Sebi extends nomination deadline for demat account holders to September 30, check details here

Market regulator Securities and Exchange Board of India (SEBI) has stretched the deadline for making nominations or opting out of a nomination for trading and demat account holders for another six months. The new deadline is September 30 from March 31 earlier.

In a circular on Monday, 27 March, Sebi mentioned, "Based on the assessment of the trading as well as demat accounts in which choice of nomination details (i.e. furnishing of nomination or declaration for opting out of nomination) has not been updated and on the basis of representations received from the stakeholders, it has been decided that the provisions mentioned at para 7 of SEBI circular dated July 23, 2021 read with para 3 (a) of SEBI circular dated February 24, 2022 with regard to freezing of accounts shall come into force with effect from September 30, 2023 instead of March 31, 2023."

Earlier, Sebi asked the traders and demat account holders to add the nominee details on or before March 31, otherwise, the trading and demat accounts would be suspended for debits.

“Opt-in/Opt-out of Nomination in your demat account before March 31, 2023, to avoid your demat account becoming inactive,” according to the NSDL website.

Sebi has also asked the Asset Management Companies (AMCs) to offer both an online and an offline option for unitholders to select their nominees or opt out of the nomination.

Demat account nominee: How to add a nominee to the demat account

-Login to your demat account. To access the nomination information page, choose "My nominees" from the profile segment's drop-down menu.

–Choose "add nominee" or "opt-out."

-Fill out the nominee information and submit the ID proof of the nominee.

-Enter the nominee share in percentage that the investor would like to assign to the nominee after uploading the required documents. E-sign the contract with your Aadhaar OTP.

-The nominee's information will be processed.