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Mutual Fund Nomination Deadline Ends On Dec 31: Don’t Wait Till The Last Day

The last date for nominations to mutual fund accountsis on December 31, 2023, failing which will result in the freezing of your MF folios.

Outlook Money
December 16, 2023
Mutual Fund Nomination Deadline

Mutual Fund Nomination Deadline

If you have missed nominating a person to your mutual fund account or want to update nominees, do it by December 31, 2023; otherwise, your mutual fund folio will get blocked as the mutual fund nomination deadline has been extended. The Securities and Exchange Board of India (Sebi) announced the new deadline through a circular on September 27, 2023. It had extended the closing date twice earlier.

Non-compliance with the order will lead to the freezing of your mutual fund folios. Consequently, you will be barred from initiating redemptions, systematic withdrawals, transfers, and switch plans. All transactions from non-updated folios will stop from January 1, 2024. So, don’t wait till the last day to avoid missing the deadline in a last-minute rush and system glitches.

Here’s how you can do it: 

Offline Mode: 

Investors comfortable doing offline transactions can file nomination details in a physical form with the mutual fund houses.

Online Mode: 

Investors can also submit or update the details through mutual fund websites or intermediaries Registrar and Transfer Agents (RTAs), such as Computer Age Management Services Limited (CAMS), KFin Technologies, etc as the mutual fund nomination deadline has been extended.

Here is how to update nominations through CAMS:

Step 1: Open the CAMS website.

Step 2: Select the nomination opt-in or opt-out box.

Step 3: Fill in the PAN number in the box on the next screen.

Step 4: Select the email or phone option to receive an OTP, and enter it in the given box.

Step 5: The new screen will appear, showing the AMCs you have invested in. Either select all the AMCs or just one to update the nomination.

Step 6: Choose from the options: register nominee, update existing nominee, or nomination opt-out (for those who do not want to nominate).

Step 7: Once done, authenticate it with the OTP received, and the process is complete.

Investments through Demat Accounts: 

Those who have invested in mutual funds through a demat account must also make nominations. Investors must submit a nomination form to the stockbroker online where the demat account has been opened. Alternatively, they can update the details by visiting the National Securities Depository Limited (NSDL) website. Here’s the process:

Step 1: Visit the NSDL website.

Step 2: Click ‘Nominate Online’ on the left side of the screen.

Step 3: Provide the depositary participant ID, client ID, and PAN details and submit them. Authenticate the particulars with an OTP.

Step 4: Choose the options ‘I wish to Nominate’ or ‘I do not wish to nominate.’

Step 5: Enter the details in the box if adding or updating the nominee.

Step 6: In the eSign Service Provider page, tick the checkbox and click ‘proceed’.

Step 7: Authenticate with the OTP. The process is complete.


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