CIRCULAR
SEBI/HO/MIRSD/POD-1/P/CIR/2023/193 December 27, 2023
To
All Recognized Stock Exchanges
All Recognized Depositories
All Mutual Funds
All Asset Management Companies (AMCs)
All Trustee Companies/ Board of Trustees of Mutual Funds
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
Association of Mutual Funds in India (AMFI)
Dear Sir / Madam,
Subject: Extension of timelines for providing ‘choice of nomination’ in eligible
demat accounts and mutual fund folios
1. SEBI, vide circular nos. SEBI/HO/MIRSD/POD-1/CIR/2023/158 dated
September 26, 2023 and SEBI/HO/IMD/IMD-I POD1/P/CIR/2023/160 dated
September 27, 2023, extended the last date for submission of ‘choice of
nomination’ for demat accounts and mutual fund folios respectively to December
31, 2023.
2. Based on representations received from the market participants, for ease of
compliance and investor convenience, it has been decided to extend the last date
for submission of ‘choice of nomination’ for demat accounts and mutual fund
folios to June 30, 2024.
3. Depository Participants, AMCs and RTAs shall encourage the demat account
holders/ mutual fund unit holders to fulfil the requirement for nomination/opting
out of nomination by sending a communication on fortnightly basis by way of
emails and SMS to all such demat account holders/ mutual fund unit holders who
are not in compliance with the requirement of nomination. The communication
shall provide guidance to provide nomination or opting out of nomination.
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4. Stock Exchanges, Depositories, AMCs, RTAs and Listed Companies are further
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.
5. All other provisions related to requirement of Nomination as provided in SEBI
Master Circular No. SEBI/HO/IMD/IMD-PoD-1/P/CIR/2023/74 dated May 19,
2023 for Mutual Funds and SEBI Master Circular No. SEBI/HO/MRD/MRD-PoD-
2/P/CIR/2023/166 dated October 06, 2023 for Depositories shall remain
unchanged.
6. This circular is issued in exercise of powers conferred by Section 11(1) of the
Securities and Exchange Board of India Act, 1992, read with Section 19 of the
Depositories Act, 1996 and 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.
7. This circular is available on SEBI website at www.sebi.gov.in under the
categories “Legal Framework -> Circulars”.
Yours faithfully,
Srishti Ambokar
Deputy General Manager
Market Intermediaries Regulation and Supervision Department
Tel. No. 022-2644 9354
Email id – srishtijc@sebi.gov.in
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