Nomination: SEBI Extends Last Date to 31st December for Submitting Choice for Trading, Demat Account-holders
Moneylife Digital Team 26 September 2023
While making the choice of nomination voluntary for trading accounts, market regulator, Securities and Exchange Board of India (SEBI) has decided to extend the submission of choice of nomination for demat accounts to 31 December 2023, SEBI also decided to extend the last date to 31 December 2023 for submission of permanent account number (PAN), nomination, contact details, bank account details and specimen signature for corresponding folio numbers of physical security holders.
 
In a release, the market regulator says, "Based on the representations received from the exchanges, depositories, brokers' associations and various other stakeholders, it has been decided that submission of 'choice of nomination' for trading accounts has been made voluntary as a step towards ease of doing business and with respect to demat accounts, it has been decided to extend the last date for submission of 'choice of nomination' to 31 December 2023."
 
Further, based on the representations received from investors, the Registrars Association of India and various other stakeholders, it has been decided to extend the last date for submission of PAN, nomination, contact details, bank account details and specimen signature for corresponding folio numbers for physical security holders to 31 December 2023, SEBI says.
 
In its previous circular issued on 16 March 2023, SEBI asked market intermediaries to freeze folios if the physical security holder fails to submit the necessary information. 
 
Similarly, the market regulator, in its July 2023 circular, had warned to freeze trading and demat accounts which do not have a choice of nomination by 30 September 2023.
 
In October 2021, SEBI gave a choice of providing nomination or opting out nomination for investors who were opening a new trading and demat account. This was extended to investors subscribing to mutual fund (MF) units from 1 August 2022 .
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