SEBI Updates Nomination Regulations for Demat Accounts and Mutual Fund Investments. Banking & Finance | Dated: 15 Oct 2024 The Securities and Exchange Board of India (SEBI) has revised the nomination rules for Mutual Funds (MF) and Demat Accounts, allowing holders to designate up to 10 nominees. 🎯 Key Highlights: - This decision was made during the SEBI board meeting on September 30, 2024, in Mumbai, Maharashtra. - The updated rules enable nominees to act on behalf of investors who are unable to do so, with certain safeguards in place. The asset transfer process to nominees will be simplified, reducing paperwork requirements. - Legal heirs of a deceased nominee won't have rights, and creditors' claims will take priority over asset transfers. Missing a 'choice of nomination' won't freeze accounts. 💡 Other Important Facts: (i) Nominees must have unique identifiers, which can be either a PAN (Permanent Account Number), passport number, or Aadhaar. (ii) Nomination is optional for joint demat accounts and mutual fund portfolios, and investors can change nominees without any limits. 📚 Test Your Knowledge: Which regulatory body recently updated the nomination regulations for demat accounts and mutual fund investments? Correct Answer: SEBI 🚀 Quick Recap: About SEBI Chairperson: Madhabi Puri Buch Headquarter : Mumbai