Capital markets regulator Sebi, on Tuesday, prolonged the deadline by three months to December-end for current demat account holders to offer alternative of nomination or formally decide out of nomination by means of a declaration kind.
Moreover, submission of ‘alternative of nomination’ for buying and selling accounts has been made voluntary by the regulator as a transfer in the direction of ease of doing enterprise.
Earlier, the deadline for current eligible buying and selling and demat account holders to offer a alternative of nomination was on or earlier than September 30.
The transfer is geared toward serving to traders to safe their belongings and move them on to their authorized heirs.
“Based mostly on the representations obtained from the exchanges, depositories, brokers’ associations and numerous different stakeholders, submission of ‘alternative of nomination’ for buying and selling accounts has been made voluntary as a step in the direction of ease of doing enterprise. With respect to demat accounts, it has been determined to increase the final date for submission of ‘alternative of nomination’ to December 31, 2023,” Sebi stated in a round.
Additional, Sebi has given time until December 31, for bodily safety holders for submission of PAN, nomination, contact particulars, checking account particulars and specimen signature for his or her corresponding folio numbers.
In July 2021, the Securities and Alternate Board of India (Sebi) requested all current eligible buying and selling and demat account holders to offer a alternative of nomination on or earlier than March 31, 2022. Later, this was prolonged by yet one more 12 months until March 31, 2023 and once more until September 30, 2023.
