The Securities and Exchange Board of India (SEBI) has mandated that every demat account holder update their KYC details (Know Your Customer) on or before June 30, 2022. Failing to update your KYC details before the due date can lead to your demat account getting deactivated. This would prevent you from not only gaining access to it, but also from buying or selling stocks on the exchange.
The SEBI has come out with a circular mandating the updation of 6 KYC details, in particular, before the due date without fail. Wondering what these 6 KTC details are? Check them out below.
1. Name
Your name is one of the mandatory KYC details that has to be updated according to the SEBI notification. However, seeing as you would have already given your name when opening your demat account, you can opt to continue to retain it if there hasn’t been any change, whether minor or major, to your name. However, if there has been even a small change in your name, you would have to update the same on the depository database.
2. Address
Again, the address is something that you would have provided at the time of opening of the demat account itself. If there hasn’t been any change in your address, you can continue to retain it. However, if you’ve changed your residence after opening your demat account, it would be wise to update your KYC details with the new address respectively.
3. PAN
Earlier, disclosing your PAN wasn’t mandatory to open a demat account. So, if you’re one of those individuals who had opened a demat account without disclosing your PAN, now would be a good time to update it on the depository’s database since it is now a mandatory requirement.
4. Mobile Number
Your mobile number is a vital piece of information that needs to always be updated and on record. Any information or change with regards to your demat account will be immediately notified to you through an SMS sent to your mobile phone number. Therefore, it is crucial to keep it updated at all times.
5. Email ID
Another vital piece of KYC details that you would have to update is your email ID. Demat account statements and other details will be sent to your email ID on a regular basis. So, it is imperative to have your email ID on record with your depository.
6. Income Range
And finally, you would also have to update your annual income range in your depository’s record. Your income range is an important metric that’s liable to change often. It is for this reason that SEBI has mandated the update of this detail.
Conclusion
With this, you must now be aware of the 6 KYC details that you’re required to update on your demat account before the final deadline of June 30, 2022. If you haven’t done it already, it is advisable that you do it as soon as possible to avoid deactivation.
That said, if you don’t have a demat account with you, but you wish to open one, visit the website of Motilal Oswal right away. You can open a demat account online through a completely paperless process from the comfort of your own home.
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