sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
 Tax on your gold and real estate investments
 Securities and Exchange Board of India (Mutual Funds) (Third Amendment) Regulations, 2018
 Have you filed your income tax? Remember these deadline nears; know from TDS, TCS to challan, forms
 Notification No. 96/2018 -Central Board Of Indirect Taxes And Customs
 Here’s how you can check your ITR refund status online
 Your tax form will be filled by the taxman Income tax return (ITR) filing
  Section 24 and Section 56 of the Banking Regulation Act, 1949 - Maintenance of Statutory Liquidity Ratio (SLR)
  Companies (cost records and audit) Amendment Rules, 2018
 Income tax, TDS rules explained in 10 points EPF withdrawal
 CBIC extends due date for filing of FORM GSTR-7 for the months of Oct to Dec till Jan 31st 2019
  How much income tax salaried individuals can save for FY 2018-19?

KYC:NSDL puts DPs on notice
August, 29th 2006
Close on the heels of introducing daily concurrent audits and strengthening its internal audit norms, the National Securities Depositories (NSDL) has further tightened its know-your-clients (KYC) norms. It has introduced new penalties for errant depository participants registered with it. A DP opening a demat account without conforming to NSDL rules or adequate proof of identity and/or proof of address and no adequate proof of address for change of address will be charged Rs 5,000. If such deviation is observed in two consecutive inspections, penalty would be doubled to Rs 10,000. If such deviation is observed for the third consecutive time, the matter would be referred to the disciplinary action committee. For an account opened in an incorrect name for instance, accounts opened in the name of partnership firms/proprietary concerns/HUF the fine will be Rs 1,000 per deviation. In a circular put up on its website, NSDL has listed a host of deviant procedures and assigned specific point weightage to each. The DPs are to be penalised according to the points they pile up through non-conformation. As it had informed DPs about new audit systems, NSDL is keen on beefing up delivery instruction slips system. If the DP demonstrates no or inadequate control over issuance and/or acceptance of instruction slips, it is to be fined Rs 5,000 per instance. Also, rules about client accounts debited without receiving proper authorisation have been changed. For up to five such deviations, the penalty is Rs 5,000 and thereafter Rs 1,000 for every deviation. If such deviation is observed in two consecutive inspections, the penalty would be Rs 10,000 and Rs 2,000 for every subsequent deviation. If the deviation is observed on three consecutive occasions, the matter would be referred to the disciplinary action committee. The penalty levied will be in addition to the restoration of securities in case a client disputes. Franchisees carrying out functions that are in contravention to NSDL guidelines (such as in-person verification of clients at the time of opening of account, verification of delivery instruction slips, despatch of transaction statements) are to be referred to the disciplinary action committee. In a move aimed at boosting investor confidence, change in a clients signature not done as per the prescribed procedure will attract a fine of Rs 5,000 per deviation. Additionally, account closure/freezing/ unfreezing not done as per NSDL norms would attract a penalty of Rs 500 per deviation. If the DP operates or uses NSDLs Speed-e facility contrary to NSDL procedure, it will have to pay Rs 500 per deviation.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions