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Stock market regulator SEBI on Wednesday extended the deadline for adding nominees for demat and mutual fund account holders to June 30 next year. Till now the deadline for nominating a beneficiary or opting out by submitting a declaration was kept till December 31. The move by the Securities and Exchange Board of India (SEBI) aims to help investors protect their assets and hand them over to their legal heirs.
Sebi said in a circular – In consideration of the requests received from market participants, for ease of compliance and convenience of investors, it has been decided to extend the last date for submission of selection of nominations for demat accounts and mutual fund portfolios to June 30. , 2024. Gone.
Email or Messaging Advice: Sebi has also asked asset management companies (AMCs), depository participants and registrars and transfer agents (RTAs) to encourage demat account holders and mutual fund unit holders to register or opt-out by sending emails or SMS every fortnight.
Action by SEBI
Meanwhile, capital markets regulator SEBI has fined five former executives of Federated Electric and Engineering Limited (FEEL) for irregularities and manipulation in the company’s accounts for Rs. 4 crores and banned him from the securities market for two years. Done, done.
Along with this, he has been banned for two years from holding the post of director or chief manager in any listed company or any registered intermediary. The persons on whom SEBI has imposed penalty include Akhtar Aziz Siddiqui, Chief Finance Officer cum Whole-time Director, Member of Accounts Committee and in-charge of Finance and Accounts Affairs of FEEL, Whole-time Director and Director for the financial year 2007-08. Financial Year 2016-17. Sham Sundar Dhawan is among the signatories to FEEL’s financial statements.