By December 31, 2023, you can either add a nominee to your demat account and mutual funds or opt out of the nomination option. If you do not do this by December 31, 2023, SEBI may freeze the debit from your account.
If you invest money in the stock market through mutual funds or demat account, then 31 December 2023 is a very important date for you. The last date for adding nominee in mutual funds and demat account is 31st December 2023 only. Securities and Exchange Board of India (SEBI) has made it mandatory. In such a situation, now you have only a few days left to add nominee in mutual funds and demat account.
If you either add a nominee to your demat account and mutual funds by December 31, 2023, or opt out of the nomination option. If you do not do this by December 31, 2023, SEBI may freeze the debit from your account. If SEBI takes such action then you will not be able to withdraw from your demat account and mutual funds account.
In case you do not add the nominee by this deadline, you cannot use the funds available in your demat account for trading purposes. If you have already added the nominee then you do not need to update it again.
How to add nominee in demat account
- First of all go to NSDL portal nsdl.co.in.
- Go to the homepage of this website and click on the option of ‘Nominate Online’.
- After this a new webpage will open, where you will be asked for DP ID, Client ID, PAN and OTP.
- After knowing these details, you have two options. These two options are ‘I wish to
- Nominate’ and ‘I do not wish to nominate’.
- If you select the option to add nominee, a new page will open for the details of the
- nominee.
- After this you will have to e-sign with the help of Aadhaar. This work will be completed through OTP on the mobile registered with UIDAI.
How to add nominee in mutual fund portfolio?
- You can make nomination for mutual fund portfolio either before you start investing or later.
- For this, you can update the nominee by visiting the official website of the mutual funds house or the website of NSDL.
- You can add maximum 3 people as nominees in mutual fund.
- At the time of nomination, you can tell how much share will be given to which nominee.
- This nomination requires signatures of all unit holders.
- If you invest through your demat account and the units are with the depository. In such a situation, the same nomination as is applicable to the unit holders along with the depository will also be applicable to the mutual fund holding.
