The Indian Regulatory Body (SEBI) has extended the deadline for conducting KYC for demat and trading accounts. The KYC limit for these accounts has been extended for three months. Earlier this date was fixed till 31 March 2022, which has been extended to 30 June 2022 with an increase of three months. At the same time, the time limit for adding a nominee under this account has also been extended.
Deadline extended after discussion
This is good news for the traders, but they should get their KYC updated at the earliest to keep their accounts active. According to National Securities Depository Limited (NSDL), NSDL had notified the suspension of demat accounts on March 25, 2022. But after discussion with other MIIs and SEBI, extension has been given for existing demat accounts till June 30, 2022.
Deadline for adding nominee also extended
According to the new rules, it has been made mandatory to name the nominee on the demat account, but its deadline has been extended beyond March 31, 2022. Now its new deadline has been made till 31 March 2023.
What are the things required for KYC?
For this, information about name and address proof, PAN card number, valid mobile number, valid email ID and income limit etc. have to be given. These 6-KYC features have been made mandatory for new accounts opened from June 1, 2021.
The deadline for linking PAN card also extended
At the same time, along with the deadline for conducting KYC for demat accounts, the government has also extended the time limit for linking PAN card with Aadhaar card. This limit has now been extended till March 2023. However, for linking from April 1 to June 30, a charge of Rs 500 will be charged. At the same time, for linking till March 2023, a charge of Rs 1000 will be charged.