MF Folios, Demat Accounts Will Not Be Frozen Despite Lack Of Nomination; Dividends, Interests Withheld To Be Processed

Other Key AmendmentsThe investors now need to fill in three mandatory fields for updating nomination details. Investors can add up to three nominees. These three requirements include the name of the nominee, the share of each nominee, and the relationship with the applicant.The non-mandatory details include the address of the nominee, contact details, email ID, and identification details of the nominee.Revoking its earlier mandate Sebi said that security holders holding securities in physical form will now be eligible for receipt of any payment including dividend, interest or redemption payment even if ‘choice of nomination’ is not submitted by them. Further Sebi allows them to lodge grievances or avail any service request from the RTA, despite a lack of nomination details for these folks. Earlier Sebi had taken away these rights from investors if nomination details were absent in folios.

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