Share Market Update: Those who will invest money in the stock market, they have to update KYC before 31st March. Otherwise their demat and trading account will be deactivated.
Update KYC until March 31st
A statement issued by Depository National Securities Depository Limited (NSD) and Central Depository Services Limited (CDSL) said, “Account holders are required to provide 6 details to update KYC. These include name, address, PAN, mobile number, e-mail id and income limit.
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Update these 6 KYC details
Let us tell you that all 6 details are very important for new accounts opened after June 1, 2021. In such a situation, the market regulator SEBI (SEBI) says for the current account of the depositors, ‘they should update all 6 KYCs’ and inform the clients to update where necessary.
Check the pan
The circular said that the requirement for submission of PAN by clients for transactions in the securities market would continue with the approved discount, asking investors to go to the income tax website and verify the PAN card. If PAN card is not linked to Aadhaar then PAN card will not be considered valid.
Update this information
All account holders must provide a separate mobile number and e-mail address. However, after making a written announcement, the account holder can update his / her family mobile number and e-mail address. Family means self, wife, dependent parents and children.
Update family information
If you have more than 1 demat account and have the same mobile number and email ID updated in it, then the holder will get 15 days notice to update the mobile number and email id. It will also have to update the complete information of the family, for which a form or request form will have to be submitted. If an account holder does not do this, his account will be kept non-compliant.
Depositors of account holders are required to disclose their income range individually and in a non-personal form. The income range of individuals is between 1 lakh to 25 lakh rupees. Although the range of non-individuals is up to Rs 1 crore.