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of <h1>SEBI Mandates Strict Verification for Beneficiary Owner Accounts; Non-Compliance May Lead to Account Freezing or Suspension.</h1> The Securities and Exchange Board of India (SEBI) emphasizes the importance of strict adherence to procedures when opening beneficiary owner accounts by depository participants. Accounts should only be opened after verifying the applicant's identity through authenticated documents such as a passport, voter ID, driving license, or PAN card. Proof of address must also be verified. Depository participants must confirm compliance with these procedures within 30 days. Failure to verify documents can lead to regulatory actions, including account freezing or suspension/cancellation of the depository participant's registration. Compliance is crucial for maintaining the integrity and efficiency of the depository system.
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