The new financial year has started! Did you know that your Demat / Trading accounts can be made inactive if you don’t update these details with your broker ASAP?
The depositories have urged investors with Demat or trading accounts to complete their know-your-customer (KYC) process by March 31. In case you miss out on this, your accounts will be suspended and made inactive.
These are the details you need to update to your broker
- Valid Mobile No.
- Valid Email ID
- Income range
All 6-KYC attributes are made mandatory by all Market Infrastructure Institutions (MIIs) and SEBI for all existing accounts. The NSDL and Central Depository Services Ltd (CDSL) will ensure that six important KYC attributes are updated in the existing Demat, trading accounts of all participants.
What happens if KYC is not updated?
Even if one or two attributes are not updated in your KYC, NSDL will suspend your account according to an April 2021 circular.
With a deactivated account, you will not be able to trade in the stock market. Even if you buy shares of a particular company, these shares will not be transferred to your account, until the mandatory KYC attributes are updated and verified.
Arihant customer? Why don’t you do this right away!