The Securities and Exchange Board of India (Sebi) has eliminated the requirement for freezing folios without permanent account number (PAN), know your customer (KYC) details, and nomination for holders of physical securities in listed companies. The move, effective immediately, aims to simplify rules and follows feedback from the Registrars’ Association of India and investors. Previously, it was mandatory for all holders of physical securities to provide PAN, nomination, contact details, bank account details, and specimen signatures for their respective folio numbers. The change eliminates the freezing of folios for non-compliance after October 1, 2023.
Sebi Eases PAN, KYC Norms for Securities’ Holders to Simplify Rules
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