Wednesday, September 28, 2022

Investors in the stock market should be aware of some important news. If the KYC update is not completed by August 1, the Demat account will be closed

Update on your Demat Account: Those who invest in the stock market or buy debt instruments must update their KYC today, or they may face complications later.

New Delhi: Demat Account Update: If you invest in the stock market and have a demat or trading account, you should be aware of this information. Because your account will be deleted if you do not update your KYC by July 31.

By July 31st, you must have updated your KYC.

The depositories National Securities Depository Limited (NSD) and Central Depositories Services Limited (CDSL) released circulars on 7 April 2021 and 5 April 2021, respectively, stating that account holders must provide 6 KYC details. Name, address, PAN, mobile number, e-mail ID, and income range are among the information requested.

6 KYC information needs to be updated

For new accounts started after June 1, 2021, all six pieces of information are required. In the case of existing accounts, market regulator SEBI has ordered depositors to update all six KYCs and notify clients if any of them need to be updated.

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PAN should be verified.

According to the circular, the obligation of submitting a PAN on behalf of customers for transactions in the securities market will continue with the permissible exemptions, and investors are encouraged to check their PAN cards on the Income Tax website. If your PAN card isn’t linked to your Aadhaar number, you won’t be able to use it.

Also keep this information up to date

Every account holder will be required to supply a distinct phone number and email address. The account holder, however, can amend his family’s mobile number and e-mail address after making a formal declaration. The term “family” refers to oneself, one’s spouse, one’s dependent parents, and one’s children.

Information on the family should be updated.

If the same mobile number or email ID is detected in many demat accounts, and the family information is not updated, the demat account holders will receive a 15-day notice to submit a mobile number, email ID change form, or request letter. I’ll have to say that. If they don’t, their accounts will be flagged as non-compliant. Account holders will be required to declare their income range to depositors, both individually and in aggregate. Individuals with incomes ranging from Rs 1 lakh to Rs 25 lakh are considered individuals. Individuals can borrow up to Rs 1 crore, while non-individuals can borrow up to Rs 1 crore.

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