Demat Account KYC: If you have not done KYC of your demat trading account then now you have time till 30th June 2022. The stock market regulator SEBI has extended the KYC deadline for existing demat accounts and trading accounts by three months till June 30, 2022. Earlier this deadline was 31 March 2022.
NSDL has said in its circular that an order was issued to suspend the demat account without KYC. But based on discussion with SEBI and MII, this deadline has been extended till June 30, 2022. This is a one time extension and during this period the demat account holders who have not been able to do KYC of their demat account till now will have to do KYC.
Stock brokers are advising their clients i.e. demat trading account holders to get KYC done to prevent demat account from becoming inactive. These brokerage houses are asking the account holders to do KYC of their demat trading account within three months or else the account will be closed.
Every demat account is required to do KYC with six details. But not all demat accounts have been updated with the six KYC norms yet. A demat, trading account holder is required to update these six KYC features. Which includes name, address, PAN, mobile number, valid email id, income limit. All 6-KYC features have been made mandatory for new demat accounts opened with effect from June 1, 2021.
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