Big news for Mutual Fund Investor, complete this work by March 31- Watch Video

Investors in mutual funds now have until September 30, 2023, to designate nominee information. The previous deadline was March 31, 2023. "Based on representations received from the market participants, it has been decided that the provision mentioned at para. 4 of SEBI circular dated June 15, 2022 with regard to freezing of folios, shall come into force with effect from September 30, 2023 instead of March 31, 2023," the Securities and Exchange Board of India (Sebi) stated in a circular on March 28, 2023. 

Statement by SEBI

“AMCs and RTAs shall encourage the unit holder(s)to fulfil the requirement for nomination/opting out of nomination by sending a communication on fortnightly basis by way of emails and SMS to all such unit holder(s)who are not in compliance with the requirement of nomination,” SEBI added.

The regulator stated in the circular issued on March 28, 2023 that the communication shall offer instructions by which the unit holder(s) may submit a nomination or elect not to submit a nomination.