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Pooja Patel Suggests You Close Your Demat Account Now - Read on to Know Why

Pooja Patel advises closing your Demat accounts now due to new SEBI rules effective from 1st September, eliminating annual maintenance charges.

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Pooja Patel Suggests You Close Your Demat Account Now - Read on to Know Why

Photo Credit: Pooja Patel Instagram

  • Pooja Patel is a digital influencer
  • She shares finance-related content
  • She suggests closing your demat accounts now

Have you heard about the latest SEBI circular affecting your Demat accounts? Pooja Patel, a digital influencer known for her finance-related content, is urging everyone to close their Demat accounts now. But why the urgency? In the below story, she has highlighted the significant changes brought by SEBI that impact all Demat account holders. As of 1st September, brokers will no longer be able to charge annual maintenance charges, thanks to new rules for opting into a Basic Services Demat Account (BSDA). Let's dive into the details of these new regulations and understand the benefits of closing or converting your existing accounts.

Understanding SEBI's New Rules for BSDA:

SEBI's recent circular has laid out clear guidelines for Basic Services Demat Accounts (BSDA). To be eligible for BSDA, you must have or propose to have only one Demat account where you are the sole or primary holder. Moreover, you can have only one BSDA across all depositories.

Opening or Converting to BSDA:

Eligibility and Consent: Depository Participants (DPs) are now required to open only BSDAs for Beneficial Owners (BOs) who meet the eligibility criteria. BOs must provide explicit consent via email from their registered email address to maintain a regular Demat account.

Reassessment and Conversion: DPs must reassess the eligibility of existing BOs within two months of the circular's effective date. Eligible Demat accounts will be converted to BSDA unless BOs explicitly consent to continue with a regular account. This reassessment will be a recurring process at the end of each billing cycle.

Charges for BSDA:

Up to Rs 4 lakh: No charges if the value of holdings (debt and non-debt securities combined) is up to Rs 4 lakh.
Rs 4 lakh to Rs 10 lakh: A nominal fee of Rs 100 for holdings between Rs 4 lakh and Rs 10 lakh.
Above Rs 10 lakh or Non-BSDA: Regular annual maintenance charges will apply.

Services for BSDA Holders:

Electronic Statements: Provided free of cost.
Physical Statements: Charged at a fee not exceeding Rs 25 per statement.
Other Conditions: All other conditions applicable to regular Demat accounts continue to apply to BSDA, except the ones mentioned above.

By closing your Demat account or converting it to a BSDA, you can avoid unnecessary annual maintenance charges and benefit from the streamlined services introduced by SEBI. Pooja Patel's timely advice can help you make informed decisions and manage your finances more effectively. Stay updated with the latest financial trends and ensure you're optimizing your investments by following these new regulations.

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