SEBI modifies Master Circular for Depositories dated 05th February, 2021 on opening of demat account in case of HUF – 26th August, 2022

SEBI, vide Master circular dated 05 th February, 2021 and 17 th February, 2021 prescribed procedure for opening of demat account in case of HUF. Further, SEBI vide its circular dated 26th August, 2022 made partial modifications Subsection 1.2(a) of Section 1.4 of the Master Circular for Depositories dated 05 th February, 2021 which shall be replaced as the following : “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 of the HUF who in such a case shall be eldest coparcener in the HUF or a coparcener who is appointed as Karta by an agreement reached amongst all the coparceners of the HUF” All the other provisions of the Master Circular for Depositories dated 05 th February, 2021 shall remain unchanged. This circular shall be applicable to all depositories.

Link to the Circular: View Circular