Proof of Identity and Proof of Address for opening a Beneficiary Owner Account for non-body corporates

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Aug 24, 2004 |

Circulars

DEPUTY GENERAL MANAGER

Market Regulation Department

MRD/DoP/Dep/Cir-29/2004 August 24, 2004

1.The Managing Director 2. The Executive Director National Securities Depository Ltd. Central Depository Services (I) Ltd., Trade World, 4th Floor, 28th Floor, P J Towers, Kamala Mills Compound, Dalal Street, Fort, Lower Parel, Mumbai - 400 023 Mumbai - 400 013

Dear Sir/s,

Sub: Proof of Identity (POI) and Proof of Address (POA) for opening a Beneficiary Owner (BO) Account for non-body corporates.

1. SEBI has been continuously stressing the importance of exercising utmost care and caution while opening a BO Account. In this regard, SEBI, vide circular No.SMDRP/Policy/Cir-36/2000 dated 4th August, 2000, prescribed the documents that may be accepted as POI and POA while opening a BO Account.

2. For the convenience of the beneficial owners, it has been decided to broaden the list of documents that may be accepted as POI and/or POA for the purpose of opening a BO Account. Henceforth, a copy of any one of the following may be accepted for proof of identity / proof of address:

A. Proof of Identity I. Passport II. Voter ID Card III. Driving license IV. PAN card with photograph V. MAPIN card VI. Identity card/document with applicant's Photo, issued by a) Central/State Government and its Departments, b) Statutory/Regulatory Authorities, c) Public Sector Undertakings, d) Scheduled Commercial Banks, e) Public Financial Institutions, f) Colleges affiliated to Universities, g) Professional Bodies such as ICAI, ICWAI, ICSI, Bar Council etc., to their Members; and h) Credit cards/Debit cards issued by Banks.

B. Proof of Address

I. Ration card II. Passport III. Voter ID Card IV. Driving license V. Bank passbook VI. Verified copies of a) Electricity bills (not more than two months old), b) Residence Telephone bills (not more than two months old) and c) Leave and License agreement / Agreement for sale. VII. Self-declaration by High Court & Supreme Court judges, giving the new address in respect of their own accounts. VIII. Identity card/document with address, issued by a) Central/State Government and its Departments, b) Statutory/Regulatory Authorities, c) Public Sector Undertakings, d) Scheduled Commercial Banks, e) Public Financial Institutions, f) Colleges affiliated to universities; and g) Professional Bodies such as ICAI, ICWAI, Bar Council etc., to their Members.

3. Further, it is clarified that the aforesaid documents are the minimum requirement for opening a BO Account. The Depository Participants (DPs) must verify the copy of the document with the original before accepting the same as valid. While opening a BO Account, the DPs are required to exercise due diligence while establishing the identity of the person to ensure the safety and integrity of the depository system.

4. This circular is being issued in supercession of SEBI Circular No. SMDRP/Policy/Cir-36/2000 dated August 4, 2000.

5. The Depositories are advised to:-

5.1. make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision immediately as may be applicable/necessary; 5.2. bring the provisions of this circular to the notice of the DPs of the Depositories and also to disseminate the same on the website;

5.3. communicate to SEBI the status of the implementation of the provisions of this circular.

6. This circular is being issued in exercise of the powers conferred by Section 11 (1) of Securities and Exchange Board of India Act, 1992 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.

Yours faithfully,

V S SUNDARESAN