PAN details still awaited for over 25 lakh demat accounts
August, 09th 2007
More than seven months after trading was suspended in demat accounts without a Permanent Account Number, investors are yet to provide the PAN details for over 25 lakh such frozen accounts.
According to latest data available with the two leading depositories NSDL and CDSL, as many as 25.4 lakh demat accounts are still suspended due to non-compliance of PAN details. This represents nearly 60 per cent of about 44 lakh accounts that were frozen with effect from January 1, 2007.
Interestingly, more than 11 lakh frozen accounts have some shares in their portfolio, down from more than 20 lakh such accounts at the beginning of this year.
Besides, there are close to 15 lakh suspended accounts currently without any balance in their portfolios as against about 23 lakh at the start of the suspension exercise.
While the number of suspended accounts with shares to their credit has dropped by about 45 per cent, those without any balance has declined by 35 per cent.
NSDL and CDSL together maintain a total of more than 105 lakh demat accounts currently, up from nearly 99 lakh at the beginning of this year. However, the total number of active accounts, for which investors have submitted the PAN details, is only about 80 lakh currently, up from about 55 lakh when the suspension exercise began.
The suspended accounts with the two depositories represent about 24 per cent of the total number of accounts, down from nearly 44 per cent at the beginning of this year.