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NISM Certifications · NISM-Series-VI: Depository Operations · Investor Services (NISM VI)

A beneficial owner wants to receive statements of account for his demat account. As per the usual DP service standards, when must a DP provide a statement of holdings and transactions to a client who has had transactions during the period?

A DP must give a client a transaction statement at least once a month when the account has had transactions during that period. Where there were no transactions, a holding statement is required at least quarterly, so annual or closure-only statements are not compliant.

  1. AOnly when the client pays a separate fee each time
  2. BAt least monthly, if there have been transactions in the accountCorrect
  3. COnce every three years
  4. DOnly at the time of account closure

Explanation

Regulations require DPs to give transaction statements at least monthly where there are transactions, and holding statements at least quarterly where there are none. The other options contradict this periodicity.

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