The Securities and Exchange Board of India (SEBI) has made a significant decision regarding mutual fund accounts. Nomination for joint mutual fund accounts has now been made optional, making transactions more convenient for investors. Additionally, SEBI has directed fund houses to streamline commodity and foreign investments under a single fund manager to reduce management costs and provide greater benefits to investors.
What are the Changes?
SEBI has implemented several suggestions based on a review conducted by the group. As a result, nomination in joint mutual fund accounts has been made optional, and fund houses have been given the option to have a single fund manager for overseeing commodity and foreign investments. This decision will ease transactions and provide investors with more security and convenience.
Expert Opinion
SEBI has stated in a release that nominating someone in joint mutual fund portfolios will be optional. According to experts, this decision will improve the nomination process for joint portfolio holders, resulting in greater benefits for them. This will simplify the nomination process, making it extremely straightforward to nominate someone.
Income Tax Calendar May 2024
For taxpayers, here’s some important news: The deadline for nominating all existing individual mutual fund holders is set for June 30, 2024. If they fail to do so, their accounts will be frozen for withdrawals. This regulatory body has worked to streamline the existing provisions regarding fund managers, making it easier for investors to manage their investments.
These changes by SEBI are aimed at enhancing the overall investor experience and simplifying the processes involved in mutual fund investments. Stay updated with the latest regulatory developments to make the most informed investment decisions.