SEBI extended the deadline for the demat account! won’t freeze after December 31

Are you a mutual fund investor as well? And did you complete SIP? This is significant news for you if that’s the case. SEBI has modified the regulations about demat accounts and mutual funds. Although SEBI has since extended this deadline, it was previously reported that customers who did not add a nominee to their demat account by December 31st risked having their account frozen.

This implies that you now have till June 30th to complete this task.

This deadline has been extended by six months by SEBI. Up until recently, December 31 has been the cutoff date for designating a beneficiary or withdrawing by submitting the declaration. The Securities and Exchange Board of India’s (SEBI) goal in making this judgment is to assist investors in protecting their assets and transferring them to their legitimate heirs.

Why was the date changed?

Due to the volume of applications that market players have submitted, SEBI has announced in a circular that the deadline for submitting “choices of nomination” for demat accounts and mutual fund folios has been extended till June 30, 2024, for investor convenience and ease of compliance. The choice has already been made. Moreover, SEBI requested that asset management firms (AMCs), depository participants, registrars and transfer agents (RTAs), and mutual fund unit holders encourage demat account holders to opt out by sending emails or SMS regularly.

How can my nominee details be updated?

• To modify the nominee’s name, you must first log in using your email address, mobile number, and PAN.
• You will then need to input the OTP that was sent to your registered phone number.
• You will then need to navigate to the app or website’s homepage.
• You will then need to select the service request option here.
• You must now select Update Nominee Details.
• You must enter all of the nominee’s details here.
• This will open on a new page. You’ll need to enter the information there.
• You will then need to select an option there and click the submit button.
• As soon as this process is completed, the process of your nominee details will be completed.

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