This is with reference to the exchange notice ref. no. 20241127-36 dated November 27, 2024, in respect of Master Circular on Know Your Client (KYC) norm - Update.
Members are requested to refer to the following notices/circulars issued by the Depositories to Depository Participants:
- Communique to Depository Participants ref. no. CDSL/OPS/DP/POLICY/2024/678 dated November 11, 2024, in respect of Validation of KYC records with KRA.
- Participant Services Circular no. NSDL/POLICY/2024/0173 dated November 21, 2024, in respect of Suspension of demat accounts of existing clients whose KYC records are not found to be valid by KRAs after the validation process.
The above-mentioned communication from both the depositories state that demat accounts whose KYC records are not found to be valid by KRAs after the validation process will be frozen for both debit and credit on Saturday, November 30, 2024, based on the updated data made available by KRAs as on November 28, 2024.
Members are advised to take note of the above-mentioned communications issued by the Depositories and ensure that client’s KYC is valid at KRA while placing orders in demat mode on BSE StAR MF platform to avoid rejections by the Depositories / RTA / AMC.
Ketan Jantre Mahesh Tare
Head - Trading Operations Manager – Mutual Funds
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