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Your Demat Or Trading Account Will Be Deactivated From Today If You Don’t Do This

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Key KYC traits must be revised compulsorily before July 31, 2021, according to circulars published by both CDSL and NSDL in April 2021. Name, address, Permanent Account Number (PAN), valid mobile number, valid email address, and income criteria are among the required credentials according to the circulars. As a result, account holders are recommended to complete or update their know-your-customer (KYC) data by July 31, 2021. Central Depository Services Ltd (CDSL) and National Securities Depository Ltd (NSDL) have stated that failing to do so will lead to their accounts being deactivated.

 
Your Demat/Trading Account Will Be Deactivated From Today If You Don’t Do This

If KYC details pertaining to PAN have to be updated, according to emails provided by the Stockholding Corporation to their clientele, one needs to confirm that their PAN is registered or linked with Aadhaar number. All Beneficial Owner (BO) account holders must have their own mobile numbers and email addresses. A BO, on the other hand, can amend the mobile number and email address of his or her family member (family members are classified as Self, spouse, dependent parents, and dependent children) after fulfilling and submitting a written statement. Participants would grant the Demat account holder 15 days' notice before applying for a mobile number/email ID revision form or a request written statement if the same mobile number or email ID is used in multiple Demat accounts and an update of the family flag is pending.

According to the circular issued by CDSL dated July 29, 2021 representations were received from market participants highlighting the constraints/challenges regarding the applicability of the attributes to be made mandatory, relating to Valid Mobile Number, Valid Email ID, and Income Range. In view of these, all the MIIs with SEBI have decided to revise the framework only for the Demat accounts of Institutional * & nonInstitutional clients/investors operated through custodians. Account type-wise details against each attribute are provided as Annexure A. DPs / custodians can update the custodian details also in CDSL systems as under:

1. Name, Address, PAN, email ID, and mobile number of the Custodian shall be updated in the POA Master.
2. Additionally, the Custodian shall also update the Custodian's contacts email ID in the 'Custodian email ID field' and the mobile number of the Custodian contact in the 'primary mobile number field of each of the BO account
3. Valid mobile or office landline number of the client shall be updated in the Secondary mobile/phone number.
4. Valid e-mail ID of the client shall be updated in Primary e-mail ID.
5. Updation of Income range is optional for Institutional clients / Investors

 

CDSL has also further added in the circular that "DPs are advised to note that the above 6 KYC attributes shall be mandatory for all new accounts opened with effect from August 01, 2021. Further, the timeline for updating all 6 KYC attributes of the existing clients / BOIDs has been extended till September 30, 2021. The DPs are advised to take note of the same and ensure full compliance. Queries regarding this communiqué may be addressed to CDSL - Helpdesk: on telephone numbers (022) 2305-8624, 2305-8639, 2305-8642, 2305-8663, 2305-8640, 2300-2041 or 2300-2033. Emails may be sent to: helpdesk@cdslindia.com."

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