December 31 is not the last date to add mutual fund, demat nominations

The deadline for adding nominations to mutual funds and demat accounts, earlier set for December 31, 2023, has now been extended to June 30, 2024.

Although the last date has been postponed, investors who have not filled out the 'choice of nomination' for their mutual funds and demat accounts should do so at the earliest. As per the market regulator, failure to submit the nomination form will lead to frozen fund folios and accounts.

How to fill up/update nomination details

Investors have three options:

One, investors can visit the websites of registrars and transfer agents (RTAs), such as CAMS and KFintech.

Two, they can choose to visit the concerned fund houses' websites.

The third option is for investors to use the MF Central platform to update nominations in one go.

Process to update mutual fund nominations on MF Central

• Go to www.mfcentral.com. Make an account if you don't have one. To set up an account, you'll need to provide your PAN and mobile number.
• Once your account is set up, log in to MF Central using your PAN and password/OTP.

• Click on 'Submit Service Request' on the page.

• Then, click on 'Update Nominee Details'.

• You can view all the mutual fund holdings here. Click on the folio where nominee details are labelled as 'No'.

• If you want to edit an existing nominee, click the edit symbol. If you want to add a new nominee, click 'Add Nominee'. If investors do not want to add anyone, select 'I do not wish to nominate'.

• -You will need to add the name, date of birth, relation and gender of the nominee. Once done, press 'Save'.

• The nomination details will be verified by an OTP. Repeat this process for other folios, too.

For the uninitiated, the earlier deadline to fill up the nomination details was set for September 30, 2023. But the deadline was shifted to the end of the year.

Also read: Nomination is almost a must