Nomination framework for securities accounts updated with joint-holder transmission rules, opt-out flexibility, and clearer KYC safeguards. SEBI amended and clarified the nomination framework for demat accounts and mutual fund folios, covering joint holdings, opt-out of nomination, nominee operation during physical incapacitation, transmission requirements, and updated nomination-form disclosures. It clarified that assets in joint accounts are to be transmitted to surviving joint holders by name deletion, that fresh KYC cannot be insisted upon as a precondition for such transmission unless previously sought and not furnished, and that surviving holders may update key contact and banking details. The circular also introduced the treatment of odd lots, passport number acceptance for NRI, OCI and PIO holders, phased implementation, and reporting obligations for AMFI and Depositories.
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Nomination framework for securities accounts updated with joint-holder transmission rules, opt-out flexibility, and clearer KYC safeguards.
SEBI amended and clarified the nomination framework for demat accounts and mutual fund folios, covering joint holdings, opt-out of nomination, nominee operation during physical incapacitation, transmission requirements, and updated nomination-form disclosures. It clarified that assets in joint accounts are to be transmitted to surviving joint holders by name deletion, that fresh KYC cannot be insisted upon as a precondition for such transmission unless previously sought and not furnished, and that surviving holders may update key contact and banking details. The circular also introduced the treatment of odd lots, passport number acceptance for NRI, OCI and PIO holders, phased implementation, and reporting obligations for AMFI and Depositories.
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