The Hindu Business Line : Over 34-lakh demat accounts remain frozen

Mumbai March 13 Over 34-lakh demat accounts of investors, who failed to submit their PAN card details by the deadline of December 31, have continued to be frozen by depositories CDSL and NSDL. Not many investors have complied with the regulations in the past two months since the accounts were frozen, going by the figures available from the depositories.

The Securities and Exchange Board of India has made it mandatory for all investors to provide PAN card details for transactions in the cash market from January 1.

PAN Card Rule

Of the total 78.58-lakh demat accounts with NSDL, 29.71-lakh accounts are currently frozen, of which 12.35-lakh accounts were holding some positions as on March 10. At the end of January, total number of frozen accounts stood at 31.74 lakh. A CDSL official said currently 5.1-lakh accounts of the total 21.6-lakh accounts still remain frozen. The corresponding figure in January was 6.1 lakh.

There have been no orders from the market regulator on the future of the frozen accounts. However, the depositories are trying to make investors aware of the PAN card rule. "We have published advertisements in leading dailies asking investors to submit their PAN card details to avoid difficulties in the future," said Mr C.B. Bhave, Managing Director, NSDL.

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