Thread by @ETMONEY

You won’t be able to SELL your #mutualfunds if you haven’t added a nominee to your account.

Starting April 1, 2023, @SEBI_India has asked fund houses to halt transactions for all such investors.

Here’s how to check the status & add a nominee if you haven’t done so already.

A🧵

First, a brief background.

It all started in June 2022.

SEBI asked fund houses to give two options to their investors.

One, nominate a beneficiary for their #investments.

Two, opt out by filling out a declaration form.

The deadline for this is Mar 31, 2023.

If investors fail to provide a nominee or no-nomination form by the deadline, their folios will be frozen.

This means they won't be able to sell or redeem their investment until the necessary details are submitted.

Why is SEBI doing this?

Having a nominee ensures your money is passed on to family members.

The nominee can claim your investments in case of death or incapacitation.

If you don’t have a nominee or don't remember adding one, here’s how you can go about it. 👇

How to check or add nominee details?

One option is to approach each fund house for this.

But that’s a lot of work. There’s a quicker and more efficient way.

Use the @MFCentral_India platform to change all your nominations across multiple fund houses in one go.

Check how 👇

Sign in to mfcentral.com

If you don’t have an account, you'll need your PAN and mobile number to create one.

After logging in, select 'Service Request' and 'Update Nominee Details.' (See image)

You'll see all your mutual fund investments.

Next to each fund, you can see whether you have a nominee added (See image).

In case you don’t have one, select that fund and add a nominee.

You’ll need to fill in information like the nominee’s name, address, etc.

See the image below to know the details you need to provide.

You can select 'I do not wish to nominate' if you do not want to add anyone.

If you encounter an error while updating your nominee, contact your Registrar and transfer agents (RTA) - CAMS or Karvy.

You can face problems if your mobile number and email address are not updated in the RTA’s systems.

The problem should get resolved once you update these details.

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