KYC Update Alert: Demat or trading account holders need to update their KYC before July 31.
KYC Update Alert: If you have a demat or trading account, then you need to ensure that all your KYC details including income range, mobile number, email ID are updates in the account by July 31 otherwise, your account will be de-activated from the same day. To make thing done before time, many stock broking firms/Depository participants have been emailing letters to their clients — demat/trading account holders — to update their KYC details before the expiry of the deadline to avoid deactivation of their demat/trading accounts.
As per a notification issued by the Central Depository Services Ltd (CDSL) on April 5, 2021 and National Securities Depository Limited (NDSL) on April 7, 2021, certain KYC attributes must be updated mandatorily before July 31, 2021. These include:
- Name
- Address
- PAN
- Valid mobile number
- Valid email ID
- Income range
However, if the account holders have not updated their account, then their demat account will be deactivated by the depository and will not be activated till you update these details.
It must be noted that the six KYC attributes have been made mandatory for new accounts opened from June 1, 2021. For all existing accounts, depositories had been asked by market regulator SEBI to verify that all six KYC attributes are updated and, wherever required, necessary communication is sent to their clients to update the same on or before May 31, 2021.
According to the mails and notifications sent by the Stockholding Corporation to their clients, if KYC details with regards to PAN is to be updated, then one should ensure that their PAN is linked with Aadhaar in the income tax database. Similar emails have been sent to their clients by ICICI Bank Demat Services.
Regarding income range, account holders have been asked to choose and specify as to which income range their income falls in from a list given in the email. The list of income ranges from which account holders have to choose, as per the email, are:
For individuals (annual):
- Below Rs 1 lakh
- Rs 1 lakh – Rs 5 lakh
- Rs 5 lakh to Rs 10 lakh
- Rs 10 lakh to Rs 25 lakh
- More than Rs 25 lakh
For non-individuals (annual):
- Rs 20 lakh
- Rs 20 lakh to Rs 50 lakh
- Rs 50 lakh to Rs 1 crore
- More than Rs 1 crore
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