Nomination requirement extended with new enforcement timeline; accounts face freezing if clients fail to update their nomination choice. Extension of the deadline for furnishing a choice of nomination for existing trading and demat accounts shifts the enforcement date for freezing trading and debit functions to September 30, 2023; existing circular requirements otherwise remain unchanged. Stock brokers and depository participants must send fortnightly communications guiding clients to update their nomination choice. Stock exchanges and depositories shall amend rules, disseminate the circular, monitor compliance efforts, and submit monthly reports on updation activities. The circular is issued under Section 11(1) for investor protection and market regulation.
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Nomination requirement extended with new enforcement timeline; accounts face freezing if clients fail to update their nomination choice.
Extension of the deadline for furnishing a choice of nomination for existing trading and demat accounts shifts the enforcement date for freezing trading and debit functions to September 30, 2023; existing circular requirements otherwise remain unchanged. Stock brokers and depository participants must send fortnightly communications guiding clients to update their nomination choice. Stock exchanges and depositories shall amend rules, disseminate the circular, monitor compliance efforts, and submit monthly reports on updation activities. The circular is issued under Section 11(1) for investor protection and market regulation.
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