InvestorQ : What is the last date for doing KYC of Demat trading accounts, and what details are mandatory?
vani Patil made post

What is the last date for doing KYC of Demat trading accounts, and what details are mandatory?

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Anjali Desai answered.
1 year ago
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Depositories are advising their clients/account holders to complete their Know-your-customer (KYC) details by 31st July 2021. In this regard, stockbroking firms, and depository participants are sending emails and letters to their clients to complete the KYC process before the deadline.

As per the circulars issued by CDSL and NSDL in April 2021, account holders must mandatorily update certain KYC attributes. These include six fields namely, name, address, valid mobile number, permanent account number (PAN), a valid address, and income range. The above-mentioned fields are mandatory for new account holders from 1st June 2021.

However, existing account holders need to update the mentioned data with their brokers. About PAN, the circulars mentioned that the requirement of mandatory submission by clients for transactions in the securities market will continue to apply with reasonable exemptions. Also, customers should ensure that their PAN is linked to Aadhaar before updating details with the depository, as it is also mandatory.

In case the account holders do not update these details, their accounts will be deactivated. The stockbrokers shall treat such accounts as non-compliant accounts.
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