SEBI, the stock market regulating body, on Wednesday extended the deadline for adding nominees for demat and mutual fund account holders till June 30 next year. Till now the deadline for nominating a beneficiary or opting out by submitting the declaration was kept till December 31. This move by the Securities and Exchange Board of India (SEBI) is aimed at helping investors secure their assets and hand them over to their legal heirs.
In view of the applications received from market participants, SEBI said in a circular that for ease of compliance and convenience of investors, 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. The decision has been taken.
Along with this, SEBI asked asset management companies (AMCs), depository participants and registrars and transfer agents (RTAs) to encourage demat account holders and mutual fund unit holders to enroll or exit by sending emails or SMS every fortnight. Is. Let us tell you that earlier the last date for nomination was 30th September.
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Email or SMS advisory:
Sebi has also asked asset management companies (AMCs), depository participants and registrars and transfer agents (RTAs) to send emails or SMS to demat account holders and mutual fund unit holders every fortnight asking them to enroll or opt out. Have asked to encourage about.
SEBI’s action
Meanwhile, capital markets regulator SEBI has imposed a fine of over Rs 4 crore on five former executives of Federated Electric & Engineering Limited (FEEL) in a case of irregularities and manipulation in the company’s accounts and banned them from the securities market for two years. Is done.
Along with this, he has been banned for two years from holding the post of director or key managerial personnel in any listed company or any registered intermediary. The persons on whom SEBI has imposed fine include Akhtar Aziz Siddiqui, Chief Finance Officer cum Whole-time Director, Member of Accounts Committee and in-charge of Finance and Accounts matters of FEEL, Whole-time Director and Director for FY 2007-08 to FY 2016-17. The signatories to FEEL’s financial statements include Sham Sundar Dhawan.
