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

Mr. Vivek Joshi wants to change the address registered in his demat account. Which practice is correct for the DP?

The DP should take a written request from the BO along with valid proof of the new address, verify it against the original documents, and then update the records. Accepting verbal requests is unsafe, and approval from the issuer or waiting for a renewal date is not required.

  1. AChange it on a telephone request without any document
  2. BAccept a written request with valid proof of the new address and verify it before updatingCorrect
  3. CUpdate the address only when the issuer company approves
  4. DUpdate only at the time of annual renewal

Explanation

Changes to BO details need a written request supported by valid proof of address, which the DP verifies before updating the records. Telephone requests lack authentication, and issuer approval or annual timing is not needed.

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