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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Extension of timelines for nomination in eligible demat accounts and for the submission of PAN, Nomination, and KYC details by physical security holders

26-Sep-2023 | SEBI/HO/MIRSD/POD-1/P/CIR/2023/158

Securities and Exchange Board of India (SEBI) has issued a Circular regarding the extension of timelines for nomination in eligible demat accounts and for the submission of PAN, Nomination, and KYC details by physical security holders, effective from 25th September 2023

The key highlights are:

Voluntary Nomination for Trading Accounts: The submission of 'choice of nomination' for trading accounts is now made voluntary to facilitate ease of doing business.

Extension for Demat Accounts: The deadline for submitting the 'choice of nomination' for demat accounts has been extended to December 31, 2023. This extension aims to provide more time for account holders to make their choice of nomination.

Extension for Physical Security Holders: For physical security holders, including PAN, Nomination, contact details, Bank A/c details, and Specimen signature, the last date for submission has been extended to December 31, 2023.

Freezing of Accounts: SEBI had earlier stipulated that trading and demat accounts without a 'choice of nomination' by September 30, 2023, would be frozen. However, with this circular, the submission has been made voluntary for trading accounts.

Implementation: Stock Exchanges, Depositories, RTAs (Registrar and Transfer Agents), and Listed Companies are advised to take necessary steps to implement the provisions of this circular. This includes making any required amendments to relevant byelaws, business rules, regulations, or operational instructions.

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