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CDSL asks depository participants to expedite work on PAN cards

November, 20th 2006
With the extended deadline for submitting the PAN card details fast nearing, the Central Depository Services (India) Ltd (CDSL) has urged the Depository Participants (DPs) to ensure that all the existing demat account holders submit their PAN card details so as to avoid the inconvenience of freezing their demat accounts. The Securities and Exchange Board of India, which had earlier set November 1, 2006 as the deadline for the existing demat account holders to submit their PAN card details, has subsequently extended the deadline to December 31, 2006. "Submitting a copy of PAN card to the DP was already made mandatory for opening a demat account from April 1 this year. From January 1, 2007 the existing demat account holders will not be able to operate their accounts if they have not submitted their PAN details to their DPs. Their demat accounts would be made inoperative until the PAN card details were provided and verified," a senior CDSL official said. This rule would be applicable to all demat account holders, including minors, trusts, foreign corporate bodies, banks, corporate bodies, FIIs and NRIs. "These measures are being taken as a part of SEBI's regulations to tighten the `Know Your Customer' (KYC) norms," he said. According to him, the existing demat account holders would have to submit a copy of the PAN card along with the original, for verification, to the DP. Then the name of the demat account holder would be compared with the name appearing on the Web site of the Income Tax Department and clarification would be sought from the account holder if there was any mismatch. The CDSL top official said it currently has over 20 lakh demat accounts. Of this, close to 14 lakh account holders have already submitted their PAN card details. "Of the remaining around 6 lakh accounts, nearly three lakh accounts are inactive with no holdings in such accounts. This leaves another three lakh investors to submit their PAN card details. We have asked the DPs to ensure that the investors submit the PAN card details and avoid the inconvenience of freezing such demat accounts," he said.