In July 2021, Sebi asked all existing eligible trading and demat account holders to make a nomination election on or before March 31, 2022.
The move is aimed at helping investors safeguard their assets and pass them on to their legal heirs.
The Securities and Exchange Board of India (SEBI) on Tuesday announced that it has extended the deadline by three months, till the end of December, for existing demat account holders to make a choice regarding the nomination or formally opt out for the nomination by submitting an application. declaration form.
Earlier, the deadline for existing eligible trading and demat account holders to make a nomination choice was on or before September 30.
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Furthermore, the submission of a ‘choice of nomination’ for trading accounts has been made voluntary by the capital markets regulator as a step towards ease of doing business.
The move is aimed at helping investors safeguard their assets and pass them on to their legal heirs.
“Based on the representations received from the stock exchanges, custodians, broker associations and various other stakeholders, submission of nomination for trading accounts has been made voluntary as a step towards ease of doing business.
“In respect of demat accounts, it has been decided to extend the last date for filing ‘choice of nomination’ till December 31, 2023,” Sebi said in a circular.
PAN submission
Sebi has given time till December 31 to physical security holders to submit PAN, nomination, contact details, bank account details and specimen signature for their corresponding folio numbers.
In July 2021, Sebi asked all existing eligible trading and demat account holders to make a nomination election on or before March 31, 2022.
This was later extended for another year until March 31, 2023 and again until September 30, 2023.
As per Sebi regulations, when new investors open trading and demat accounts, they are required to designate their security nominee or explicitly reject the nomination by filing a declaration form.