The Securities Exchange Board of India (Sebi) has said that 'in-person' verification of clients is a mandatory requirement for opening account by a depository participant (DP).
This will hold good for opening trading account by a stock broker and vice versa, if the stock broker and DP is the same entity or if one of them is the holding or subsidiary company of the other, said Sebi in a note today.
The circular which was issued on Monday to stock exchanges and depositories will be implemented with immediate effect.
