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NISM Certifications · NISM-Series-VI: Depository Operations · Functions of Depository Participant - Account Opening

A client who has a demat account with a DP wants to change his registered address. What is the DP's proper course of action?

The DP should take a written request with valid proof of the new address, verify it, and then update the account records. A telephone request is not sufficient, and closing and reopening the account is not required.

  1. AObtain a request with valid proof of the new address, verify it and then update the recordsCorrect
  2. BUpdate the address on a phone call from the client
  3. CAsk the client to close the account and open a new one
  4. DAsk the issuer companies to change the address in the DP's records

Explanation

Change of address requires a written request with valid proof of the new address, which the DP verifies before updating its records. A mere phone call is not adequate, and closing the account is unnecessary.

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