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

Which of the following is generally true regarding a change of address request by a BO at the DP?

The BO submits a request with valid proof of the new address, and the DP updates the records after verification. No account closure is needed, and a mere telephone request without proof is not sufficient.

  1. AThe BO submits a request with proof of the new address and the DP updates the records after verificationCorrect
  2. BThe DP changes the address on a telephone request without any proof
  3. CThe BO must close the account and open a new one
  4. DThe address can be changed only by the depository, not by the DP

Explanation

A change of address is made on a written request supported by valid proof of the new address, verified by the DP, who then updates the records. Closing the account is unnecessary, and the DP, not the depository, handles the update in the system.

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