The National Securities Depository Limited (NSDL) on August 28, 2024, issued the notification regarding the Suspension of demat accounts of existing clients whose KYC records are not found to be valid by KRAs after the validation process.
The following has been stated namely: -
• KRAs have provided the list of KYC records which are not found to be valid due to various reasons [including invalid PANs for any reasons] for new PANs updated in KRAs system during July 01, 2024, to July 31, 2024.
• The PANs which are KRA noncompliant, the DP-wise demat accounts have been identified and the said list is made available by NSDL on the i-Assist portal on the path “Non-Complied KYC KRA Accounts” with the files name as “DPID_NonComplied_Non-Complied_KYC_KRA_Accounts_09082024” for Participants review and taking up with their concerned clients.
• The aforesaid demat accounts will be suspended by NSDL for debit and credit on September 07, 2024 (Saturday) considering the updated data to be made available by KRAs as on September 06, 2024.
• Participants are also advised to send intimation to aforesaid concerned clients after suspension of demat accounts via letter/email/SMS or any other mode as deemed fit.
[Notification No. NSDL/POLICY/2024/0121]
