Only 11 days left to add nominees to mutual funds, demat accounts; what happens if you miss the deadline

Mutual fund units holder and demat account holders should add nominations or opt out before the deadline to avoid freezing of accounts. While it is voluntary in the case of trading accounts.

The Securities and Exchange Board of India (SEBI), “Submission of ‘choice of nomination’ f” or trading accounts has been made voluntary as a step towards ease of doing business; With respect to demat accounts, it has been decided to extend the last date for submission of ‘choice of nomination’ to December 31, 2023.”

As per the earlier Sebi statement, “SEBI, vide circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/2021/601 dated July 23, 2021, stipulates that trading accounts and demat account which do not have, choice of nomination, by September 30, 2023 shall be frozen."

How to add nominee to demat account

Step 1: Click on the URL (http://nsdl.co.in/dpmplus.php)

Step 2: Subscribe for the facility. Enter the DP ID + Client ID + PAN and OTP

Step 3: Post successful authentication, submit the choice of selection i.e., Opt-in for nomination by clicking on ‘I wish to Nominate’ or opt-out of the nomination by clicking on ‘Optout’ of nomination.

Step 4: Click on ‘I wish to nominate’. Enter the details of the nominee(s) and then click on Save & Next.

Step 5: Confirm and verify the nomination details by an OTP authentication

Step 6: On successful submission of OTP at eSign Service Provider's page, Client will be then redirected to Protean eGov (formerly known as NSDL eGov) for Aadhaar eSign.

Step 7: Upon completion of the Aadhaar e-Sign,submit an OTP for completing the journey/process.

On successful submission of OTP, a final confirmation will be displayed.

The deadline has been extended by the regulator twice now. The deadline for updating the nomination on demat accounts was originally set for March 31 but was later moved to September 30.

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