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of <h1>SEBI's Mutual Funds Amendment: Nomination Facility Introduced for Unit Holders, Mandates Consent from Joint Holders.</h1> The Securities and Exchange Board of India (SEBI) issued the Mutual Funds (Second Amendment) Regulations, 2002, which introduces a nomination facility for mutual fund unit holders. This amendment mandates asset management companies to allow unit holders to nominate a person to inherit their units in the event of their death. If units are held jointly, all joint holders must agree on the nomination. The regulations specify that nominees cannot be entities like trusts or corporations, and the nomination is rescinded upon unit transfer. The amendment details the process for nomination and cancellation, ensuring legal clarity for unit holders and nominees.
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