The deadline time to finish KYC accommodation for Demat and trading accounts has a 3-month expansion. The cutoff time was moved from March 31, 2022, to June 30, 2022, by the market controller Securities and Exchange Board of India (SEBI).
Dealers should refresh their KYC to keep their accountss dynamic. Along these lines, this augmentation comes as a significant help for Demat and trading account holders.
As per the most recent circular gave by the National Securities Depository Limited (NSDL), “NSDL vide its Circular No. NSDL/POLICY/2022/041 dated March 25, 2022, educated about the methodology for suspension regarding Demat accounts if there should arise an occurrence of resistance with 6 KYC ascribes. In view of the conversation held with other MIIs and SEBI, it is chosen to give a one-time augmentation for existing Demat accounts till June 30, 2022.”
It is essential to take note of that Demat and exchanging account holders were encouraged to assemble the 6 KYC characteristics quite a while in the past. In any case, all Demat accounts are yet to be refreshed with something very similar. The 6 KYC credits are;
Name
Address
PAN number
Valid mobile number
Valid email address
Pay range
These 6-KYC credits were made obligatory for new accounts that were opened from June 1, 2021.
Aside from expanding the KYC deadline for Demat accounts, the government has likewise stretched out the deadline to connect Aadhaar cards with PAN. The PAN won’t be considered invalid till March 2023. Be that as it may, any individual who presently needs to link their PAN-Aadhaar should pay a fine of Rs 500 for connecting the two data bases from April 1, 2022, to June 30, 2022. A charge of Rs 1,000 will be imposed after that.
