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Securities and Exchange Board of India
CIRCULAR
SEBI/HO/IMD/IMD-I DOF1/P/CIR/2022/105 July 29, 2022
To
All Mutual Funds (MFs)/
Asset Management Companies (AMCs)/
Trustee Companies/ Board of Trustees of Mutual Funds/
Registrar and Transfer Agents (RTAs)/
Association of Mutual Funds in India (AMFI)
Sir / Madam,
Subject: Nomination for Mutual Fund Unit Holders – Extension of timelines
1. SEBI vide Circular No SEBI/HO/IMD/IMD-II DOF3/P/CIR/2022/82 dated June
15, 2022 (Circular) mandated submission of nomination details/declaration for
opting out of nomination for investors subscribing to mutual fund units on or
after August 1, 2022.
2. In this regard, based on the representation received from AMFI, it has been
decided that:
a. Para 1 of the Circular will be read as “Investors subscribing to mutual fund
units on or after October 1, 2022, shall have the choice of:”.
b. Para 2 of the Circular will be read as “AMC shall provide an option to the
unit holder(s) to submit either the nomination form or the declaration form
for opting out of nomination in physical or online as per the choice of the
unit holder(s). In case of physical option, the forms shall carry the wet
signature of all the unit holder(s). In case of online option, instead of wet
signature(s) of all the unit holder(s), AMCs shall validate the forms:
i. using e-Sign facility recognized under Information Technology Act,
2000; or
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Securities and Exchange Board of India
ii. through two factor authentication (2FA) in which one of the factor shall
be a One-Time Password sent to the unit holder at his/her email/
phone number registered with the AMC”.
3. This circular is issued in exercise of the powers conferred under Section 11 (1)
of the Securities and Exchange Board of India Act, 1992, read with the
provision of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 to protect
the interests of investors in securities and to promote the development of, and
to regulate the securities market.
4. This circular is available on SEBI website at www.sebi.gov.in.
Yours faithfully,
Manaswini Mahapatra
General Manager
Tel no.: 022-26449375
Email: manaswinim@sebi.gov.in
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