Extended nomination deadline for mutual funds to September 30
Existing investors in mutual funds have until September 30 to designate a beneficiary or opt out; otherwise, their folios will be suspended and they will be unable to redeem their investment.
Prior to March 31, 2023, the Securities and Exchange Board of India (Sebi) required mutual fund subscribers to submit nomination details or a declaration to opt out of nomination.
The deadline for debits on all extant mutual fund folios, including those held jointly, has been set for September 30, 2023, failing which the folios will be frozen.
Under the new framework, asset management companies (AMCs) and RTAs should encourage unit holders to comply with the requirement for nomination or opt out of nomination by sending biweekly communications via email and SMS to all unit holders who are not in compliance with the nomination requirement.
Sebi noted that the communication must provide instructions on how unit holders can nominate or decline nomination.
Today, the deadline for linking PAN and Aadhaar was extended by three months to 30 June in order to allow individuals to comply with the required income tax provisions.
“In order to give taxpayers more time, the deadline for linking PAN and Aadhaar has been extended to 30 June 2023,” the finance ministry said in a statement on Tuesday. “Persons can now provide their Aadhaar number to the prescribed authority for Aadhaar-PAN linking without facing repercussions.”
Previously, the government had also repeatedly extended the deadline.
