According to the existing rule, investors who have physical securities in listed companies must provide PAN card, nomination, contact details, bank account details and signature. The registrars will freeze the respective accounts or folios after October 1, 2023 even if there is no information or documents in it. In this regard, SEBI issued orders last May. However, as per the circular issued in the month of May, the word freeze or frozen has been deleted. Registrars Association of India, based on the feedback received from the investors, has decided not to freeze the folios, to reduce the unintended challenges of referring such frozen folios to the administering authority under the Benami Transactions Act, 1988. We have decided to remove the provisions of the Money Laundering Act, 2002.’ Sebi said.
However, if the frozen folios continue till December 31, 2025, their details will have to be reported to the relevant regulatory authorities by the RTO or the listed companies in accordance with the Benami Transactions Act 1988 and the Prevention of Money Laundering Act 2002. It must be said that those who invest in physical securities have got a huge relief in this order. If there is any mistake in the documents like PAN, nomination, bank details, their folios are out of danger of being frozen. However, mutual fund experts suggest that their portfolios are safe by contacting the respective details. It is said to provide full details and file the nomination to avoid any problems.
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