines for providing ‘choice of nomination’ in eligible demat accounts and mutual fund folios. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.