The Securities and Exchange Board of India (SEBI) has extended the deadline for mutual fund investors to specify nominee details to September 30, 2023. Earlier, the deadline was March 31, 2023. This decision was made in response to representations received from market participants. The circular, which was issued on March 28, 2023, stated that the provision mentioned in the SEBI circular dated June 15, 2022, regarding the freezing of folios, will come into force with effect from September 30, 2023, instead of March 31, 2023.
The move to extend the deadline for specifying nominee details is a welcome relief for mutual fund investors who were facing a time crunch to meet the earlier deadline. This decision will provide investors with additional time to complete the necessary formalities and ensure that their investments are protected.
It is important to note that specifying nominee details is a crucial step in safeguarding one’s investments. A nominee is the person who will receive the mutual fund units in case of the investor’s demise. By specifying a nominee, investors can ensure that their investments are passed on to their loved ones without any hassle.
It is also important to keep one’s nominee details up-to-date and review them periodically. In case of any changes in personal circumstances, such as marriage or divorce, investors should update their nominee details to ensure that their investments are protected.
To update the nomination in your Mutual Fund folios:
For CAMS visit (https://digital.camsonline.com/changeofnomination) and
For Kfintech visit (https://mfs.kfintech.com/investor/General/NCTNomineeUpdation)