Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: form 3cd :: VAT RATES :: ACCOUNTING STANDARD :: due date for vat payment :: empanelment :: VAT Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS
 
 
News Headlines »
 Seven things you must do before 31st March
 Income Tax saving investments: Top 5 options available for high-income individuals
 How to use zero tax rule on long term capital gains on stocks
 GST Returns - Furnishing details of inward supplies
 5 ways to maximise you income tax return
 Income-tax (2nd Amendment) Rules, 2017
 Soon, Faster PAN, An App For Filing Tax Returns
 Changes in income tax return filing process
 New Income Tax Rates And Deductions Applicable From April 1, 2017
 Tax and transparencya
 No decision yet on imposing tax on cash transactions

PAN deadline prompts demat closures
September, 20th 2006
Around 50,000 demat accounts were closed last month as the October 1 deadline for submitting permanent account numbers (PAN) for holding such accounts nears. National Securities Depository Ltd (NSDL) has seen the closure of over 25,000 accounts since mid-August, the first time there has been a net decline in the number of account-holders in a month. Another 20,000-25,000 accounts are estimated to have closed at Central Depository Services Ltd (CDSL) this month. CDSL officials, however, said new accounts had outnumbered closures. Industry sources said the closure of accounts would intensify over the next few days. The Securities and Exchange Board of India (Sebi) had directed depository participants to freeze all demat accounts from October 1 if the account-holders failed to provide their PAN details. The chief of a brokerage, which is also a depository participant, said accounts held by investors together with their wife or mother or children as joint accounts were the ones that were being closed the most. This is because all the beneficiaries of joint demat accounts are required to provide their PAN details for stock market trading from next month. Investors feel it is better to close such joint accounts held with their wives or mothers who do not have a fixed source of income rather than going through the hassle of getting a PAN card, he said. These investors have been transferring the holdings in joint accounts to their individual accounts through off-market deals. NSDL executives said the closure of some accounts was good as it cleaned up the system. We see this in a positive light. Several accounts, which are lying idle, will get closed, an official said. A CDSL executive said it was difficult to know if the closures were due to the PAN requirement or some other reason. Demat account closure instructions are given at the depository participant level (such as banks, stockbroking firms, financial institutions and custodians), where retail investors open demat accounts for dematerialised holdings and their transfers.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

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