14 March 2023
There is a lot of confusion on the requirement to register a nominee in the demat trading accounts before end of March 2023. Is the nominee registration required for trading account as a whole or it needs to be done each fund wise in the case of mutual funds. Very few mutual fund managing companies are providing online facility to update a nominee. Also what will happen if the nominee is not registered as on April 1 ? Can it be done later. Someone please explain
15 March 2023
1. Register Nominee in MF folios online, in lots, through their registrars KFIN tech & CAMS. 2. Demat accounts through your shares trading agent/s or NSDL & CDSL sites. 3. Yes, nominee details or its 'opt-out consent' is mandatory by 31st March, 2023; otherwise your debit transactions from the accounts will be blocked.
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