SEBI has extended the deadline to December 31 to add nominees for demat account holders

The deadline for current demat account holders to offer their choice of nomination or formally opt out of nomination through a declaration form was extended by three months to December 31 by capital markets regulator SEBI.

The regulator has also made it voluntary to submit a "choice of nomination" for trading accounts to make conducting business easier.

Previously, existing eligible trading and demat account holders had until September 30 to submit their choice of nomination.

The move is intended to assist investors in securing their assets and passing them to their legitimate heirs.

"Based on the representations received from the exchanges, depositories, brokers’ associations and various other stakeholders, submission of ‘choice of nomination’ for trading accounts has been made voluntary as a step towards ease of doing business. With respect to demat accounts, it has been decided to extend the last date for submission of ‘choice of nomination’ to December 31, 2023,” SEBI said in a circular.

Additionally, SEBI has allowed physical security holders till December 31 to provide their PAN, nomination, contact information, bank account information, and specimen signature for the corresponding folio numbers.