More Time to Add Nominee for Mutual Funds and Demat Accounts -How Finance Works

More Time to Add Nominee for Mutual Funds and Demat Accounts

Add Nominee for Mutual Funds and Demat Accounts– Great news for people with Mutual Funds and Demat accounts! The Securities and Exchange Board of India (SEBI) has given more time to add a nominee’s details. Initially, the deadline was December 31, 2023, but now, you have until June 30, 2024.

Why the Extension?

If you didn’t add a nominee or decide not to choose one by the first deadline, your Mutual Fund and Demat accounts could be frozen. But don’t worry! SEBI decided to give everyone an extra six months to get this done. They listened to people’s concerns and made it easier for everyone.

What SEBI Says

SEBI wants companies to remind you regularly if you haven’t added a nominee. They’ll send emails and messages every two weeks to help you out. This is to make sure you don’t miss the new deadline.

How to Add a Nominee – Step by Step

Here’s a simple guide to add a nominee to your Mutual Fund or Demat account:

1. Go to the Website

Visit http://nsdl.co.in/ to start the process.

2. Sign Up

Give some details like DP ID, Client ID, PAN, and OTP for safety.

3. Choose Nomination

Once you’re in, decide if you want to add a nominee or not.

4. Fill in Nominee Details

If you choose to add a nominee, fill in their details and click ‘Save & Next.’

5. Confirm Details

Check everything is correct using the OTP sent to you.

6. Aadhaar e-Sign

Confirm everything by putting in another OTP on the eSign Service Provider’s page.

7. Finish the Process

Submit the last OTP, and you’ll get a confirmation on your screen.

This extension from SEBI is good news! You now have more time to make sure your investments are safe. Just follow these steps, and you’ll be all set. Keep an eye on your emails and messages, and you’ll do great!

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