Market regulator SEBI extended the deadline for Demat account holders to provide a nomination. SEBI also extended the deadline for physical security holders to submit PAN, nomination and KYC details. The deadline has been extended to December 31, 2023 from September 30.
The market regulator through a circular on March 27, 2023 had mandated demat account holders to either provide a ‘choice of nomination’ or opt of out of nomination altogether. SEBI earlier warned that demat accounts that didn’t make a decision will be frozen from September 30, 2023.
It had issued similar instructions to physical security holders in listed companies to furnish their PAN, nomination, contact details, bank account details and specimen signature for their corresponding folio numbers through a circular on March 16, 2023.
“Submission of ‘choice of nomination’ for trading accounts has been made voluntary as a step towards ease of doing business”, SEBI said in its press release.
Furthermore, SEBI also instructed stock exchanges, depositories, RTA(Registrar and Transfer Agents) and listed companies to “take necessary steps to implement the provisions of this circular”, and to “monitor the compliance of this circular”.
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