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The Securities and Exchange Board of India (SEBI), which oversees the capital markets, announced that you no longer have to name a nominee for joint mutual fund accounts. This change was made in a circular issued on April 30, 2024.
: The RBI on Friday tweaked rules to reduce the risk faced by banks in their exposure to capital market in the case of issue of Irrevocable Payment Commitments (IPCs).The RBI issued a circular stating that "only those custodian banks will be ...
Exactly two months before the expiry of the deadline for nominating a nominee for mutual fund folios, Sebi made the process optional for investors who hold accounts in joint mutual fund folios
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.
Further, the Sebi has also allowed fund houses to have a single fund manager to oversee commodity and foreign investments. This would reduce the cost of managing the fund.