The National Securities Depository Limited (NSDL) on August 29, 2024, issued the notification regarding the Facility for Basic Services Demat Account (BSDA) for Financial Inclusion and Ease of Investing.
The following has been stated namely: -
• Participant shall open only BSDA for Beneficial Owners (BOs) if such depository accounts are eligible for BSDA as per eligibility criteria as specified, unless the individual/client specifically communicates his consent to avail the facility of a regular depository account by way of email sent to Participant from Sole/First Holder registered email ID. For this purpose, an illustrative format of the request has been stated.
• At the time of account opening, the default option for BSDA flag shall be enabled. However, after verifying the eligibility for BSDA, the Participants may disable the same.
• Participants shall reassess the eligibility of all the existing clients with respect to BSDA within two months from September 01, 2024, based on the data provided by NSDL for the Month of August 2024, and shall convert all such eligible demat accounts into BSDA unless client consent is obtained to avail the facility of regular demat account by way of email received from Sole/First Holder registered email ID in demat account. Participants shall be required to carry out this activity at the end of every billing cycle.
[Notification No. NSDL/POLICY/2024/0122]
