SEBI Extends Deadline for Demat Account Holders to Add Nominees
The Securities and Exchange Board of India has extended the deadline for existing demat account holders to choose their nominees by an additional three months, making the new deadline December 31, 2023. Originally, the deadline was scheduled for September 30, but this extension has been granted to give account holders additional time to make their nomination choices.
This extension specifically applies to demat accounts, where individuals hold their securities electronically also, SEBI has made the submission of ‘choice of nomination’ for trading accounts voluntary, to simplify the process of doing business in the securities market.
Further, SEBI has granted physical security holder time till December 31, 2023, to submit their PAN (Permanent Account Number), nomination preferences, contact details, bank account information, and specimen signatures for their respective folio numbers.
SEBI's decision to extend these deadlines comes after receiving feedback from investors, the Registrars Association of India, and other stakeholders who requested more time for compliance.
Further, SEBI has advised stock exchanges, depositories, Registrars and Transfer Agents (RTAs), and listed companies to take the necessary steps to implement these circular provisions, including updating their rules and regulations accordingly. SEBI also encourages them to inform their stakeholders about these changes and publish the circular on their respective websites.
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