On 27-3-2023, the Securities and Exchange Board of India (‘SEBI’) has extended timelines for the existing account holders to provide choice of nomination details by either furnishing of nomination or declaration for opting out nomination.
Key Points:
-
SEBI further extended the timeline with regard to freezing of trading and demat accounts from 31-3-2023 to 30-9-2023.
-
SEBI decided to extend the timeline as the choice of nomination details was not updated.
-
On 23-7-2021, SEBI mandated providing choice of nomination details for investors opening new trading and/or demat accounts on or after 1-10-2021 and for all existing holders by 31-3-2022.
-
On 24-2-2022, SEBI extended the timeline for the existing trading and demat holders to 31-3-2023.
-
SEBI directed the Stock Exchanges and Depositories:
-
monitor the efforts made by trading members and depository participants for updating of ‘choice of nomination’ by their clients and submit a report to this effect on monthly basis within next 7 days from the end of the month.
-
first such report has to be submitted by 7-5-2023 for the month of April 2023.
-