Markets regulator, the Securities and Exchange Board of India (SEBI), on September 26, extended the deadline for existing demat (dematerialised) account holders to provide a choice of nomination to December 31, 2023.
The earlier deadline for existing eligible trading and demat account holders to provide a nomination choice was up to September 30, 2023.
In addition, the submission of choice of nomination for trading accounts has also been made voluntary by SEBI in a bid to promote ease of doing business.
Furthermore, the markets regulator has provided time till December 31 for physical security holders to submit their Permanent Account Number (PAN), nomination, contact details, bank account details, and specimen signature for their corresponding folio numbers.
Besides, the markets regulator has also advised stock exchanges, depositories, Registrar and Transfer Agents (RTAs), and listed companies to initiate necessary steps to implement the provisions of its circular, including making necessary amendments to the relevant bye-laws or business rules or regulations or operational instructions, as per the likelihood of case.
Additionally, they are directed to bring the provisions of their circular to the notice of their respective constituents as well as disseminate this circular on their websites.
In July 2021, the markets regulator asked all existing eligible trading and demat account holders to provide a choice of nomination on or before March 31, 2022. However, the deadline was extended by one more year up to March 31, 2023, and followed by an extension till September 30, 2023.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.