Deadline Extension Provides Additional Time for Investors
The Securities Exchange Board of India (SEBI) has decided to extend the nomination deadline for trading and demat account holders to September 30 from the previous date of March 31. The regulatory body has taken this step to provide additional time for investors to make nominations or opt out of the process, as well as to avoid freezing accounts for debits in case of non-compliance.
Stockbrokers and Depository Participants Encouraged to Send Reminders
SEBI has also encouraged stockbrokers and depository participants to actively remind their clients about updating their nomination preferences. They have been advised to send biweekly reminders via SMS and email to ensure that their clients are aware of the deadline extension and the importance of making a nomination.
Exemptions and Extended Window for Nominations
Investors who have already submitted their nomination details are exempt from submitting the information. However, those who haven’t yet provided their nomination details or wish to opt out of the nomination process now have an extended window to do so.
Two-Factor Authentication and Optional Nominee Details
Investors can use two-factor authentication on trading platforms offered by stockbrokers or depository participants to make the nomination process more convenient. SEBI has also made it optional for investors to provide details such as mobile numbers, email IDs, and identification information of the nominee or guardian of minor nominees. The only mandatory requirement remains the signed declaration form by the account holder.
E-Sign Facility Streamlines Online Process
In a move to streamline the process further, SEBI has enabled the use of the e-sign facility for filling out nomination or declaration forms online. This electronic signature method eliminates the need for a witness signature, except in cases where the account holder uses a thumb impression instead of a traditional signature.
SEBI’s Commitment to User-Friendly Investing
The deadline extension and simplification of the nomination process demonstrate SEBI’s commitment to making investing more accessible and user-friendly for all market participants.
If you have a Demat account with Bigul, please click update the nominee to add nominee details or opt out.