« Top Headlines » Open DEMAT Account in 24 hrs  ITR Filing: 6 Ways to Get Exemption on Income Tax  Income Tax Return Filing: 10 Mistakes To Avoid When Filing ITR For AY 2024-25  Old vs New Tax Regime: Who should move to the New Tax Regime from the old one?  Income Tax Calculator FY 2023-24: How To Know Your Tax Liability Online On IT Dept's Portal?  BackBack Income Tax Act amendment on cards on tax treatment of MSME dues  ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing. Check details here  Income tax slabs FY 2024-25: Experts share these 8 benefits for taxpayers in new income tax regime  How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)  Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning  What Are 5 Heads Of Income Tax?  Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals «  `Revenue loss from SEZs still valid`... North Block for selloff in Hind Zinc... » 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.