You Have To Submit Income Level Detail To Kyc For Demat Account – If you do not provide proof of income in KYC, then your demat account will be closed, information is being given to customers through email
Information is also being sent through email regarding the closure of the account for non-disclosure of KYC information including income. Your demat account can be closed by 31st July.
New Delhi. It is very important to have a demat account for the stock market and its related investments. If you have kept this open, then you will now have to give income information in KYC. Failure to do so may result in closure of your demat account by July 31. Brokerage companies are informing their clients about this through emails. Information is being sent through email regarding the closure of the account for non-disclosure of KYC information including income.
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Must sign the declaration form
Along with this, the market regulator SEBI has also changed the rules regarding nomination. These will come into effect from October 1. According to the circular issued by SEBI, all consumers and depository participants will have to activate new trading and demat accounts from October 1, 2021. Nomination form will be available for this. Account holders will have to sign the nomination and declaration form. If the account holder is unable to sign, then thumb impression is applied. In this case the signature of the witness will be required in the form.
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New rules for demat account from October
According to the order issued by SEBI, from October 1, those opening new trading and demat accounts will also be given the option of nomination. However, this will be only as an option. Trading account can be opened even without making a nomination. SEBI has issued a format of nomination form, if an investor does not want to make nomination while opening demat and trading account, then he will have to give this information to SEBI.
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