The deadline to complete KYC submission for Demat and trading accounts has got a 3-month extension. The deadline was moved from March 31, 2022, to June 30, 2022, by the market regulator Securities and Exchange Board of India (SEBI).
Traders must update their KYC to keep their accounts active. So, this extension comes as a major relief for Demat and trading account holders.
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According to the latest circular issued by the National Securities Depository Limited (NSDL), "NSDL vide its Circular No. NSDL/POLICY/2022/041 dated March 25, 2022, informed about the procedure for suspension of Demat accounts in case of non-compliance with 6 KYC attributes. Based on the discussion held with other MIIs and SEBI, it is decided to give a one-time extension for existing Demat accounts till June 30, 2022."
It is important to note that Demat and trading account holders were advised to gather the 6 KYC qualities a long time ago. However, all Demat accounts are yet to be updated with the same. The 6 KYC attributes are;
Name
Address
PAN number
Valid mobile number
Valid email address
Income range
These 6-KYC attributes were made compulsory for new accounts that were opened from June 1, 2021.
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Apart from extending the KYC deadline for Demat accounts, the government has also extended the deadline to link Aadhaar cards with PAN. The PAN will not be deemed invalid till March 2023. However, anyone who now wants to link their PAN-Aadhaar will have to pay a fine of Rs 500 for linking the two databases from April 1, 2022, to June 30, 2022. A charge of Rs 1,000 will be levied after that.
