Mumbai: Stock market regulator, Securities and Exchange Board of India (SEBI) on Tuesday, announced extension of the deadline for existing demat account holders to provide choice of nomination by another three months till December 31, 2023.
The deadline for existing eligible trading and demat account holders to provide a choice of nomination was on or before September 30. “With respect to demat accounts, it has been decided to extend the last date for submission of ‘choice of nomination’ to December 31, 2023,” said SEBI in a circular on Tuesday.
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SEBI officials said that the submission of ‘choice of nomination’ for trading accounts has been made voluntary by the regulator as a move towards the ease of doing business. The capital market regulator has given time till December 31, for physical security holders for submission of PAN, nomination, contact details, bank account details and specimen signature for their corresponding folio numbers.
“Based on the representations received from investors, registrars association of India and various other stakeholders, it has been decided to extend the last date for submission of PAN, nomination, contact details, bank A/c details and specimen signature for their corresponding folio numbers to December 31, 2023,” read the SEBI circular.
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Meanwhile the SEBI has issued advisory for stock exchanges, depositories, RTAs and listed companies to–
a) Take necessary steps to implement the provisions of its circular, including making necessary amendment to the relevant bye-laws / business rules / regulations / operational instructions, as the case may be;
b) Bring the provisions of its circular to the notice of their respective constituents and also disseminate this circular on their websites
In July 2021, SEBI asked all existing eligible trading and demat account holders to provide a choice of nomination on or before March 31, 2022. Later, this was extended by one more year till March 31, 2023 and again till September 30, 2023.
