The deadline for all current individual unit holders who own mutual fund units, either alone or jointly, nominate or opt out of nomination is June 30, 2024; otherwise, the folios will be blocked for debits.
Note that if the nomination is not registered within the timeframes, transactions such as Redemptions, SWP, Switch, STP will be frozen in the corresponding folios beginning October 1, 2023.
Failure to update nomination on time will result in your MF folios getting frozen for all debit transactions. That is, you will not be able to redeem / make withdrawals from any of these investments. You can, however, continue investing in your existing folios.
Nomination is a process of appointing a person to take care of your assets in the event of death. It is mandatory for new folios/accounts opened by investors to make a nomination. In case an investor does not wish to nominate, they can opt out of the process while filling up the form.