SEBI vide Circular dated June 15, 2022, read with SEBI Circular dated July 29, 2022, and SEBI Circular dated March 28, 2023, prescribed the requirement for nomination/ opting out of nomination for all the existing individual unit holder(s) holding mutual fund units either solely or jointly, by September 30, 2023, failing which the folios shall be frozen for debits.
It has been decided that the provision mentioned in para 4 of the SEBI Circular dated June 15, 2022, with regard to freezing of folios, shall come into force with effect from January 01, 2024, instead of September 30, 2023.
AMCs and RTAs shall encourage the unit holder(s) to fulfil the requirement for nomination/ opting out of nomination by sending a communication on a fortnightly basis by way of emails and SMS to all such unit holder(s) who are not in compliance with the requirement of nomination. The communication shall provide guidance by which the unit holder(s) can provide nomination or opt out of nomination.
All other provisions of the Circular dated June 15, 2022, and dated July 29, 2022, shall remain unchanged.
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