CDSL sends demat, KYC docs to flood-affected BOs in Chennai

BSE-promoted securities depository CDSL has dispatched investor account statements as well as know-your-client (KYC) documents to respective flood-affected beneficial owners in Chennai, Cuddalore and Kanchipuram.
"We have emailed statement of holding as on November 30, 2015 to our BOs residing in Chennai, Cuddalore and Kanchipuram. We have also dispatched copies of KYC documents (proof of identity and address) along with the statement," Central Depository Services Ltd (CDSL) said in a statement.
"This would enable BOs to apply for duplicate documents with the concerned authorities in case their original KYC documents have been destroyed in the floods," it added.
CDSL, which has over one crore demat accounts, also said it is working with the government and regulators in financial sector to bring in a 'single operational demat account for all financial assets'.

Under a single demat account, it is expected that assets such as fixed deposits of banks and corporates, insurance policies, pension products/records, warehouse receipts, among others, will be kept in electronic form.
"This will enable a BO to have immediate liquidity whenever required especially during adverse conditions like floods and earthquakes," CDSL said.

"This development will significantly reduce the cost to investors while improving the service levels in the financial sector," it added.
CDSL noted that thousands of people have been displaced, and have lost information on financial assets such as demat account statement, insurance policies, among others in floods.

"During these adverse conditions, it would be a great relief to have access to one's investments/assets for immediate assessment of one's own financial position to liquidate, if need be, some of the assets to meet any contingency," it said.