Last date for giving the name of mutual fund ‘nominee’ 31st March
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The Securities and Exchange Board of India (SEBI), in its circular dated June 15, 2022, had made it mandatory for mutual fund users to fill in the details of the nominee on or after August 1, 2022, or declare its opt-out.
New Delhi. Existing investors of mutual funds have time till March 31 to name or opt out of nomination by submitting a declaration form. Failing to do so, their accounts will be closed and investors will not be able to withdraw their investments. The Securities and Exchange Board of India (SEBI), in its circular dated June 15, 2022, had made it mandatory for mutual fund users to fill in the details of the nominee on or after August 1, 2022, or declare its opt-out. Later the last date was changed to October 1, 2022.
The cut-off date for all existing mutual fund accounts (including joint accounts) has been extended to March 31, 2023, after which withdrawals from the accounts will be barred. Explaining Sebi’s intention behind the move, Niranjan Babu Ramayanam, chief operating officer (COO) of Anand Rathi Wealth Ltd, said there could be multiple investment accounts in the past, which were opened without any designation. If something untoward happens to the account holder, the assets can be transferred to the nominee.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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