Those who invest in the stock market, buy debt securities, they have to get their KYC updated before March 31, after which you may face difficulties.
Demat Account Update: Important news for stock market investors. If you invest money in share market and you have demat account or trading account then this news is very important for you. If you have not updated your KYC yet, then update it by 31st March. Otherwise your account will be deactivated. Let us know in detail.
Update KYC by 31st March
In the circular issued by the depositories National Securities Depository Limited (NSD) and Central Depositories Services Limited (CDSL), it was said that 6 KYC information has to be given for the account holders. These details are- name, address, PAN, mobile number, e-mail ID and income range.
6 KYC details to be updated
It is worth noting that all 6 information has been made mandatory for new accounts opened after June 1, 2021. Whereas for existing accounts, the market regulator SEBI has asked depositors to update all 6 KYCs and inform clients where necessary to update the same.
Verify PAN
It has been said in this circular that the requirement of submission of PAN on behalf of the clients for transactions in the securities market will continue with the allowed exemption, investors have been asked to verify the PAN card by visiting the Income Tax website. If PAN card is not linked with Aadhaar then PAN card will not be considered valid.
Update this information
All account holders will have to provide separate mobile number and e-mail address. However, after giving a written declaration, the account holder can update the mobile number and e-mail address of his family. Family means self, spouse, dependent parents and children.
Update family information
If the same mobile number or email ID is found in more than one demat account and the family information is also not updated, then 15 days notice to such demat account holders will be given to them to submit the mobile number, email id change form or request letter. Will have to say. If they fail to do so then such accounts will be made non-compliant.
Account holders will have to disclose their income range to the depositors, separately in individual and non-individual form. The income range for Individuals includes those in the range of Rs 1 lakh to Rs 25 lakh. While the range of non-individuals is up to Rs 1 crore.
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