Sebi modifies guidelines on nomination facilities in securities market
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Markets regulator Sebi on Friday modified its guidelines and issued necessary clarifications on nomination facilities in the securities market in a bid to make the process of transmission and nomination easier for demat accounts and mutual fund (MF) folios. In its circular, Sebi said that if one or more joint account holders pass away, the assets will be transferred to the surviving holder(s) without the need for additional KYC unless it was requested earlier and not provided. The surviving holder(s) can update their contact details and add or change their nominee(s) at any time. Further, investors will have the option to designate a nominee (excluding minors) to manage their account in case they become physically incapacitated. This nominee can be changed as needed. On nomination opt-out, Sebi said that investors with single holdings can choose to opt out of nomination either online or offline. The nomination form has been updated with...