SEBI has informed that Participants will now have an option to send physical statement to Beneficial Owners (BOs) having zero balance and NIL transactions and certain requirements in respect of valuation for Basic Services Demat Account (BSDA) provided it complies with the following conditions:
For regular accounts (i.e. other than BSDA accounts)
a) The Participant does not receive the annual maintenance charge (AMC) from the Client.
b) The client is informed that the dispatch of statement may be discontinued if the AMC is not received by the Participant.
c)The account continues to remain zero balance.
d) The Participant shall send electronic statement of holding to all the BOs whose email ids are registered with them and if a beneficial owner requests for a physical statement, the Participant shall provide the same.
For BSDA accounts:
a) The client is informed that the dispatch of statement may be discontinued if the account continues to remain zero balance.
b) The account continues to remain zero balance.
c) The Participant shall send electronic statement of holding to all the BOs whose email ids are registered with them and if a beneficial owner requests for a physical statement, the Participant shall provide the same.
Further, In order to determine the eligibility for BSDA and the charge structure applicable, SEBI had earlier informed that the value of holding shall be determined by the DPs on the basis of the daily closing price or NAV of the securities or units of mutual funds, as the case may be. Where such price is not available the last traded price may be taken into account and for unlisted securities other than units of mutual funds, face value may be taken into account. In this context, SEBI has now clarified that the value of suspended securities may not be considered.
(Ref: Circular No. NSDL/POLICY/2014/0079 dated July 3, 2014)