Securities and Exchange Board of India (SEBI) has vide its Circular No. MRD/DoP/Dep/Cir-29/2004 dated August 24, 2004 prescribed various documents that may be accepted as Proof of Identity and Proof of Address at the time of opening Beneficiary Owner (BO) accounts for non-body corporates. In view of SEBI circular, NSDL has consolidated all the circulars/guidelines on this subject and have prescribed certain procedures to be followed by DPs while opening BO accounts and processing change of address requests from Clients. These procedures are as follows:
A. Account Opening
- DPs should establish the identity of the person (applicant). [for example, by verifying the photograph or identity document with the person].
- The applicant should submit an Account Opening Form as per the format given in Annexure J of the Business Rules of NSDL. Annexure J has been amended and should be mandatorily used w.e.f. January 1, 2005. However, Annexure J in the existing format can be used so long as the DP hands out a print out of the revised "notes" mentioned therein.
- The applicant should submit any one of the following alongwith a photocopy:
- Proof of Identity (POI)
- Passport
- Voter ID Card
- Driving license
- PAN card with photograph
- MAPIN card
- Identity card/document with applicant's Photo, issued by
- Central/State Government and its Departments,
- Statutory/Regulatory Authorities,
- Public Sector Undertakings,
- Scheduled Commercial Banks,
- Public Financial Institutions,
- Colleges affiliated to Universities (this can be treated as valid only till the time the applicant is a student),
- Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members; and
- Credit cards/Debit cards issued by Banks.
- Proof of Address (POA):
- Ration card
- Passport
- Voter ID Card
- Driving license
- Bank passbook
- Verified copies of
- Electricity bills (not more than two months old),
- Residence Telephone bills (not more than two months old) and
- Leave and License agreement / Agreement for sale.
- Self-declaration by High Court & Supreme Court judges, giving the new address in respect of their own accounts.
- Identity card/document with address, issued by
- Central/State Government and its Departments;
- Statutory/Regulatory Authorities;
- Public Sector Undertakings;
- Scheduled Commercial Banks;
- Public Financial Institutions;
- Colleges affiliated to Universities (this can be treated as valid only till the time the applicant is a student); and
- Professional Bodies such as ICAI, ICWAI, Bar Council etc., to their Members.
- In case of joint holdings, POI and POA documents must be collected in respect of all account holders.
- An authorised official of the DP should verify the photocopies of documents submitted with their corresponding originals and put his/her signature on them with remarks "verified with original" before proceeding to open the account.
The aforesaid documents are the minimum requirement for opening a BO Account. Participants have been advised to exercise due diligence while establishing the identity of the person to ensure the safety and integrity of the depository system.
B. Change of Address
- While processing requests for change of address received from Clients, DPs should obtain the following documents:
- a written application for change of address from the Client. (In case of joint holdings, all holders must sign the application);
- Proof of identity (copy of any one of the documents mentioned in 3 (a) above);
- latest transaction statement of the account received from the DP; and
- Proof of new address (copy of any one of the documents mentioned in 3 (b) above) alongwith the original documents of the new address.
- The Client should personally visit the office of the DP where the Client maintains and operates his/her account and submit the application for change of address. However, in case the Client expresses inability to personally visit the office of the DP, the application alongwith other documents can be submitted through an authorised representative, whose identity the Participant must verify.
- The Client or its authorised representative should sign the application once again in the presence of the officials of the DP.
- The DP should verify the signature of the Client on the application and the identity documents with the documents maintained with the DP. Further, the document pertaining to new address should be verified with the original. After due verification, an authorised official of the DP should put his/her signature on the application with remarks "verified with original" and thereafter record the change of address in the DPM system.
- However, in case DP could not verify the documents because the records of the documents submitted by the Client are kept at a different place, then the DP must verify the same within a period of seven working days and only then effect the change.
- After effecting the change of address in the DPM system, the DP should send a communication to the Client, confirming the change of address, to the old and the new addresses.
