Capital markets regulator SEBI has extended the deadline for existing trading and demat account holders to provide the option of nomination or exit from nomination till March 2023.
In July last year, SEBI had asked all existing eligible trading and demat account holders to provide the option of nomination on or before March 31 this year, failing which trading and demat accounts would be frozen for debit.
Issuing a circular on Thursday, SEBI said, “Based on representations received from various stakeholders, it has been decided that the provision for freezing of accounts shall be applicable from March 31, 2023 instead of March 31, 2022.”
SEBI also said that re-submission of nomination details will be optional for existing investors who have already provided nomination details from the circular issued in July.
It said, existing investors who have not submitted nomination details till date and intend to submit their nominations or opt out of enrollment (not to enroll any) may also be required to do so through two factor authentication login on the Internet trading platform. may be permitted to do so. For stockbrokers/depository participants providing such service.
Earlier essential details like mobile number, e-mail ID and identity details of the nominee/guardian of the minor nominee have been made optional.
Investors who are opening a new trading and demat account from 1st October have the option to provide nomination through declaration form or opt out of nomination.
This story has been published without modification in text from a wire agency feed.
Never miss a story! Stay connected and informed with Mint.
download
Our App Now!!
,