Mutual Fund Nominee Update Deadline: As per the Securities and Exchange Board of India (SEBI), all current mutual fund unit holders must nominate or choose not to nominate by January 1 2024 or else their folios will be frozen for debits.
Thanks to the nomination facility, unitholders can designate an individual to inherit their units or the redemption proceeds in the event of their death. Should units be jointly owned by multiple individuals, each joint unitholder must designate an individual to whom all unit rights shall pass in the event of the demise of all joint unitholders.
Where to update the nominee details or opt out
Contacting the Registrar and Transfer Agents (RTA) or your mutual fund asset management company (AMC) will allow you to modify the nomination or withdraw it. Online options include the AMCs’ websites, the RTA’s website, and platforms like KFintech, MF Utilities, National Securities Depository Limited (NSDL), and CAMs.
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 January 1, 2024
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 January 1 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.
Nominee Updation Through KFintech
Link: https://mfs.kfintech.com/investor/General/NCTNomineeUpdation
By clicking on the aforementioned link on the KFintech portal, non-demat individual investors who have already registered PANs in their folios can update nominee details.
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, NipponIndia 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,
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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.
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