If you have a demat account, then you will have to KYC it by June 30. If KYC is not done then the demat account will be deactivated. With this you will not be able to trade in the stock market.
Account will be deactivated if not done
Markets regulator SEBI (SEBI) has made some changes in the rules for opening new trading and demat accounts. According to this, if you have a demat account, then you will have to KYC it by 30 June 2022. If KYC is not done then the demat account will be deactivated.
With this you will not be able to trade in the stock market. Even if a person buys shares of a company, then these shares will not be able to transfer to the account. This will be done only after KYC is completed and verified.
Need these 6 information
Every demat account is required to KYC with 6 details, but not all demat accounts have been updated with 6 KYC norms yet. A demat/trading account holder is required to update these 6 KYC features.
Which includes name, address, PAN, mobile number, valid email ID, income limit. All 6-KYC norms have been made mandatory for new demat accounts opened from June 1, 2021.
How can do KYC?
Stock brokers are advising their clients i.e. demat trading account holders to get KYC done to prevent demat account from deactivation. Almost all brokerage houses are providing online KYC facility. Apart from this, you can also get KYC done by visiting the office of the brokerage house.
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