Active Stocks
Thu May 23 2024 15:59:05
  1. Tata Steel share price
  2. 175.45 1.24%
  1. NTPC share price
  2. 372.30 -0.43%
  1. Power Grid Corporation Of India share price
  2. 319.75 -1.86%
  1. Indusind Bank share price
  2. 1,442.00 2.29%
  1. State Bank Of India share price
  2. 832.35 1.59%
Business News/ Markets / How to get KYC updated for demat account?
BackBack

How to get KYC updated for demat account?

The Securities and Exchange Board of India, the market regulator, has moved the deadline for KYC updation of demat and trading account from March 31, 2022, to June 30, 2022. Continue reading to learn how to keep your KYC up to date.

The deadline for submitting KYC for demat and trading accounts has been extended by three months. SEBI has postponed the deadline from March 31, 2022, to June 30, 2022. (Photo by Tezos on Unsplash )Premium
The deadline for submitting KYC for demat and trading accounts has been extended by three months. SEBI has postponed the deadline from March 31, 2022, to June 30, 2022. (Photo by Tezos on Unsplash )

Through demat and trading accounts, you can now trade stocks digitally. As a result, you won't have to bother about storing physical share certificates when you acquire a stock. To place a buy or sell order, you do not need to be physically present on the trading floor. Instead, you can use your smartphone or laptop to access your trading account. However, to be able to access your accounts uninterrupted, it is important to get their KYC updated.

As the name implies, know your customer (KYC) assists brokers and DPs in understanding and verifying the credentials of an investor seeking to register a demat account and trade in equity. It also assures that cash invested in and generated through a trading and demat account may be traced back to the source through proper banking channels. It becomes easy to follow any fraudulent investor or transaction since the brokers collect all of the relevant data. Here is the process of how to get KYC updated for your demat and trading accounts.

  1. You must first log in to the website where you want to make changes to your KYC information.
  2. Find the 'Update KYC' page or button on the website and click on it.
  3. You will now be redirected to a KYC updation form that contains the set of KYC preferences you agreed to when you registered or applied.
  4. You will have to provide information such as your name, residence address, commercial or office address, joint account holder information, account nomination, and so on.
  5. Following that, you need to present your ID evidence, which might be your PAN Card, as well as another government-issued proof, such as your passport, driver's license, voter ID, or Aadhar card.
  6. The next step is to submit a copy of your canceled check, which should be clearly embossed with the account holder's name. The check will be used to verify the IFSC code and account information.
  7. You can choose to edit your account information using your Aadhaar number if you need to make any changes to your account information, such as a change of address or a typo in your name. In this instance, you will be directed to the Digilocker page to obtain your Aadhaar details.
  8. It will then redirect you to the FATCA page, where you must enter your tax domicile, income bracket, and personal data.
  9. Lastly, use your computer's webcam or mobile's front camera to complete the quick in-person verification.

The deadline for submitting KYC for demat and trading accounts has been extended by three months. The market regulator, the Securities and Exchange Board of India, has postponed the deadline from March 31, 2022, to June 30, 2022.

Account holders with outdated KYC credentials have three months to update them before their demat and trading accounts are closed. Non-compliant demat accounts would be rendered dormant, preventing any transactions. Stockholders who have their demat account deactivated will be unable to sell or acquire new stocks, as well as transfer their existing shares. Inter-depository transfers and account transfers will also be prohibited. Therefore, all the users are advised to get their accounts updated.

Opening a Demat account
View Full Image
Opening a Demat account

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 21 Jun 2022, 09:14 AM IST
Next Story footLogo
Recommended For You
GENIE RECOMMENDS

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started