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Note that as per the latest rules updated by the Securities and Exchange Board of India (SEBI), December 31, 2023 is the last day for all mutual fund investors to add and modify the nominee in their mutual fund and demat account.
By December 31 of this year, all holders of demat and mutual fund accounts are required by SEBI to either update and add to their nominations or choose not to do so.
After this date, no additional changes will be considered. In the event that a person does not submit their nomination declarations by the deadline, the regulatory body will have the authority to stop any debits from their account. As a result, owners of these accounts will not be able to withdraw any money from their mutual funds.
What if one misses their deadline?
Investors who miss the deadline will also be unable to access the money in their demat accounts for trading. One is not permitted to submit their nominee declaration again if they have already done so.
To ensure that your finances are secure in the event of your death, you must designate a nominee. Ideally, you should finish the process at the same time as you open your demat account. If your account does not have a nominee, your money may be frozen or require another long transfer for your family.
Process of adding nomination in Demat account
- Go to nsdl.co.in, the official website of NSDL.
- Choose the ‘Nominate Online’ option on the homepage.
- A new page will be displayed to you.
- You will need to enter your DP ID, client ID, PAN, and OTP on the new page.
- Choose ‘I wish to nominate’ or ‘I do not wish to nominate’ by clicking on the corresponding button.
- You will need to fill out a new page with the nominee’s personal information if you are adding one.
- On the page of the eSign Service Provider, enable the checkbox.
- To finish the process, confirm the information with the OTP.
Also read: New deadline for submitting belated ITR: Check all details here
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