CIRCULAR
SEBI/HO/MIRSD/POD-1/P/CIR/2023/158 September 26, 2023
To
All Recognized Stock Exchanges
All Recognized Depositories
Stock Brokers (Trading Members) through Recognized Stock Exchanges
Depository Participants through Depositories
All registered Registrars to an Issue and Share Transfer Agents (RTAs)
All Listed Companies through Recognized Stock Exchanges
Dear Sir / Madam,
Subject: Extension of timelines (i) for nomination in eligible demat accounts
and (ii) for submission of PAN, Nomination and KYC details by physical
security holders; and voluntary nomination for trading accounts
For trading and demat accounts
1. SEBI, vide circular no. SEBI/HO/MIRSD/RTAMB/CIR/P/2021/601 dated July 23,
2021, stipulates that trading accounts and demat account which do not have
‘choice of nomination’ by September 30, 20231 shall be frozen.
2. In this respect, based on the representations received from the Exchanges,
Depositories, Brokers’ Associations and various other stakeholders, the following
has been decided:
2.1. Submission of ‘choice of nomination’ for trading accounts has been made
voluntary as a step towards ease of doing business;
2.2. With respect to demat accounts, it has been decided to extend the last date
for submission of ‘choice of nomination’ to December 31, 2023.
For physical security holders
3. As regards physical securities, SEBI, vide circular no. SEBI/HO/MIRSD/MIRSD-
PoD-1/P/CIR/2023/37 dated March 16, 2023, stipulated that folios shall be frozen
1 The aforesaid timeline of September 30, 2023 was prescribed by SEBI circular
SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/42 dated March 27, 2023.
Page 1 of 2
if PAN, Nomination, Contact details, Bank A/c details and Specimen signature
are not submitted by the holders by September 30, 2023.
4. Based on the representations received from investors, Registrars Association of
India and various other stakeholders, it has been decided to extend the last date
for submission of PAN, Nomination, Contact details, Bank A/c details and
Specimen signature for their corresponding folio numbers to December 31,
2023.
5. Stock Exchanges, Depositories, RTAs and Listed Companies are advised to:
a) take necessary steps to implement the provisions of this circular,
including making necessary amendment to the relevant bye-laws /
business rules / regulations / operational instructions, as the case may
be;
b) bring the provisions of this circular to the notice of their respective
constituents and also disseminate this circular on their websites;
c) communicate to SEBI, the status of the implementation of the
provisions of this circular; and
d) monitor the compliance of this circular.
6. This circular shall come into effect immediately in supersession of relevant
provisions contained in various circulars issued by SEBI including Master
Circulars issued for Stock Brokers and Registrars to an Issue and Share Transfer
Agents dated May 17, 2023.
7. This circular is issued in exercise of powers conferred by Section 11(1) of the
Securities and Exchange Board of India Act, 1992, and Section 19 of the
Depositories Act, 1996 to protect the interests of investors in securities and to
promote the development of, and to regulate the securities market.
8. This circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework -> Circulars”.
Yours faithfully,
Aradhana Verma
General Manager
Market Intermediaries Regulation and Supervision Department
Tel. No. 022-2644 9633
Email id - aradhanad@sebi.gov.in
Page 2 of 2