Are you holding Demat account ? Then you must be worrying to complete your KYC in your Demat & trading to keep it operational.
Hang on, you need not worry so much as the time line for submission of KYC documents has been extended further.
Earlier the stock market regulator has put in timeline of 31st March 2022 for submission of KYC in both Demat and Trading Accounts. However, the regulator has extended it further for 3 months from the earlier timeline till 30th June 2022. NSDL has issed a circular dated 25th March 2022 informing account holders about this extension of KYC timelines.
Before the extension of timeline, all stock brokers and depository participants have started sending sms and emails to their non-compliant customers for submission of their KYC documents.
The market regulator wants that Demat and trading accounts hooders must submit six of their important KYC details. Hence, SEBI specified that all new Demat and trading account holders who open their account after 1st June 2021 must submit all these six details. The six important KYC aspects that customers must submit include:
1. Name as per KYC
2. PAN
3. Address
4. Mobile Number
5. Email Id
6. Income range
This six must KYC details are mandatory to be submitted by both existing and new Demat and Trading account holders.
So check it now with your broker/bank and submit your KYC if you have not submitted it before.
What will happen if you do not submit the KYC ? Your accounts might be blocked and you will not be allowed to trade further.