Nomination timeline extended
The last date for mutual funds investors to specify nominee details has been extended to September 30, 2023. Earlier the deadline was March 31, 2023. Through a circular on March 28, 2023, the Securities and Exchange Board of India (Sebi) said, “Based on representations received from the market participants, it has been decided that 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,” SEBI added.
The communication shall provide guidance by which the unit holder(s)can provide nomination or opt out of nomination, the regulator mentioned in the circular released on March 28, 2023.