Investors subscribing to new folios (on or after October 1, 2022) should either opt in or opt-out of nomination irrespective of the mode of holding. Also, in the case of existing folios, investors should fulfil this requirement by March 31, 2023.
To comply with these AMFI guidelines, NSE NMF II platform has implemented changes to facilitate the nomination declaration process. Chetan Doshi and Milton Dias take us through these.
New IIN (Investor Identification Number) registrations
- Nominee opt in/opt-out field is mandatory for all new IIN registrations
- All related fields like nominee PAN, relationship, date of birth etc. are also compulsory
- All holders should share their consent
RTA to approve/reject transactions subject to validation of consent from all holders and nomination details.
Also, the NSE NMF II platform will reflect a disclaimer on the screen stating that details captured at the time of nominee registration will be considered for fresh subscriptions with new folios registered in IIN from October 1, 2022 onwards.
Existing IINs
- Availability of nominee opt in/opt-out field based on the available nominee details
- Nominee details mentioned in the IIN records will be considered for fresh subscriptions here
- In case investors want to update nomination, they have the option to modify through the Digital Modification mode on the IIN registration page
Additional validations
- Implementation of additional validation for avoiding duplication of contact details of all the holders
- Combination of mobile and relationship and combination of email and relationship should be unique for all holders
Step-by-step guide for nomination registration/modification
- Click here for a detailed illustration of the nomination registration/modification process
