Home/ Mutual Funds / News/  Mutual fund nomination deadline extended to 30 Sept

Existing mutual fund investors have time till 30 September to nominate a beneficiary or opt out of it, failing which their folios will be frozen, and they will not be able to redeem investment.

The Securities and Exchange Board of India (Sebi) had earlier made it mandatory for mutual fund subscribers to submit the nomination details or declaration to opt out of the nomination by 31 March, 2023.

The deadline for all the existing mutual fund folios, including jointly-held ones, has been set as 30 September, 2023, failing which the folios will be frozen for debits.

Under the new framework, asset management companies (AMCs) and RTAs should encourage the unit holder(s)to fulfil the requirement for nomination/ or opting out of nomination by sending a communication on fortnightly basis by way of emails and SMS to all such unit holder(s) who are not in compliance with the requirement of nomination.

The communication shall provide guidance bywhich the unit holder(s)can provide nomination or opt out of nomination, Sebi noted.

Earlier today, the deadline for linking PAN with Aadhaar has been extended by three months to 30 June to enable people comply with the mandatory income tax provisions.

"In order to provide some more time to the taxpayers, the date for linking PAN and Aadhaar has been extended to 30 June, 2023, whereby persons can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions," the finance ministry said in a statement on Tuesday.

Earlier also, the government had extended the deadline several times.

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Updated: 28 Mar 2023, 06:35 PM IST
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