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Mutual fund investors get time till March 31 to nominate beneficiary

Investors in existing mutual funds have until March 31 to nominate a beneficiary or withdraw by submitting a declaration; otherwise, their folios will be frozen and they will be unable to redeem the investments. The Protections and Trade Leading body of India (SEBI), in its round dated June 15, 2022, had made it required for shared store clients to submit assignment subtleties or statement of exit from designation on or after August 1, 2022. The due date was later extended to October 1, 2022. The mutual fund folios that are currently held jointly must be closed by March 31, 2023, or they will be frozen for debit. Niranjan Babu Ramayanam, COO of Anand Rathi Wealth Ltd., said that many investment accounts have been opened in the past without specifying who should receive the assets in the event that the account holders become ill or die. This indicates that the true heir was.


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