The Bombay Stock Exchange (BSE) on June 22, 2023, issued a notification regarding Nomination for Eligible Trading and Demat Accounts.
Referring to the SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/42 dated March 27, 2023, wherein it has been stated that the provisions mentioned in para 7 of SEBI circular dated July 23, 2021, read with para 3 (a) of SEBI circular dated February 24, 2022, with regard to freezing of accounts shall come into force with effect from September 30, 2023.
Trading Members are expected to remind their clients to change their "choice of the nomination" by communicating with all UCCs and Demat accounts where the "choice of the nomination" is not recorded on a fortnightly basis via emails and SMS. The communication must include instructions so that the client can submit his or her "choice of nomination."
According to SEBI's master circular dated May 17, 2023, trading members who engage in call-and-trade interactions with their clients are required to encourage those clients to as soon as possible give 'option of nomination' in their trading and demat accounts.
Trading Members are requested to ensure that the choice of Nomination is updated for all their clients and the same has been updated in the UCC database of the Exchange on or before September 30, 2023, failing which such clients shall not be permitted to trade on the Exchange.
[Notification No. 20230622-29]
