MF, demat account holders take note! Last 9 days left to add nominees - know consequences of missing deadline

Mutual fund investors take note of this important deadline! Mutual fund unit holders and demat account holders must add nominees or opt out within the specified timeframe to prevent the freezing of their accounts. In the case of trading accounts, this is an optional process. The Securities and Exchange Board of India (SEBI) has made the submission of the "choice of nomination" voluntary for trading accounts to streamline business processes. Regarding demat accounts, the deadline for submitting the "choice of nomination" has been extended until December 31, 2023.

If you are wondering how you can add nominee details to your mutual fund, demat account, then listed below are the steps to add nominee to demat account:

• Visit the URL - http://nsdl.co.in/dpmplus.php
• Subscribe for the facility by entering the DP ID, Client ID, PAN, and OTP
• After successful authentication, submit your choice of selection - Opt-in for nomination by clicking 'I wish to Nominate' or opt-out by clicking 'Optout' of nomination
• Choose 'I wish to nominate,' enter nominee details, and click ‘Save & Next’
• Confirm and verify the nomination details through OTP authentication
• Upon successful OTP submission at the eSign Service Provider's page, you'll be redirected to Protean eGov (formerly known as NSDL eGov) for Aadhaar eSign
• Complete the Aadhaar e-Sign, submit an OTP to complete the process

Once you successfully submit the OTP, a final confirmation will be displayed on the screen.

The regulatory body has already extended the deadline twice. Initially set for March 31, the deadline for updating nominations on demat accounts was later shifted to September 30, according to an ET report. Instead of waiting to see if SEBI extends this deadline for the third time as well, it is better to complete the nomination process on time to avoid any unnecessary inconvenience. In case you wish to opt out of the nomination process as well, there is still time to do so before the end of the year.

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