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Restore KYC for NSDL account holders

Restore KYC for NSDL account holders
Highlights

Trading in India by single investors is centralised with the online electronic services provided by National Securities Depository Limited.

Trading in India by single investors is centralised with the online electronic services provided by National Securities Depository Limited.

NSDL thus facilitates seamless information related trading of shares as associated with respected Depository Participant (DP) in online format.

A unique CAS ID is generated by NSDL for each account holder for the benefit of shareholders to ascertain the status of overall account maintained through stocks and through a consolidated monthly statement.

Further for the benefit of depository holders under each account the need to update basic information in KYC like email, telephone and address is not possible through the exisitng centralised online portal i.e. NSDL. Otherwise one is only directed to a Depository Participant (DP) to update KYC details in an offline mode.

The NSDL portal still insists and directs a participant only to physically verify the KYC details while an online verification will help ensure faster updation of details.

Thus there is now an urgent need to restore KYC for NSDL account holders instantly through an online mode.

The current system of paper passed updation is archaic and consumes a lot of time.

Further with the availability of seamless technology and enhanced online security, NSDL can further initiate quick steps to relook its current manaul KYC updation process and upgrade to online system based verification process.

Varun Dambal, Bengaluru

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