NISM Certifications · NISM-Series-VI: Depository Operations · Investor Services (NISM VI)
Meena, a BO, has changed her address. Which course is correct for the DP servicing her demat account?
The DP should update the address only after receiving a request from Meena with valid proof of the new address and verifying it. Verbal instructions are insufficient, and a new account is not needed for an address change.
- AChange the address in the system on a verbal request over the phone
- BUpdate the address only after receiving a written request with valid proof of the new address, and after verification as per DP procedureCorrect
- CAsk Meena to open a new account instead
- DUpdate only the issuer's records and not the DP records
Explanation
Change of address requires a request from the BO with valid proof of the new address, verified by the DP before updating records. A verbal instruction is not adequate, and opening a new account is unnecessary.
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