Estate planning · Nomination
Mutual Fund and Demat nominations post-SEBI 2023
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Facts
SEBI mandated in 2023 that all demat account and mutual fund folios must either register a nominee or opt-out of nomination explicitly. Accounts without nomination or opt-out were frozen for debit transactions. If you haven't done this, your demat account may already be restricted.
Provisions and law
- SEBI Circular SEBI/HO/MIRSD, 2023 | Depositories Act
Analysis
Nomination in demat: up to 3 nominees with percentage shares. Nomination in MF: per folio, not per scheme. A single folio can have different nominees than another folio in the same AMC.
Conclusion
- Login to each broker (Zerodha, Groww, HDFC Securities etc.) → check nomination status
- Login to each MF AMC or use Myfinpedia/MFCentral for consolidated check
- Update with nominee's PAN + Aadhaar + percentage share
- If multiple nominees, ensure percentages add to 100%
A Savvy can do this for you
Debt mutual fund and specified mutual fund gains, Sec 76 (old 50AA)
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