SEBI makes nomination optional for joint mutual fund portfolios
The Hindu
SEBI makes mutual fund account nominations optional and allows single fund manager for commodity and foreign investments.
Capital markets regulator SEBI made the nomination optional for jointly-held mutual fund accounts on May 1 to promote ease of doing business.
Additionally, SEBI allowed fund houses to have a single fund manager to oversee commodity and foreign investments. This would reduce the cost of managing the fund.
These came after a working group constituted by SEBI reviewed mutual fund regulations and recommended measures to promote the ease of doing business.
Based on the working group’s recommendation, a public consultation was carried out suggesting an option to make joint mutual fund account nominations optional and permitting fund houses to have a single fund manager to oversee commodity and foreign investments.
"Accordingly, it has been decided that the requirement of nomination ....for mutual funds shall be optional for jointly held mutual fund folios," the Securities and Exchange Board of India (SEBI) said in a circular.
Experts believe that the relaxation of nomination requirements for joint holders is beneficial as it simplifies the nomination process by allowing the surviving member to become the nominee. This streamlines the transmission process and reduces hassle in such situations. Later, the last surviving member can assign a nominee.
The regulator has set June 30, 2024, as the deadline for all existing individual mutual fund holders to nominate or opt out of nomination. If they fail to comply, their accounts will be frozen for withdrawals.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
Indian stock markets closed lower amid volatility, with key firms lagging as global trends influenced trading activity.
Bharti and Warburg Pincus invest in Haier India, acquiring a 49% stake to enhance growth and innovation in consumer durables.
India's net FDI remains negative for October 2025, with outflows surpassing inflows amid trade deal uncertainties.
Bombay High Court halts fraud notices to Anil Ambani, questioning banks' compliance and the audit's validity.
Explore the key business events that defined India in 2025, from trade wars to regulatory reforms and corporate expansions.
The rarely-used eight-unit Fisk power plant owned by Houston-based NRG Energy was scheduled to retire next year. But then came from artificial intelligence.
The rupee gains 12 paise to 89.51 against the U.S. dollar, buoyed by RBI's liquidity support.
In a recent conversation with Dwarak Rajagopal, Head of AI Research at Snowflake, what stood out was not optimism or scepticism, but maturity.
Explore how India's export landscape is increasingly dominated by a few states, revealing regional disparities and structural challenges.