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Market regulator SEBI has extended the deadline for completing the nomination process in mutual fund and demat accounts to next June-end against the December 31 fixed earlier.
Investors must either choose a nominee/s or explicitly opt out of nomination by submitting a declaration before the new deadline, said the circular.
Based on representations received from the market participants — for ease of compliance and investor convenience — the last date for submission of ‘choice of nomination’ for demat accounts and mutual fund folios is extended to June 30, 2024, it said.
Depository participants, AMCs and RTAs shall encourage the demat account holders/mutual fund unit holders to fulfil the requirement for nomination or opting out of nomination by sending a communication on fortnightly basis via emails and SMS to all such demat account holders/mutual fund unit holders who are not in compliance with the requirement of nomination. The communication shall provide guidance to provide nomination or opting out of nomination, it said.
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