Relax, your mutual fund and demat accounts will not be frozen.
SEBI's June 30, 2024, deadline required investors to add a nominee or opt out, with non-compliance leading to account freezing. Now, accounts will not be frozen.
New investors and unitholders must still mandatorily provide their choice of nomination for demat and mutual fund accounts.
Holders of physical securities can still receive payments and lodge grievances even if they don't submit a choice of nomination.
By October 1, 2024, mutual fund account logins will prompt investors to provide their choice of nomination via web or mobile applications.
Assigning a nominee ensures investments pass smoothly to your loved ones. Without a nominee, legal hurdles can delay beneficiaries from claiming your funds.
Read the full article to learn how to add a nominee to your demat and mutual fund accounts