The Securities and Exchange Board of India, (SEBI) on June 05, 2024, issued an Ease of Doing Investments- Non-submission of ‘Choice of Nomination’.
In their interest, all existing investors/ unitholders are encouraged to provide a ‘choice of nomination’ to ensure the smooth transmission of securities held by them and to prevent the accumulation of unclaimed assets in the securities market. The formats for providing Nomination and opting out of Nomination both in the case of Demat Account and MF Folios are provided in Annexure-A and Annexure-B respectively of this circular.
Stock Exchanges, Depositories, AMCs, RTAs and Listed Companies are further advised to:
•Take necessary steps to implement the provisions of this circular, including making necessary amendments to the relevant bylaws, business rules/regulations / operational instructions, as the case may be.
•Bring the provisions of this circular to the notice of their respective constituents and also disseminate this circular on their websites.
•Communicate to SEBI, the status of the implementation of the provisions of this circular.
•Monitor the compliance of this circular.
The provisions of this circular, except clause 7 above, shall come into effect immediately in supersession of existing provisions. Further, Clause 7 of this circular shall be applicable from October 01, 2024.
[Notification No. SEBI/HO/MIRSD/POD-1/P/CIR/2024/81]
