Mutual Fund Nominee Update Last Date: For all existing mutual fund unit holders, it is mandatory to nominate or opt out of nomination before September 30, 2023
Mutual Fund Nominee Update Last Date: For all existing mutual fund unit holders, it is mandatory to nominate or opt out of nomination before September 30, 2023, failing which the folios shall be frozen for debits, according to the Securities and Exchange Board of India (SEBI).
The nomination facility enables unitholders to nominate a person, who can claim the units held by the unitholder or the redemption proceeds in the death of the unitholder. In case, units are held by more than one person, then all joint unitholders are required to nominate a person in whom all the rights in the unit would vest in the event of the death of all joint unit holders.
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Where to update the nominee details or opt out
You can update the nomination or opt out of it by reaching your mutual fund asset management company (AMC) or Registrar and Transfer Agents (RTA). This can also be done online through the AMCs or the RTA’s website or through platforms like MF Utilities and National Securities Depository Limited (NSDL), CAMs and KFintech.
How to check nominee details
You can check the nominee of your funds from your AMC. The Mutual Fund statements shared by the AMCs also show whether you have opted for a nominee or not.
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Mutual Fund Nominee Update: Last date
The last date for the updation of mutual fund nominees is September 30, 2023.
What will happen if you fail to update the nominee details or opt-out?
In case a unitholder does not nominate or opt out of nomination before September 30 then his/her mutual fund folios will be frozen for any debit transactions. Further, such investors would be unable to redeem their mutual fund units or make modifications to their investment portfolios.
Nominee Updation through CAMs and KFintech
The facility to update mutual fund nominees for all individual investors with non-demat folios has been enabled by CAMs and KFintech.
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Nominee Updation Through KFintech
Non-demat individual investors with PANs already registered in their folios can update nominee details by visiting the following link on the KFintech portal.
Link: https://mfs.kfintech.com/investor/General/NCTNomineeUpdation
For folios with Joint Holders: KYC Compliance of Joint holders in these folios is mandatory to facilitate the updation of nomination or opting out through the above link.
Other investors can submit a duly signed request Opt-in service request form or Opt-out service request form to any of the Designated Investor Service Centre (DISC) of KFintech.
List of AMCs Serviced by KFintech: The following mutual fund AMCs are being serviced by KFintech:
Axis Mutual Fund, Baroda BNP Paribas Asset Management Ind Pvt Ltd, Bank of India Investment Managers Pvt. Ltd, Canara Robeco Mutual Fund, Edelweiss Mutual Fund, Navi Asset Management Ltd, IDBI Mutual Fund, Indiabulls Mutual Fund, Invesco Mutual Fund, ITI Mutual Fund, JM Mutual Fund, LIC Mutual Fund, Mirae Asset Mutual Fund, Motilal Oswal Mutual Fund, Nippon India Mutual Fund, NJ Asset Management Pvt. Ltd, PGIM India Mutual Fund, Principal Mutual Fund, Quant Mutual Fund, Quantum Mutual Fund, Sahara Mutual Fund, Samco Asset Management Pvt. Ltd, Sundaram Mutual Fund, Taurus Mutual Fund, Trust Asset Management Co. Ltd, UTI Mutual Fund
Nominee Update through CAMs:
On the CAMs portal, the link for updating the nominee or opting out nomination is the following
CAMS link: https://www.camsonline.com/Investors/Service-requests/Nomination/Nomination-Opt-in_&_Opt-out
List of AMCs Serviced by CAMs: The following mutual fund AMCs are being serviced by CAMs:
Aditya Birla Sunlife MF, Bandhan MF, DSP MF, Franklin Templeton MF, HDFC MF, L&T Mutual Fund (now HSBC MF), HSBC Mutual Fund, ICICI Prudential MF, IIFL MF, Kotak MF, Mahindra Manulife MF, PPFAS MF, SBI MF, Sriram MF, Tata MF, Union MF and WhiteOak Capital MF.
