The Central Depository Services (India) Limited (CDSL) on September 2024, issued a notification for the Validation of KYC Records with KRA.
KRAs have provided a list of PANs for which KYC records were found invalid for various reasons, including invalid PANs, during the period from August 1, 2024, to August 31, 2024. CDSL has made a DP-wise list of demat accounts linked to these non-validated PANs available to Depository Participants (DPs) in the DPs billing folder. The list is named using the convention "BLNG<<DP ID>>_KRA_DEFICIENT_BO_16092024.tar," and DPs are expected to follow up with the identified deficient Beneficial Owners (BOs).
The demat accounts linked to these non-validated PANs will be frozen for both debit and credit transactions, with the freeze reason code “27 – Account holder related–KYC non-compliant,” starting on Saturday, September 28, 2024. The updated data from KRAs as of September 26, 2024, will be used to freeze these accounts. To unfreeze the accounts, DPs should follow the unfreezing process outlined in CDSL’s Communique no. CDSL/OPS/DP/SYSTM/2023/525 dated September 5, 2023.
[Notification No. CDSL/OPS/DP/POLCY/2024/541]
