{"id":1282420,"date":"2024-06-12T08:43:03","date_gmt":"2024-06-12T03:13:03","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1282420"},"modified":"2024-06-12T08:43:27","modified_gmt":"2024-06-12T03:13:27","slug":"demat-accounts-safe-without-nominee-sebi-confirms","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/demat-accounts-safe-without-nominee-sebi-confirms\/","title":{"rendered":"Demat Accounts Safe Without Nominee, SEBI Confirms"},"content":{"rendered":"\n

In a recent update<\/a>, the Securities and Exchange Board of India(SEBI) relaxed regulations for existing investors.<\/p>\n\n\n\n

\"Demat<\/figure>\n\n\n\n

SEBI Not Freezing Demat Accounts, Mutual Fund Portfolios Over Non-Nomination<\/strong><\/p>\n\n\n\n

SEBI has done this by abolishing the rule that mandated freezing demat accounts and mutual fund portfolios if a choice of nomination was not provided. <\/p>\n\n\n\n

Besides this the investors who possess securities in physical form are also entitled to receive any payments, such as dividends, interest, or redemption amounts. <\/p>\n\n\n\n

In addition to this, the investors can also submit grievances or request services from Registrars to Issue and Share Transfer Agents without having submitted a choice of nomination. <\/p>\n\n\n\n

The regulator had established June 30 as the deadline for all current individual mutual fund holders to either nominate a beneficiary, or formally decline to do so earlier. <\/p>\n\n\n\n

In case of non-compliance of this regulation, it could result in the freezing of their accounts, preventing any withdrawal. <\/p>\n\n\n\n

In a circular on Monday, SEBI has decided that for existing investors or unitholders, non-submission of choice of nomination will not result in the freezing of demat accounts as well as mutual fund folios, based on representations received from the market participants, for ease of compliance and investor convenience.<\/p>\n\n\n\n

So now, the payments withheld presently by the listed companies or RTAs for not submitting a choice of nomination will be processed accordingly, said the regulator.<\/p>\n\n\n\n

Choice Of Nomination Is Mandatory<\/strong>
<\/p>\n\n\n\n

It is noteworthy here that all new investors\/unitholders would continue to be required to mandatorily provide the choice of nomination for demat accounts\/mutual fund folios (except for jointly held demat accounts and mutual fund folios), SEBI noted. <\/p>\n\n\n\n

 Besides this the regulator has asked depository participants, AMCs or RTAs, to encourage demat account holders or mutual fund unitholders, respectively, to update choice of nomination by sending a communication on a fortnightly basis.<\/p>\n\n\n\n

It could be simply done by way of emails and SMS to all such investors who have not provided the choice of nomination. <\/p>\n\n\n\n

It is expected that this communication should provide guidance for demat account holders\/ mutual fund unit holders to provide a choice of nomination.<\/p>\n\n\n\n

A pop-up would be provided on the web or mobile platform to the investors by depositories and depository participants while logging into the demat account.<\/p>\n\n\n\n

 This would be provided to encourage the existing investors to provide a choice of nomination by AMCs while logging into their MF account from October 1.<\/p>\n\n\n\n

 In the case of demat account and MF folios, SEBI has also provided a format for providing nomination and opting out of nomination for both. <\/p>\n\n\n\n

According to this, only three fields need to be provided mandatorily for updating nomination details\u2014name of the nominee, share of the nominee and relationship with the applicant.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a recent update, the Securities and Exchange Board of India(SEBI) relaxed regulations for existing investors. SEBI Not Freezing Demat Accounts, Mutual Fund Portfolios Over Non-Nomination SEBI has done this by abolishing the rule that mandated freezing demat accounts and mutual fund portfolios if a choice of nomination was not provided.  Besides this the investors […]<\/p>\n","protected":false},"author":27,"featured_media":1282433,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[5468,5467,685],"class_list":["post-1282420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-dmat","tag-nominee","tag-sebi"],"acf":[],"yoast_head":"\nDemat Accounts Safe Without Nominee, SEBI Confirms - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/demat-accounts-safe-without-nominee-sebi-confirms\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Demat Accounts Safe Without Nominee, SEBI Confirms - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"In a recent update, the Securities and Exchange Board of India(SEBI) relaxed regulations for existing investors. 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