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Nomination is a facility that enables an individual unitholder (including sole proprietor of sole proprietary concern) to nominate a person, who can claim the Units held by the unitholder or the redemption proceeds thereof in the event of death the unitholder.
If the Units are held jointly by more than one person, all joint unit holders are required to together nominate a person in whom all the rights in the units would vest in the event of death of all the joint unit holders.
As per Regulation 29 A of SEBI Mutual Funds Regulations, 1996, mutual funds are required to provide an option to the individual unitholders to nominate in the manner specified in the Fourth Schedule.
Earlier, it was mandatory to appoint at least one nominee in the case of subscribing to a mutual fund unit. However, recently SEBI issued a Circular EBI/HO/IMD/IMD-II DOF3/P/CIR/2 dated June 15, 2022 (“Circular”) had modified the rule and now one can have a choice to either furnish nominations or opt out of a nomination by submitting a request to that effect.
After the insertion of the above circular issued by SEBI under Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with the provision of Regulation 77 of SEBI (Mutual Funds) Regulations, 1996 of SEBI (Mutual Funds) Regulations, 1996 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market, now shall be read as;
The conclusion from the above circular: The said amendments are to protect the Interest of the Unit holder in a transparent manner, where one can have an option to nominate anyone or opt-out of anyone at any time by just following the least procedure issued by SEBI.
Source for the above Article;
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