SEBI Nomination, PAN, KYC Details Update Deadline Extension News (September 27): The Securities and Exchange Board of India (SEBI) has extended the deadlines for nomination in eligible demat accounts and submission of PAN, nomination and KYC details by physical security holders. The choice of nomination for trading accounts has been made voluntary. Following are the details of extended timelines as per SEBI’s fresh circular dated September 26, 2023.

New Deadline

Through a circular dated 27 March 2023, SEBI stipulated that trading and demat accounts which do not have a ‘choice of nomination’ by 30 September 2023 shall be frozen.

However, SEBI has now decided the following based on the representations received from Exchanges, Depositories, Brokers’ Associations and various other stakeholders:

Trading account: The submission of ‘choice of nomination’ for trading accounts will be voluntary.

“Submission of ‘choice of nomination’ for trading accounts has been made voluntary as a step towards ease of doing business,” the regulator said.

Demat Account: The last date for submission of choice of nomination has been extended to December 31, 2023.

“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.

Physical security: Through a circular dated 16 March 2023, SEBI had mandated that in case of physical security holders, folios shall be frozen if PAN, Nomination, Contact details, Bank Account details and Specimen signature are not submitted by the holders by September 30, 2023.

However, it has now been decided to extend the deadline to December 31, 2023.

“Based on the representations received from investors, Registrars Association of India and various other stakeholders, it has been decided to extend the last date for submission of PAN, Nomination, Contact details, Bank A/c details and Specimen signature for their corresponding folio numbers to December 31, 2023,” SEBI said.

Advice for Stock Exchanges, Depositories, RTAs and Listed Companies

SEBI has advised Stock Exchanges, Depositories, RTAs and Listed Companies to take necessary steps to implement the provisions of this circular, including making necessary amendments to the relevant bye-laws/business rules/regulations/operational instructions, as the case may be. The regulator has also asked these entities to bring the provisions of this circular to the notice of their respective constituents and also disseminate this circular on their websites.