Akash Jha
The deadline for people who have Demat accounts to offer a nomination has been extended by the organization that regulates the market, SEBI. Additionally, SEBI has extended the deadline for holders of physical securities to submit their PAN numbers, nomination information, and KYC requirements. The original deadline of September 30 has been changed to the new date of December 31, 2023.
The market regulator issued a circular on March 27, 2023 requiring holders of demat accounts to either offer a ‘option of nomination’ or opt out of nomination entirely. This mandate took effect the following day. Earlier, SEBI issued a warning that demat accounts that have not yet reached a conclusion will have their funds frozen beginning September 30, 2023.
On March 16, 2023, it had sent out a circular with instructions instructing holders of physical securities in listed businesses to provide their PAN, nomination, contact details, bank account data, and a specimen signature for their respective folio numbers. These instructions were similar to those that had been published earlier.
The Securities and Exchange Board of India (SEBI) stated in a news release that the “submission of ‘choice of nomination’ for trading accounts has been made voluntary as a step towards ease of doing business.”
In addition to this, SEBI issued instructions to stock exchanges, depositories, RTA (Registrar and Transfer Agents), and listed firms to “take necessary steps to implement the provisions of this circular” and to “monitor the compliance of this circular.”
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