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Demat Account: Demat account holders and mutual fund investors will have to complete this very important task in six days. If you do not do this, your demat account will be frozen on 1st October.
That means when the stock market opens on 3rd October, you will not be able to trade because the stock market will remain closed on 1st and 2nd October. In fact, the Securities and Exchange Board of India (SEBI) has made it mandatory for all individual demat account holders and mutual fund investors to file nomination. Investors will have to complete this work by September 30. SEBI has said that if this rule is not followed within the time limit, then demat accounts and folios will be confiscated.
Nominee for demat account will have to be filed by 30 September
The reason for this move by SEBI is to help investors secure their assets and hand them over to their legal heirs. Market regulator SEBI has also said that the order to file nominees is applicable to both new and existing investors.
Under SEBI regulations, new investors have to either enroll their securities while opening trading and demat accounts or formally opt out of enrollment through a declaration form. That is, through this declaration form you will tell that you do not want to make anyone a nominee.
Mutual fund investors will have to file nomination by September 30
Existing investors, including investors holding joint mutual fund folios, will also have to file their nominations by September 30. If you do not file nomination by September 30, your folio will be frozen. Investors’ demat accounts or mutual fund folios will remain frozen until they file a nominee or declare their opt-out (opt out to declare nominee).
SEBI has extended the deadline several times
In July 2021, SEBI had asked all existing trading and demat account holders to file nomination on or before March 31, 2022. Failure to do so will result in your trading and demat account being frozen. Later it was extended by one more year till 31 March 2023. At present its deadline is 30 September 2023.
If nominee is not filed then account will be frozen on 1st October
In case of mutual fund unitholders, the regulator had asked its mutual fund customers to file their nominee by June 15, 2022. But later its deadline has also been extended several times. Later, only after discussion with all the stakeholders, the deadline for mutual fund folios and demat accounts was extended till September 30. That means your account will not be frozen till 30 September 2023 but it will happen if you do not file the nominee. Frozen on October 1.
To update mutual fund enrollment online one has to visit the official web portal of the mutual fund house or NSDL website.
-Visit NSDL portal – nsdl.co.in.
-Click on ‘Nominate Online’ option on the homepage.
-A new page will open and you will be asked for DP ID, Client ID, PAN and OTP.
– After giving all this information you will get two options: ‘I want to enroll’ and ‘I do not want to enroll’.
-When you choose the option to add a nominee, a new page will open in which information about the nominee will be asked. There you will have to submit by giving the information of the nominee.
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