SEBI extends the timeline for filing nominations for trading & demat accounts
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- Last Updated on 29 March, 2023
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Circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/42; dated: 27.03.2023
Earlier, the SEBI vide. Circular dated July 23, 2021 had mandated all recognized stock exchanges, depositories, stock brokers, and depository participants to provide investors opening new trading or demat accounts on or after 01.10.2021, with the choice of providing nomination details. The investors could either furnish a nomination or opt out of a nomination by providing a declaration.
All existing eligible trading and demat account holders were also required to provide this information latest by 31.03.2022. Failure to comply with this requirement would result in the freezing of trading accounts for trading and demat account for debits.
Thereafter, on the basis of representations received from various stakeholders, the timeline for existing trading and demat account holders to submit their choice of nomination was extended to 31.03.2023.
Now, the SEBI has further extended the timeline for filing nomination details till 30.09.2023.
Further, Stock Brokers and Depository Participants are required to encourage their clients to update their choice of nomination by sending a communication on a fortnightly basis via emails and SMS to all such Unique Client Code (UCCs)/demat accounts wherein the ‘choice of nomination’ is not captured. The communication should provide guidance on how the client can provide their choice of nomination details.
Click Here To Read The Full Circular
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