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Friday, January 29, 2010

In person verification,once for account by Depository Participant or Stock Broker, SEBI clarification

Mandatory Requirement of in-person verification of clients

It is clarified that the ‘in person’ verification done for opening beneficial owner’s account by a Depository Participant (DP) will hold good for opening trading account by a stock broker and vice versa, it the Stock broker and DP is the same entity or if one of them is the holding or subsidiary company of the other.

For eg: If Karvy is a Depository Participant as well as a Stock Broker registered under SEBI (Intermediaries) Regulation, 2008, then ‘in person’ verification done for opening beneficial owner’s account by (Karvy as a) Depository Participant (DP) will hold good for opening trading account by (Karvy as a) stock broker.

Source: SEBI/MIRSD/Cir.No. 02/2010 dated 18th January 2o10

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