Existing mutual fund investors have time till September 30 to designate a beneficiary or exit, failing which their folios will be frozen and they will not be able to redeem the investments.
The Securities and Exchange Board of India (SEBI) had earlier made it mandatory mutual fund Subscribers will have to submit nomination details or a declaration to opt out of nomination by March 31, 2023.
The deadline for all existing mutual fund folios, including jointly held ones, has been set as September 30, 2023, failing which the folios will be frozen for debit.
Under the new framework, asset management companies (AMCs) and RTAs should encourage unit holders to meet the enrollment requirement or opt out of enrollment by sending communications to all such units on a fortnightly basis through email and SMS. Holder(s) who are not in compliance with the nomination requirement.
The communication will provide guidance by which unit holders may provide nomination or opt out of nomination, SEBI noted.
Earlier today the deadline to link PAN expired Base It has been extended by three months to June 30 to enable people to comply with mandatory income tax provisions.
“In order to provide some more time to taxpayers, the date for linking of PAN and Aadhaar has been extended up to June 30, 2023, whereby individuals can intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking,” Finance the ministry said in a statement on Tuesday.
Even before this, the government has extended the deadline several times.
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