The deadline is approaching for people who own mutual funds or demat accounts to add someone they trust as a nominee. If they miss this deadline, their accounts could get frozen. The Securities and Exchange Board of India (SEBI) says it's important for investors to share who they want to take over their accounts if something happens to them.

What happens if they miss this deadline? Well, after December 31, SEBI will stop any transactions from these accounts. That means no taking money out of the mutual funds or using the demat accounts for trading.

Adding a nominee isn't tough. When setting up a demat account or later on, people just need to give the nominee's name, relation, and some other info.

Here are the steps:

Go to the NSDL website.
Click on 'Nominate Online.'

Enter your account details.

Choose whether you want to nominate someone or not.

If you choose to add a nominee, fill in their details.

Use the eSign Service Provider’s page to confirm.

Enter an OTP to finish.

Take Care, you can add up to three nominees and change them later if needed. SEBI had moved the deadline from September to December 31, 2023, so people have a bit more time to do this important task.

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