Demat accounts without KYC will become inactive from July 1. You will not be able to do any kind of transaction with a dormant demat account. Due to this your transaction will get stuck and you will have to face a lot of difficulties.
New Delhi. Market regulator SEBI has made some changes in the new trading and demat account rules. If you also invest in the stock market through Demat account then this news is for you. For trading in the stock market, now it is necessary to do KYC of Demat account. The last date to get KYC done is today i.e. 30th June. If you do not do KYC of your demat account today, then your demat account will be deactivated.
You will not be able to do any kind of transaction with a dormant demat account. Due to this your transaction will get stuck and you will have to face a lot of difficulties. Even if a person buys shares of a company, then these shares will not be able to transfer to the account. This transaction will be completed only after KYC is completed and verified. Earlier the last date for doing KYC of demat account was 31 March 2022. Later it was increased to 31 June. SEBI has made it clear that no further time will be given for KYC of demat account after June 30.
Must share this information
To get KYC done, demat account holders will have to share 6 important information. These include name, PAN card number, address, mobile number, email ID and income range. Those investors, who are using custodian services, are also required to provide custodian details. If all these information is not updated by the deadline, then the exchange trade account of the investor will also be suspended.
Get KYC done like this
Stock brokers are advising their clients i.e. demat trading account holders to get KYC done to prevent demat account from deactivating. Almost all brokerage houses are providing online KYC facility. Apart from this, you can also get KYC done by visiting the office of the brokerage house. It is very important to do KYC to avoid any kind of trouble. Therefore, if you tackle this work today, then you can avoid further trouble.
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