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SEBI Revamps Nomination Rules for Mutual Funds and Demat Accounts, Allowing Up to 10 Nominees

by TLAteam October 2, 2024October 2, 2024
written by TLAteam October 2, 2024October 2, 2024
SEBI Revamps Nomination Rules for Mutual Funds and Demat Accounts, Allowing Up to 10 Nominees

The Capital Markets Regulator, SEBI, has revised the nomination regulations for mutual funds (MFs) and demat accounts, permitting holders to include up to 10 nominees for both types of accounts.

Business News

During its board meeting on September 30, the Securities and Exchange Board of India (SEBI) announced new regulations that enable nominees to act on behalf of investors experiencing difficulties. These changes will also simplify the asset transfer process to nominees, requiring minimal documentation.

SEBI said that it would streamline the transition process for joint holders, requiring minimal documentation. Nominees will need to provide a unique identifier, such as a PAN, passport number, or Aadhaar.

Nominees receiving investments will serve as trustees for the investor’s legal heirs, with survivorship regulations applying to joint holdings. Specific guidelines will be established for managing accounts in a Hindu Undivided Family (HUF) upon the death of the Karta.

Legal heirs of a deceased nominee won’t have rights, and creditor claims will take precedence over transfers to nominees if the property was mortgaged. Nominations for joint accounts are optional, while single accounts require confirmation to opt out.

Nominations will be recorded and acknowledged, and investors can change nominees as often as they wish. Details will be shared with investors, and asset allocation to surviving nominees will be verified. Additionally, there will be an option to specify a parent for underage nominees.

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