New Delhi: Eleven thousand investors in Mumbai will have to queue up outside their depository participant offices over the 3rd, 4th and 5th of May. They are ready to prove their identity and address.
All 40 lakh depository account holders of leading banks like ICICI Bank, Standard Chartered Bank, UTI Bank and Kotak Mahindra Bank among others have to be screened again to ensure they are genuine.
Each client will have to furnish documents such as their PAN card, photograph and other proof of identity.
In case of joint accounts, both holders will have to furnish documents and proof of identification in person. The first lot of investors must report on May 4.
Many investors are already complaining about the harassment to prove their bonafides for no fault of theirs.
Instead of scrutinising only multiple demat accounts opened through a single address, SEBI has got more than half the depository accounts in the market re-verified. This will prove to be an inconvenience to the innocent investors.
SEBI had barred 24 key operators from operating in the stock market and banned 12 depository participants from opening fresh accounts for their involvement in major IPO scams of Yes Bank and IDFC.
Earlier, HDFC Bank, IDBI Bank, Central Bank, ING Vysya Bank,IL&FS and Motilal Oswal had been asked by the market regulator not to open fresh demat accounts.
With IBNLive.com inputs
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