Sebi extends nomination deadline for demat, trading accounts. Check details here
1 min read 28 Mar 2023, 08:20 AM ISTEarlier, the date to comply with this rule was March 31, 2023
PremiumThe Securities and Exchange Board of India (SEBI) has extended the deadline for existing eligible trading and demat account holders to nominate a beneficiary for their accounts toSeptember 30, 2023.
“Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e. furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021 read with para 3 (a) of SEBI circular dated February 24, 2022 with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023," the market regulator mentioned in a circular dated 27 March.
Earlier, the date to comply with this rule was March 31, 2022. However, Sebi, in a circular dated February 24, 2022, had extended this deadline by one year to March 31, 2023. Now, the deadline stands extended by another 6 months.
Investors who are opening new trading and demat accounts from October 1, 2021 have the choice of providing nomination or opting out of nomination through a declaration form.
How to add nominee to demat account
-Login to your demat account. Navigate to 'My nominees' under the profile segment, which will redirect to the nominee details page.
-Choose 'add nominee' or 'opt-out'.
-Fill out the nominee details and upload an ID proof of the nominee.
-After uploading the documents, enter the nominee share in percentage that the investor would like to assign to the nominee. E-sign the document with Aadhaar OTP.
-The details of the nominee will be processed.
