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SEBI has extended the timeline to comply with the nomination guidelines from August 1 to October 1.
With this, mutual funds will have to compulsorily take a declaration from investors if they opt for nomination by filing it with the MF application form or skip it. Mutual funds can also take the declaration online by using e-Sign facility.
SEBI clarified that all existing folios without nomination will have to opt for nomination or opt out of nomination by March 31, 2023.
Non-compliant folios will be frozen for investment and redemption, clarified SEBI.
