SEBI modifies “Master Circular for Depositories dated February 05, 2021″ w.r.t. Opening of Demat account in case of HUF
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- Last Updated on 18 February, 2022
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SEBI has specified certain modifications to the Master Circular for Depositories issued on Feb 05, 2021. As per SEBI’s earlier circular “ In the event of death of Karta of HUF, the name of the deceased Karta in the Beneficial Owner (BO) account shall be replaced by the new Karta appointed by the member of the HUF who in such a case shall be senior most member of the family except married daughter”. SEBI’s earlier circular restricted married daughters from being new Karta of the HUF in case of the death of the Karta. SEBI has taken away that restriction now.
Further, SEBI specified that guidelines as specified in SEBI letter No. MRD/DSA1/OW/4946/2018 and 4947/2018 dated February 14, 2018 also need to be followed in case of opening of Demat account in case of death of the Karta. Earlier only SEBI letter No. SEBI/HO/MRD/DP/OW/25739/1 and 25740/1 dated September 14, 2016 was required to be followed. All other provisions of the earlier master circular dated Feb 05, 2021, remain the same.
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