GIFT City Funds
Important Update for Investors
Starting June 1, 2025, new nomination guidelines will be implemented for all investment and mutual fund accounts. These changes are designed to streamline the nomination process and ensure secure transfer of assets in the event of an investor’s passing.
This article outlines what’s new and what steps investors need to take to stay compliant.
Why Are These Guidelines Changing?
The revised nomination guidelines aim to:
- Strengthen investor protection
- Minimize disputes related to nominee claims
- Ensure clarity and consistency in the transfer of investments
By enforcing more detailed nominee information, the process becomes safer and more transparent for all parties involved.
Summary of the New Nomination Rules
1. Use of Revised Nomination Form
All nominations must now be submitted using the newly updated form provided by the investment service provider. Older versions will no longer be accepted after June 1, 2025.
2. Mandatory Details Required for Each Nominee
The following information must be furnished for each nominee listed:
- Full Name
- Share Percentage
- Relationship with the Investor
- Residential Address
- Email and Mobile Number
- One valid identity number from the list below:
- PAN
- Driving License
- Last 4 digits of Aadhaar
- Passport (mandatory for NRIs/OCIs/PIOs)
3. Additional Requirement for Minor Nominees
If a nominee is a minor, the following details must also be provided:
- Date of Birth
- Guardian’s Name (optional but recommended)
4. Other Key Points to Note
- Investors can opt to display nominee names on their account statements.
- If the nomination form is submitted with a thumb impression, it must be attested by two witnesses. Each witness must provide their full name, signature, and address.
What Action Should You Take?
- Review your existing nominee details and update them if necessary.
- If you haven’t submitted a nomination yet, ensure it is completed using the revised format.
- Collect and submit all required information for each nominee to avoid delays or rejections.
- If you are appointing a minor as a nominee, double-check that the date of birth is included.
Need Assistance?
Our support team is available to guide you through the updated nomination process. Reach out to your relationship manager or contact our service center to ensure your account is up to date.
