SEBI has mandated all mutual fund and demat account holders to add a nominee or opt out by December 31. This applies to both new and existing investors. Failure to comply by the deadline will result in frozen accounts and folios.
Adding a nominee is crucial for ensuring a smooth transfer of assets and protecting financial interests.
To add a nominee, visit NSDL's portal, enter necessary details, and choose the option "I wish to Nominate." For mutual funds, visit the fund house's website or NSDL, update nominations, and sign the form if multiple unit holders are involved.