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of <h1>SEBI Ends MAPIN Card Use for Non-Corporate BO Accounts; Depositories to Update Rules and Notify Participants.</h1> The Securities and Exchange Board of India (SEBI) has issued a directive to discontinue the use of the MAPIN card as proof of identity when opening a Beneficiary Owner (BO) account for non-body corporates. This follows the discontinuation of the Unique Identification Number (UIN) requirement under the MAPIN Regulations. Depositories must amend relevant rules and notify their participants, ensuring compliance and updating SEBI on implementation. This circular is issued under the authority of the Securities and Exchange Board of India Act, 1992, and the Depositories Act, 1996, to safeguard investor interests in the securities market.
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