If you’re investing in mutual funds, this news is crucial for you. The deadline for completing the nomination process for mutual fund investors is approaching. If you’ve invested in mutual funds but haven’t added a nominee yet, make sure to do it before September 30, 2023. Pay attention because the Securities and Exchange Board of India (SEBI) had initially set the nomination deadline for March 31, 2023, but later extended it for six months. Now, you have until September 30, 2023, to get this done.
Over 25 Lakh Investors Haven’t Updated Their Nominations
Many mutual fund investors in the country have not completed the nomination process. According to data from Registrar and Transfer Agents (RTA), more than 25 lakh PAN cardholders have not nominated anyone for their mutual fund investments. As per Money Control, this data does not include information from KFintech, so the number of those who haven’t completed their nominations could be even higher.
What Happens If You Don’t Complete Your Nomination
According to SEBI’s notification, if an investor fails to complete the nomination process by September 30, 2023, their account will be frozen. After that, you won’t be able to withdraw or invest any funds from that account. To avoid this hassle, make sure to complete this task as soon as possible.
How to Complete Your Nomination
You can complete the nomination process for mutual funds through both online and offline modes. For those who have invested through offline mode, fill out the form and submit it directly to the Registrar and Transfer Agent (RTA). On the other hand, if you’ve invested online, you can complete the nomination through a simple two-factor authentication process by logging into your account. Don’t delay, secure your investments now!