SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/01650 January 10, 2025 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/01650 January 10, 2025 To, Asset Management Companies (AMCs) of Mutual Funds (MFs) and their Registrars to an issue and share Transfer Agents (RTAs) Association of Mutual Funds in India (AMFI) Recognized Depositories Registered Depository Participants Dear Sir / Madam, Sub: Revise and Revamp Nomination Facilities in the Indian Securities Market In order to revise and revamp the norms for nomination for demat accounts and mutual fund (MF) folios and to prevent the generation of unclaimed assets in the Indian securities market, SEBI came out with a consultation paper in February, 2024, seeking comments from the public on various aspects of nomination. Pursuant to the approval of the Board for amending the respective regulations 1 , the existing nomination facilities in the Indian securities market, to the extent of aforesaid, are being revised. This circular covers various aspects of nomination, grouped under two sections – i.e. Section A and B, to be complied by the entities addressed in this circular, hereinafter collectively referred to as Regulated entities, as follows; Section A: Reiteration of existing norms to ensure a uniform approach across Securities Market. 2.1. Rule of survivorship 2.1.1. In case of joint accounts / holdings, upon demise of one or more joint holder(s), the regulated entity shall transmit the assets held to the surviving holder(s) vide name deletion 2.1.2. The surviving member(s) shall receive the assets as owner(s) and not as a trustee. 2.1.3. Surviving joint holders shall be entitled to continue with, or change or cancel the nominations made previously. 2.1.4. The mode of operation (of the joint account), namely that of the first named holder OR anyone or survivor OR either or survivor basis OR joint