Third-party correspondence address acceptance permitted when DP completes KYC and PMLA due diligence; annual statement to permanent address required. Depository Participants may accept a third party correspondence address for a beneficial owner's demat account if authorised by the beneficial owner, provided the DP obtains proof of identity and address for the third party and complies with Know Your Client norms and Rule 9 customer due diligence under the Prevention of Money Laundering Rules, 2005; statements of transactions and holdings must be sent to the beneficial owner's permanent address at least once a year, and the provision excludes Portfolio Management Services clients.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Third-party correspondence address acceptance permitted when DP completes KYC and PMLA due diligence; annual statement to permanent address required.
Depository Participants may accept a third party correspondence address for a beneficial owner's demat account if authorised by the beneficial owner, provided the DP obtains proof of identity and address for the third party and complies with Know Your Client norms and Rule 9 customer due diligence under the Prevention of Money Laundering Rules, 2005; statements of transactions and holdings must be sent to the beneficial owner's permanent address at least once a year, and the provision excludes Portfolio Management Services clients.
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