Also read: PAN-Aadhaar linking, tax-saving investments, advance tax: 4 important money deadlines in March 2023
As per SEBI circular dated February 24, 2022, all existing eligible trading and demat account holders shall provide choice of nomination on or before March 31, 2023, failing which the trading accounts shall be frozen for trading and demat account shall be frozen for debits.
Individuals who are not interested in filing nominations can give an opt out declaration to avoid freezing for mutual fund units. Investors who wish to opt in or out of nomination but have not yet submitted their nomination information may do so by logging on their trading platforms of stock brokers or depository participants offering such a service.
Resubmitting the nomination details is optional for current investors who already did so before the circular was released in July 2021.
CAMs sent emails to investors stating, “We have observed that you have not appointed any nominee in your Folio(s) under the above referred PAN. As per the recent SEBI circular, investors are required to either nominate or Opt-out from nomination in their investments. This requirement has been mandated to avoid any inconvenience that may be caused to your family members, in case of any unfortunate event(s).For your convenience, you can register Nominee(s) or opt-out declaration instantly by clicking the link and select ‘Add Nominee’. Provision is also available to record the addition/modification in the existing folio’s where Nominee’s already registered, or No Nomination opted. Alternatively, you can download the nomination / opt-out declaration form using the link or collect the form through your Financial Advisors/Distributor or from the nearest CAMS/AMC offices and submit the same to the nearest CAMS or AMC offices duly filled and signed by all the unit holders.”Mirae Asset sent SMS messages to its investors stating, “With regards to the SEBI deadline to update Demat nomination before 31st March 2023, please note that we have already taken care of this during the time of your account opening.”
How DSP customers can update nomination details
Step 1: Log in to your account on DSP website
Step 2: Go to ‘Folios’ and under Holder details, use the “+Add nominee details” option to update nominee (s)
Also, one can visit the branch and submit the form signed by all unit holders.
How CAMS customers can update nominee
Step 1: Click on the link to register Nominee(s) or opt-out declaration
Step 2: Select ‘Add Nominee’. You can also edit the nominee details such as the addition/modification in the existing folio’s where Nominee’s already registered, or No Nomination opted.
In addition to nomination, Sebi has requested that all investors link their Permanent Account Numbers (PAN) and Aadhaar numbers by the end of March in order to ensure continuous and efficient transactions in the securities market.
