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Extension of timelines for providing ‘choice of nomination’ in eligible demat accounts and mutual fund folios

Securities and Exchange Board of India (“SEBI”), through circulars SEBI/HO/MIRSD/POD-1/CIR/2023/158 and SEBI/HO/IMD/IMD-IPOD1/P/CIR/2023/160 dated September 26 and 27, 2023, extended the deadline for the submission of 'choice of nomination' for demat accounts and mutual fund folios to December 31, 2023. However, in response to market representations, the deadline has been further extended to June 30, 2024, aiming at facilitating compliance and investor convenience.

Depository Participants, AMCs, and RTAs are instructed to encourage demat account holders and mutual fund unit holders to fulfil the nomination requirement through fortnightly communication via emails and SMS to non-compliant holders. Stock Exchanges, Depositories,

AMCs, RTAs, and Listed Companies are directed to implement these provisions, disseminate the circular, report implementation status to SEBI, and monitor compliance.

The circular, issued under the authority of the Securities and Exchange Board of India Act, 1992, and other relevant regulations, maintains the unchanged provisions related to the requirement of nomination as outlined in earlier SEBI Master Circulars for Mutual Funds and Depositories.

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