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KYC Onboarding Spec by Rakesh Waghela

NSDL Circulars

Why this page is structured this way: All in-window entries are listed descending by date so the most recent regulatory state is the first thing a reader sees. Use Cmd-F / Ctrl-F for ID-based lookup. Cross-references from the rest of the site point at anchors on this page.

TL;DR

Section titled “TL;DR”
  • 143 circulars indexed in this issuer’s section.
  • 65 issued in 2025 or later.
  • 2 entries flagged [unknown — verify] in at least one field.
  • All entries trace to a primary issuer URL (or Wayback fallback) where research could verify the source.
  • AI-generated; read the linked PDF before acting on any provision.

Conceptual overview

Section titled “Conceptual overview”

This page is the complete listing of NSDL circulars in the project’s 2020–2026 sweep window. Each entry contains the verbatim circular ID, issue date, in-force date, status (in-force / superseded / withdrawn), applicable entity types, impact-area tags, a 2–4 sentence summary traceable to clauses, and the primary URL. Where the primary URL could not be re-fetched, an archive URL is provided in its place.

Entries (descending date)

Section titled “Entries (descending date)”

NSDL/POLICY/2026/0130

Section titled “NSDL/POLICY/2026/0130”

Specifies nomination/opt-out requirements for single accounts, optional joint-account nomination with all-holder consent, up to three nominees and permitted authentication modes (points 1–4). Requires statement-disclosure choices, biannual reminders including opted-out accounts, and first-login pop-ups for accounts without nomination; revised norms and forms take effect September 1 (points 5–9).

NSDL/POLICY/2026/0121

Section titled “NSDL/POLICY/2026/0121”

Introduces the Local DPM BSDA Modification Upload utility for files in UDiFF 3.0.1.2 format (page 1). Participants should use the Client Maintenance menu to support timely conversion of eligible accounts, with the enhancement effective August 28 EOD (page 1, navigation and implementation paragraphs).

NSDL/POLICY/2026/0122

Section titled “NSDL/POLICY/2026/0122”

Revises August 27 pay-in and payout schedules following the August 26 settlement holiday, including cash, SLB, ITP and EGR settlements (pages 1–3, tables). For the two NSE normal settlements, NSDL cut-offs are 10:20 a.m. and 4:20 p.m.; participants must execute instructions before the applicable revised deadline (NSE table and closing operational paragraph).

NSDL/POLICY/2026/0123

Section titled “NSDL/POLICY/2026/0123”

Amends the centralised-death-reporting procedure to require demise, notifier and KRA-intimation information in Local DPM before freezing the deceased holder’s account for debit under reason code 09 (revised paragraph 9.3(a) and field table). Participants must implement the UDiFF 3.0.1.2 changes from August 29 BOD (closing implementation paragraph).

NSDL/POLICY/2026/0124

Section titled “NSDL/POLICY/2026/0124”

Makes nominee name and relationship mandatory, together with date of birth for a minor nominee; listed contact, address and identifier details remain optional (pages 1–2, operational bullets). Participants must update forms, nomination capture, digital onboarding and back offices for the August 28 EOD system release (page 2, implementation paragraphs).

NSDL/POLICY/DDP/2026/0010

Section titled “NSDL/POLICY/DDP/2026/0010”
  • date_issued: 2026-08-24
  • issuer: NSDL
  • title: “SEBI Circular regarding Acceptance of digitally signed Power of Attorney from FPIs.”
  • applies_to: depository, broker
  • in_force_date: 2026-08-20
  • status: in-force
  • impact_areas: onboarding, non-individual, esign
  • primary_url: https://nsdl.com/nsdl/2026-08/2026-0010-Policy-DDP-SEBI%20Circular%20regarding%20Acceptance%20of%20digitally%20signed%20Power%20of%20Attorney%20from%20FPIs.pdf

Forwards SEBI’s August 20, 2026 circular permitting digitally signed powers of attorney from FPIs (page 1). DDPs and custodians must bring the circular to their FPI clients’ attention; the enclosed amendment takes effect on August 20 (page 1; enclosure, clause 5).

NSDL/SPEED-e/POLICY/2026/0008

Section titled “NSDL/SPEED-e/POLICY/2026/0008”

Revises SPEED-e, SPEED-e Direct and eDPM cut-offs for August 27 NSE/BSE settlements (pages 1–3, tables). For the first normal/rolling settlements the respective cut-offs are 9:45 a.m., 10:10 a.m. and 10:20 a.m.; participants must execute accepted instructions before NSDL’s deadline and report download problems to the help desk (tables and closing instruction).

NSDL/POLICY/2026/0119

Section titled “NSDL/POLICY/2026/0119”

Shares deficient-account lists for KRA PAN records updated during July 2026 (page 1). NSDL will suspend debits and credits on September 5 using September 4 KRA data; participants must notify clients and follow the existing removal procedure (page 1).

NSDL/POLICY/2026/0120

Section titled “NSDL/POLICY/2026/0120”

Requires use of the revised transmission framework and prescribed forms and supplies an SOP as Annexure A (page 1). Participants must submit monthly transmission data in SEBI’s .xls format for six months beginning August 2026 by the fifth of the following month, making the first report due September 5 (page 1, reporting paragraphs).

NSDL/POLICY/2026/0117

Section titled “NSDL/POLICY/2026/0117”

Requires capture of regulatory-authority details and order date for relevant freeze instructions, with order type conditional on a SEBI-order freeze (section A). Missing authority contact details must be recorded as “Not available”; information is disseminated in COD, with deployment at August 28 EOD (section A and implementation paragraph).

NSDL/POLICY/2026/0118

Section titled “NSDL/POLICY/2026/0118”

Introduces the dedicated DrpanId field for BO upload and client-master export under UDiFF 3.0.1.2 (page 1, table). Participants must stop using Dummy_Field_3/Rsvd3 and migrate DARPAN ID capture to the new field from the August 28 EOD implementation (page 1, implementation paragraphs).

NSDL/POLICY/2026/0113

Section titled “NSDL/POLICY/2026/0113”

Requires every investor-facing bank account receiving funds or fees from individual/non-institutional investors to be linked to an @valid UPI ID for SEBI Check verification (page 1). Participants must comply within 30 days of this circular’s issuance (page 1, final instruction).

NSDL/POLICY/2026/0108

Section titled “NSDL/POLICY/2026/0108”

Extends implementation of the enhancements announced in circular 0098 to August 28, 2026 EOD (page 1). Participants must make the necessary back-office changes for the revised date (page 1, closing instruction).

NSDL/POLICY/2026/0103

Section titled “NSDL/POLICY/2026/0103”

Forwards SEBI’s July 23, 2026 revised transmission framework and requires participant compliance (page 1). The enclosure establishes QTP and simplified-documentation thresholds for demat claims and standardises transmission documentation (enclosed SEBI circular, clauses 3.2–3.3).

NSDL/POLICY/2026/0104

Section titled “NSDL/POLICY/2026/0104”

Shares deficient-account lists for KRA PAN records updated during June 2026 (page 1). NSDL will suspend debits and credits on August 1 using July 31 KRA data, and participants must notify clients and follow the referenced removal procedure (page 1).

NSDL/POLICY/2026/0101

Section titled “NSDL/POLICY/2026/0101”

Circulates SEBI’s July 21, 2026 framework for promoter-holding freezes during buybacks (page 1). The enclosure requires depositories to operationalise ISIN-level freezes and permitted tendering/encumbrance actions before August 1, 2026 (enclosed SEBI circular, clauses 1–6).

NSDL/POLICY/2026/0100

Section titled “NSDL/POLICY/2026/0100”

Forwards SEBI’s July 17, 2026 circular extending standing instructions for SWP/STP to demat mutual-fund holdings (page 1). The enclosure requires a joint operational framework by October 31, 2026, with unit-based and amount-based implementations by January 31 and April 30, 2027 respectively (enclosed SEBI circular, clauses 4–7).

NSDL/POLICY/2026/0098

Section titled “NSDL/POLICY/2026/0098”

Introduces UDiFF 3.0.1.2 changes for DARPAN ID, SWAGAT-FI special-purpose values, centralised death reporting and regulatory-authority details in transaction/COD files (points 1–2). It originally schedules changes and mandatory Local DPM release for July 31, with upgrading before August 7; circular 0108 subsequently extends implementation to August 28 EOD (implementation paragraphs).

NSDL/POLICY/2026/0097

Section titled “NSDL/POLICY/2026/0097”

Circulates SEBI’s July 3, 2026 unpaid-securities circular and directs participants to ensure compliance (page 1). The enclosure revises the direct-payout/CUSPA auto-pledge framework and the TM’s policy for handling unpaid securities (enclosed SEBI circular, paragraph 46).

NSDL/POLICY/2026/0095

Section titled “NSDL/POLICY/2026/0095”

Amends government-securities Rule 12.11.1 and DIS forms 15, 16, 36 and 37, including forms used by POA/DDPI holders (cover letter, points 1–5). The revised forms provide for off-market transfers to Retail Direct Gilt accounts using the twelve-digit RDG account number in the prescribed account fields (Annexures A2–A5, instruction 6).

NSDL/POLICY/2026/0094

Section titled “NSDL/POLICY/2026/0094”

Amends Annexure K of NSDL’s Business Rules and directs participants to comply with the attached changes (cover letter). Where a statutory order against a joint holder freezes the account, the other holders must obtain a specific order from the issuing authority to unfreeze their share of joint ownership (Annexure A, paragraph 24).

NSDL/POLICY/2026/0093

Section titled “NSDL/POLICY/2026/0093”

Shares deficient-account lists for KRA PAN records updated during May 2026 (page 1). Debits and credits will be suspended on July 4 using July 3 KRA data; participants must notify affected clients and follow the referenced August 2023 removal procedure (page 1, suspension and removal paragraphs).

NSDL/POLICY/DDP/2026/0009

Section titled “NSDL/POLICY/DDP/2026/0009”

Circulates the June 11, 2026 Gazette notification for the FPI Common Application Form and annexure (page 1). DDPs and custodians must take note and inform their FPI clients; the notification is enclosed (page 1, closing instruction).

NSDL/POLICY/2026/0090

Section titled “NSDL/POLICY/2026/0090”

Continues DP-wise MNRL matching through e-PASS using DoT DIP data and introduces monthly reactivation lists from July 2026 (pages 1–2, section A). Participants must remove only MNRL-related suspensions for listed reactivated numbers and follow the DoT grievance-login and enhanced-due-diligence process (sections A–B).

NSDL/POLICY/2026/0007

Section titled “NSDL/POLICY/2026/0007”

Removes compulsory CM BP ID capture at password-user SPEED-e registration, while retaining the need to add a CM BP ID before market instructions (section A). Non-market instructions can proceed without it, and ICCL/NCL corporate-bond pool accounts are added to default pre-notified accounts (sections A–B).

NSDL/POLICY/2026/0088

Section titled “NSDL/POLICY/2026/0088”

Requires DARPAN ID collection and capture for NPO accounts, including existing accounts within 60 days; non-compliant existing accounts must then be suspended for debit under reason code 8 (pages 1–2). Initially uses Dummy_Field_3/Rsvd3 in BO upload and client-master export, with system implementation at June 5 EOD (page 2, UDiFF table and implementation paragraph).

NSDL/POLICY/DDP/2026/0008

Section titled “NSDL/POLICY/DDP/2026/0008”

Encloses the SOP shared by SEBI on May 25, 2026 for implementing the SWAGAT-FI framework originally circulated in January (page 1). DDPs and custodians must take note of the SOP and inform their FPI clients (page 1, closing paragraphs).

NSDL/POLICY/2026/0085

Section titled “NSDL/POLICY/2026/0085”

Forwards SEBI’s May 29, 2026 modified nomination norms and requires participant compliance (page 1). It references the earlier January 2025 nomination framework and encloses the revised SEBI circular (page 1, opening and second paragraphs).

NSDL/POLICY/2026/0082

Section titled “NSDL/POLICY/2026/0082”

Shares e-PASS lists for non-compliant KRA records updated in April 2026 for DP review and client follow-up (page 1). NSDL will suspend debits and credits on May 30 using May 29 KRA data; participants must notify affected clients and use the existing suspension-removal procedure (page 1, closing paragraphs).

NSDL/POLICY/2026/0083

Section titled “NSDL/POLICY/2026/0083”

Reiterates exclusive use of 1600xx-series numbers for service and transactional voice calls and 140xx-series numbers for promotional calls (page 1, points a–b). The circular attaches the applicable definitions from the Telecom Commercial Communications Preference Regulations, 2018 (page 1, annexure reference).

NSDL/POLICY/2026/0077

Section titled “NSDL/POLICY/2026/0077”

Adds NSE EGR market types 52 and 53 to SPEED-e and specifies normal, Direct and eDPM pay-in cut-offs (page 1, table). For EGR T+1 the respective deadlines are 12:55 p.m., 1:20 p.m. and 1:30 p.m.; participants must execute accepted instructions before NSDL’s cut-off (page 1).

NSDL/POLICY/2026/0051

Section titled “NSDL/POLICY/2026/0051”

All demat accounts whose KYC attributes are not verified by KRAs till April 30, 2026 to be frozen (Suspended for debit and credit) with reason code 08 (Account Holder Related- KYC Non-compliant). Follow-up to NSDL/POLICY/2025/0157.

NSDL/POLICY/2026/0016

Section titled “NSDL/POLICY/2026/0016”

SEBI Master Circular for LODR compliance dated November 11, 2024 updated to include all relevant circulars issued till December 30, 2025.

NSDL/POLICY/2026/0003

Section titled “NSDL/POLICY/2026/0003”

SWAGAT-FI framework for FPIs and FVCIs via DDPs. Single window onboarding/access for trusted foreign investors per SEBI circular.

NSDL/POLICY/2026/0001

Section titled “NSDL/POLICY/2026/0001”

Operational notice on SPEED-e facility availability on Sunday, February 1, 2026.

NSDL/POLICY/2026/0025

Section titled “NSDL/POLICY/2026/0025”

KRAs provided list of KYC records not valid (including invalid PANs) for PANs updated in KRAs system during December 1-31, 2025. Demat accounts frozen for “Suspended for debit and credit” on January 31, 2026. Participants to send intimation via letter/email/SMS.

NSDL/POLICY/2025/0163

Section titled “NSDL/POLICY/2025/0163”

Implementation guidance for cyber audit report submission per SEBI CSCRF framework.

NSDL/POLICY/2025/0161

Section titled “NSDL/POLICY/2025/0161”

Forwards SEBI clarification on Digital Accessibility circulars enabling persons with disabilities to access securities market infrastructure.

NSDL/POLICY/2025/0157

Section titled “NSDL/POLICY/2025/0157”

DPs must ensure KYCs of all non-closed clients uploaded to KRAs. Only clients with KRA status “KYC Registered” or “KYC Validated” allowed to transact. KYC upload timeline 3 working days from completion of KYC Process per SEBI Master Circular dated October 12, 2023. Deadline for pending uploads: January 2, 2026.

NSDL/POLICY/2025/0142

Section titled “NSDL/POLICY/2025/0142”

Pay-in deadlines advanced for NSE and BSE settlements due to Muhurat Trading scheduled on October 21, 2025. CC Calendar in eDPM and Local DPM systems revised.

NSDL/POLICY/2025/0137

Section titled “NSDL/POLICY/2025/0137”

Implements SEBI review of block deal framework with operational changes for the depository.

NSDL/POLICY/2025/0135

Section titled “NSDL/POLICY/2025/0135”

Enhancements in process of movement of securities for Auto-Pledge instructions specifically for MTF (Margin Trading Facility) or CUSPA (Client Unpaid Securities Pledgee Account).

NSDL/POLICY/2025/0128

Section titled “NSDL/POLICY/2025/0128”

Premature redemption calendar for Sovereign Gold Bonds (SGB) for October 2025 to March 2026.

NSDL/POLICY/2025/0126

Section titled “NSDL/POLICY/2025/0126”

Implements SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/130 dated September 19, 2025. New standardized reason code “TLH” (Transmission to Legal Heirs) for SFT/CBDT reporting to prevent nominee being taxed on capital gains.

NSDL/POLICY/2025/0124

Section titled “NSDL/POLICY/2025/0124”

Periodic suspension cycle of demat accounts in NSDL system whose KRA-side KYC validation fails. Continues the cyclical suspension regime under SEBI’s KRA risk management framework.

NSDL/POLICY/2025/0119

Section titled “NSDL/POLICY/2025/0119”

Changes in Margin Pledge/Re-pledge download (.csv format) for TM and TM/CM users; SPEED-e download changes for CUSPA pledge invocation and closure.

NSDL/POLICY/2025/0118

Section titled “NSDL/POLICY/2025/0118”

Operational change in NSE/BSE settlement pay-in/pay-out times. CC Calendar revised.

NSDL/POLICY/2025/0108

Section titled “NSDL/POLICY/2025/0108”

SEBI extension of implementation timeline for the margin pledge/re-pledge circular, providing operational relief to depository participants.

NSDL/POLICY/2025/0089

Section titled “NSDL/POLICY/2025/0089”

Companion to NSDL/POLICY/2025/0090. Guidelines for online transfer-cum-closure of demat accounts, including joint holder and NIL balance accounts.

NSDL/POLICY/2025/0090

Section titled “NSDL/POLICY/2025/0090”

Modifies online closure guidelines (points 7 and 13). Accounts with balance must e-sign closure form using digital signature or Aadhaar eSign verified by DP. Requests via DP’s secured app with 2-factor authentication; emails/SMS/messaging apps not allowed. OTP confirmation to registered email/mobile. From July 15, 2025, joint holder online transfer-cum-closure requests enabled.

NSDL/POLICY/2025/0084

Section titled “NSDL/POLICY/2025/0084”

Implements SEBI circular SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/82 dated June 3, 2025 on margin pledge/re-pledge. Changes implemented in NSDL depository at EOD September 5, 2025. Covers pledge invocation with early pay-in, invocation/redemption for MF units, and other operational changes.

NSDL/POLICY/2025/0071

Section titled “NSDL/POLICY/2025/0071”

Operational guidelines for processing off-market transfer instructions involving shares of Private Limited Companies via NSDL depository.

NSDL/POLICY/2025/0059

Section titled “NSDL/POLICY/2025/0059”

Operational change in NSE/BSE settlement pay-in/pay-out times. CC Calendar revised.

NSDL/POLICY/2025/0056

Section titled “NSDL/POLICY/2025/0056”

Consolidated master circular for Depository Participants effective April 30, 2025. Compiles operational guidelines on KYC, account opening, maintenance, transmission, closure, audit, and grievance redressal in a single reference document.

NSDL/POLICY/2025/0047

Section titled “NSDL/POLICY/2025/0047”

Revised framework for internal and concurrent audit per Bye Law 10.3. Audit by qualified CA/CS/CMA with valid NISM-Series-VI (DOCE) credentials. Half-yearly report submission to NSDL. Modified audit report format and guidelines included as Annexures.

NSDL/POLICY/2025/0042

Section titled “NSDL/POLICY/2025/0042”

UDiFF Catalogue V2.0.0.0 effective April 4, 2025. Introduces BSDA Opt-out option in NSDL Depository system; certain fields in Client Master Export and BO Upload formats become “conditionally required”; date of email consent for BSDA Opt-out required. Nomination address/state fields made optional. Holder Deletion ‘Date of Demise’ validation removed for joint accounts.

NSDL/POLICY/2025/0030

Section titled “NSDL/POLICY/2025/0030”

NSDL implementation of SEBI amendments dated February 28, 2025 to nomination circular. Phase II initially set for June 1, 2025 (later extended to August 8, 2025); Phase III to December 15, 2025. DPM System Version 7.95 with Phase II features released EOD August 8, 2025.

NSDL/POLICY/2025/0029

Section titled “NSDL/POLICY/2025/0029”

Forwards SEBI regulatory framework for Specialized Investment Funds (SIF), a new class of pooled investment vehicles. Depository participants implement onboarding and reporting changes for SIF.

NSDL/POLICY/2025/0022

Section titled “NSDL/POLICY/2025/0022”

AMCs/MF-RTAs to send monthly common PAN data to Depositories within 5 days of month end. Depositories dispatch e-CAS by 12th day and physical CAS by 15th day of month end.

NSDL/POLICY/2025/0017

Section titled “NSDL/POLICY/2025/0017”

e-PASS portal facility to submit NISM compliance officer alert details for DPs.

NSDL/POLICY/2025/0013

Section titled “NSDL/POLICY/2025/0013”

Clarification on handling of client securities by TMs and CMs. Aligns NSDL operational positions with SEBI’s client securities upstreaming framework.

NSDL/POLICY/2025/0012

Section titled “NSDL/POLICY/2025/0012”

Operational change in NSE/BSE settlement pay-in/pay-out times. CC Calendar revised.

NSDL/POLICY/2025/0007

Section titled “NSDL/POLICY/2025/0007”

DPs must report NISM Series-VI (DOCE) certification details of associated persons in DP operations on half-yearly basis via NSDL e-PASS. First submission as on December 31, 2024 due by January 31, 2025. Captures PAN, name, designation, certificate code, exam date, expiry date.

NSDL/POLICY/2025/0006

Section titled “NSDL/POLICY/2025/0006”

Implements SEBI Circular No. SEBI/HO/OIAE/OIAE_IAD-3/P/ON/2025/01650 dated January 10, 2025. Investors may make/change nomination any number of times. Up to three nominees with percentage shares; if not specified, distributed equally. Nominee acts as trustee for transmission to legal heir.

NSDL/POLICY/2025/0001

Section titled “NSDL/POLICY/2025/0001”

Forwards SEBI clarifications dated December 31, 2024 on CSCRF. DP compliance timeline extended from January 1, 2025 to April 1, 2025. Data Localization (PR.DS.S2) kept in abeyance pending further consultation.

NSDL/POLICY/2024/0189

Section titled “NSDL/POLICY/2024/0189”

SEBI policy for sharing data for research/analysis purposes forwarded by NSDL to participants. Establishes framework for anonymized data sharing.

NSDL/POLICY/2024/0184

Section titled “NSDL/POLICY/2024/0184”

SEBI relaxation from ISIN restriction limit for issuers listing originally unlisted ISINs outstanding as of December 2024.

NSDL/POLICY/2024/0180

Section titled “NSDL/POLICY/2024/0180”

Expands the scope of the optional T+0 rolling settlement cycle in addition to existing T+1 cycle by enlarging the universe of eligible scrips and participants. Follows the beta rollout under NSDL/POLICY/2024/0039.

NSDL/POLICY/2024/0144

Section titled “NSDL/POLICY/2024/0144”

Reduces listing timeline for debt securities and NCRPS to T+3 working days from T+6, optional from November 1, 2024 and mandatory from November 1, 2025.

NSDL/POLICY/2024/0131

Section titled “NSDL/POLICY/2024/0131”

Enhances SPICE (Settlement of Power-of-Attorney Instructions through Centralized E-payment) facility for corporate bonds settlement orders routed through stock exchange platform.

NSDL/POLICY/2024/0122

Section titled “NSDL/POLICY/2024/0122”

Operational guidelines for BSDA implementation. Participants shall open only BSDA accounts for eligible Beneficial Owners unless they receive explicit email consent for regular account from sole/first holder. BSDA flag enabled by default at account opening. Existing client reassessment required within two months from September 1, 2024.

NSDL/POLICY/2024/0118

Section titled “NSDL/POLICY/2024/0118”

Implements SEBI’s CSCRF (issued August 20, 2024) for SEBI Regulated Entities. REs with prior cybersecurity circulars to adopt by January 1, 2025; all other REs by April 1, 2025. Supersedes earlier SEBI cybersecurity circulars/guidelines/advisories. Cyber resiliency goals: Anticipate, Withstand, Contain, Recover, Evolve mapped to NIST functions (Governance, Identify, Protect, Detect, Respond, Recover).

NSDL/POLICY/2024/0114

Section titled “NSDL/POLICY/2024/0114”
  • date_issued: 2024-08-20
  • issuer: NSDL
  • title: “Guidelines and enhancement in POA / DDPI”
  • applies_to: depository
  • in_force_date: 2024-09-27
  • status: in-force
  • impact_areas: kyc-modification, file-format
  • primary_url: https://nsdl.com/web/node/234759

Update to NSDL/POLICY/2024/0086 reiterating that enhancement of POA/DDPI registration/de-registration date capture will be effected in UDiFF format only. Participants must complete back-office changes by September 27, 2024.

NSDL/POLICY/2024/0112

Section titled “NSDL/POLICY/2024/0112”

Continuing standardization phase for UDiFF rollout adding additional file formats and ISO tags. Aligns with SEBI Market Data Advisory Committee guidance for ease of doing business in Indian Securities market.

NSDL/POLICY/2024/0086

Section titled “NSDL/POLICY/2024/0086”

NSDL introduces capture of registration/deregistration date for POA/DDPI in UDiFF Standardised file formats only. Implementation deadline of September 27, 2024 for participant back-office systems. ISO tags published in the UDiFF catalogue.

NSDL/POLICY/2024/0103

Section titled “NSDL/POLICY/2024/0103”

Phased migration of additional reports and downloads from i-Assist intranet portal to e-Pass portal (epass.nsdl.com) effective EOD July 19, 2024 under ‘I-Assist menu’.

NSDL/POLICY/2024/0097

Section titled “NSDL/POLICY/2024/0097”

Forwards SEBI circular on BSDA holding limit raised to Rs 10 lakhs. Lays out eligibility criteria (individuals only; sole/first holder; only one BSDA across depositories). Participants to implement required back-office changes before August 31, 2024.

NSDL/POLICY/2024/0085

Section titled “NSDL/POLICY/2024/0085”

Forwards SEBI circular modifying OFS framework for employees through stock exchange mechanism.

NSDL/POLICY/2024/0084

Section titled “NSDL/POLICY/2024/0084”

Initial notification that reports/functionalities on i-Assist would be migrated to e-Pass portal starting June 15, 2024 in phased manner.

NSDL/POLICY/2024/0083

Section titled “NSDL/POLICY/2024/0083”

Participants required to update auditor details on NSDL ePASS portal. Auditors must hold valid NISM certification.

NSDL/POLICY/2024/0082

Section titled “NSDL/POLICY/2024/0082”

Implements SEBI Circular SEBI/HO/MIRSD/POD-1/P/CIR/2024/81 dated June 10, 2024 on nomination. Nomination becomes mandatory; investors must either nominate or explicitly opt-out. Participants prohibited from updating nomination choice without explicit investor consent.

NSDL/POLICY/2024/0005

Section titled “NSDL/POLICY/2024/0005”

DDP (Designated Depository Participant) implementation note for FPIs on material change disclosures and other obligations per SEBI guidelines.

NSDL/POLICY/2024/0074

Section titled “NSDL/POLICY/2024/0074”

NSDL operational follow-up to NSDL/POLICY/2024/0071. Removed suspension on demat accounts that were frozen on July 8, 2023 under freeze reason code 39 (Account holder related PAN inoperative) due to non-compliance of PAN linkage with Aadhaar. KYC status of all records put on hold for individual category changed from On Hold to KYC Registered.

NSDL/POLICY/2024/0071

Section titled “NSDL/POLICY/2024/0071”

Implements SEBI circular ref. no. SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41 dated May 14, 2024 simplifying risk management framework. Clients with valid PAN allowed to transact even if PAN-Aadhaar linkage not verified. Portability of KRA-validated KYC records confirmed.

NSDL/POLICY/2024/0044

Section titled “NSDL/POLICY/2024/0044”

Notifies launch of SCORES 2.0 from April 1, 2024 enabling auto-routing, escalation, and monitoring by Depositories to reduce timelines. New portal at https://scores.sebi.gov.in.

NSDL/POLICY/2024/0042

Section titled “NSDL/POLICY/2024/0042”

Annual / Half-yearly framework for internal and concurrent audit of DP operations. Auditors must hold NISM-Series-VI: Depository Operations Certification or equivalent CPE credentials. Reports submitted half-yearly to NSDL.

NSDL/POLICY/2024/0041

Section titled “NSDL/POLICY/2024/0041”

Further standardization phase for UDiFF rollout. Various download file formats brought under standardized UDiFF formats with ISO tags. Participants required to implement standardized formats for various downloads by EOD June 20, 2024.

NSDL/POLICY/2024/0039

Section titled “NSDL/POLICY/2024/0039”

Implements SEBI circular dated March 21, 2024 introducing the Beta version of T+0 settlement cycle on optional basis with limited set of securities. Effective from March 28, 2024. All clients eligible to participate. Trades executed till 1:30 PM; obligations determined by 2:30 PM; settlement thereafter on the same day.

NSDL/POLICY/2024/0026

Section titled “NSDL/POLICY/2024/0026”

Continuation of UDiFF rollout. Existing file formats and PriceFile (ISIN Rate Master Export) discontinued after March 31, 2024 with only new standardized file formats applicable thereafter. Implementation of UDiFF catalogue V1.0.11.2 containing ISO tags.

NSDL/POLICY/2024/0021

Section titled “NSDL/POLICY/2024/0021”

Operational change in pay-in/pay-out timings for NSE and BSE settlements. CC calendar revised in eDPM and Local DPM systems.

NSDL/POLICY/2024/0018

Section titled “NSDL/POLICY/2024/0018”

Phase implementation of UDiFF (Unified Distilled File Formats) for “Statement of Transaction” and “Statement of Holding” with ISO tags. Effective EOD February 9, 2024 as part of NSDL’s standardization initiative aligned with SEBI’s Market Data Advisory Committee.

NSDL/POLICY/2024/0012

Section titled “NSDL/POLICY/2024/0012”

NSDL introduces APIs for Market Participants to handle Client Maintenance, allowing DPs to maintain client records (modifications) via NSDL’s technology integration interface. This is part of the broader Insta Interface API ecosystem alongside the Account Opening API.

NSDL/POLICY/2024/0003

Section titled “NSDL/POLICY/2024/0003”

AI/ML reporting framework for market intermediaries forwarded by NSDL. DPs to report AI/ML systems used/offered as per SEBI requirements.

NSDL/POLICY/2023/0186

Section titled “NSDL/POLICY/2023/0186”

Phase 1 of UDiFF rollout — file formats for “ISIN Master Download” and “CC Calendar Download” with defined fields, standard values and ISO tags effective EOD December 30, 2023.

NSDL/POLICY/2023/0185

Section titled “NSDL/POLICY/2023/0185”

SPEED-e password-based users enabled to submit off-market transfer instructions digitally. Mandatory OTP-based authorization for each off-market instruction; OTP sent to client’s registered mobile and email.

NSDL/POLICY/2023/0165

Section titled “NSDL/POLICY/2023/0165”

POA/DDPI registration and de-registration procedural guidelines. Subsequently superseded by UDiFF-only flow under NSDL/POLICY/2024/0086 in 2024.

NSDL/POLICY/2023/0151

Section titled “NSDL/POLICY/2023/0151”

Cyclical suspension of demat accounts of existing clients whose KYC records fail KRA validation. First in a series of similar suspension circulars (later 2024, 2025, 2026 cycles).

NSDL/POLICY/2023/0146

Section titled “NSDL/POLICY/2023/0146”

Forwards SEBI Master Circular on KYC norms (October 12, 2023) compiling all KYC circulars/directions issued up to September 30, 2023. PoI/PoA verification, anti-money laundering, alignment with PMLA Rules 2005 and KRA Regulations 2012.

NSDL/POLICY/2023/0126

Section titled “NSDL/POLICY/2023/0126”

SEBI circular linking SCORES with ODR platform for grievance redressal. Subsequently strengthened with SCORES 2.0 in 2024.

NSDL/POLICY/2023/0115

Section titled “NSDL/POLICY/2023/0115”

Business Rules amendment regarding Annual Custody Fee (ACF) charging mechanism.

NSDL/POLICY/2023/0113

Section titled “NSDL/POLICY/2023/0113”

Bye-Laws/Business Rules amendments establishing CUSPA (Client Unpaid Securities Pledgee Account) mechanism.

NSDL/POLICY/2023/0069

Section titled “NSDL/POLICY/2023/0069”

DPs across all categories required to submit networth certificate and/or audited financial statements; special provisions for Banks/Foreign Banks. Effective from FY 2022-23 onwards.

NSDL/POLICY/2023/0056

Section titled “NSDL/POLICY/2023/0056”
  • date_issued: 2023-05-04
  • issuer: NSDL
  • title: “Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs”
  • applies_to: depository
  • in_force_date: [unknown — verify]
  • status: in-force
  • impact_areas: re-KYC, aml, kyc-modification, dormant
  • primary_url: [unknown — verify]

Procedural framework for automated deactivation of trading/demat accounts with inadequate KYC. Accounts marked KYC non-compliant; client informed to rectify discrepancy; account activated only after audited KYC compliance.

NSDL/POLICY/2023/0042

Section titled “NSDL/POLICY/2023/0042”

Forwards SEBI Master Circular on Surveillance of Securities Market consolidating surveillance obligations and PMLA-related provisions.

NSDL/POLICY/2023/0038

Section titled “NSDL/POLICY/2023/0038”

PAN-Aadhaar linkage requirement for demat accounts. Subsequently revisited in 2024.

NSDL/POLICY/2023/0018

Section titled “NSDL/POLICY/2023/0018”

Procedural framework for client sub-type reclassification when entity converts from Company to LLP or vice versa.

NSDL/POLICY/2023/0017

Section titled “NSDL/POLICY/2023/0017”

Annual System Audit Report framework per SEBI’s June 7, 2022 Cyber Security/Cyber Resilience modification circular. ATR for non-compliances submitted at dpaudit@nsdl.co.in.

NSDL/POLICY/2023/0014

Section titled “NSDL/POLICY/2023/0014”

i-Assist intranet portal facility to download monthly PMLA alerts. Subsequently migrated to e-PASS portal under NSDL/POLICY/2024/0103.

NSDL/POLICY/2023/0013

Section titled “NSDL/POLICY/2023/0013”

Online nomination updation facility via NSDL portal for demat account holders.

NSDL/POLICY/2023/0012

Section titled “NSDL/POLICY/2023/0012”

Operational implementation for pay-in validations to mitigate misuse of client securities in settlement obligations.

NSDL/POLICY/2023/0010

Section titled “NSDL/POLICY/2023/0010”

Inter-depository transfer instructions not available on Trading Holidays.

NSDL/POLICY/2023/0006

Section titled “NSDL/POLICY/2023/0006”

Earlier phase of file format standardization, pre-UDiFF.

NSDL/POLICY/2023/0001

Section titled “NSDL/POLICY/2023/0001”

Extension/operational follow-up regarding mandatory nomination requirements for eligible trading and demat accounts.

NSDL/POLICY/2022/165

Section titled “NSDL/POLICY/2022/165”

DDPI effective November 19, 2022 replacing POA mechanism. Extension of timeline for pay-in validation implementation.

NSDL/POLICY/2022/153

Section titled “NSDL/POLICY/2022/153”
  • date_issued: 2022-11-19
  • issuer: NSDL
  • title: “Implementation in respect of Mandatory Block Mechanism and Pay-in validations”
  • applies_to: depository
  • in_force_date: [unknown — verify]
  • status: in-force
  • impact_areas: settlement, rms
  • primary_url: [unknown — verify]

Operational guidance on mandatory block mechanism and pay-in validations to prevent misuse of client securities at the depository level.

NSDL/POLICY/2022/138

Section titled “NSDL/POLICY/2022/138”

Bye-Laws/Business Rules amendments establishing operational guidelines for dematerialization of physical securities received for processing investor service requests (e.g., transmission, address update).

NSDL/POLICY/2022/127

Section titled “NSDL/POLICY/2022/127”

DPs to submit networth certificate and/or audited financial statements through e-PASS only from September 14, 2022. Previous email/hard copy submissions discontinued.

NSDL/POLICY/2022/126

Section titled “NSDL/POLICY/2022/126”

Framework for automated deactivation when SEBI cannot deliver SCN/order at KYC addresses. MIIs deactivate trading/demat accounts via PAN-based freeze on debit/credit (except corporate actions) within 5 working days of last unsuccessful delivery report. Joint account safeguards via co-holder communication.

NSDL/POLICY/2022/122

Section titled “NSDL/POLICY/2022/122”

Participants must provide multiple modes of communication, strengthen complaint redressal with qualified resources, and display escalation matrix on ‘Contact Us’ homepage page. DPs who are also stockbrokers must provide separate broking escalation matrix.

NSDL/POLICY/2022/115

Section titled “NSDL/POLICY/2022/115”

Detailed operational guidelines for DDPI implementation effective September 1, 2022. DDPI replaces traditional POA mechanism for pay-in obligations and pledge.

NSDL/POLICY/2022/110

Section titled “NSDL/POLICY/2022/110”

Forwards SEBI circular dated August 1, 2022 on automated deactivation framework. Operationalised through NSDL/POLICY/2022/126.

NSDL/POLICY/2022/097

Section titled “NSDL/POLICY/2022/097”

Amendment to SEBI investor grievance redressal mechanism. Subsequently consolidated by NSDL/POLICY/2022/122 with escalation matrix.

NSDL/POLICY/2022/092

Section titled “NSDL/POLICY/2022/092”

SEBI extension of DDPI implementation timeline from initial deadline. Implementation effective September 1, 2022.

NSDL/POLICY/2022/085

Section titled “NSDL/POLICY/2022/085”

Continuation of 6 KYC attribute suspension regime under NSDL/POLICY/2022/041 with operational refinements.

NSDL/POLICY/2022/053

Section titled “NSDL/POLICY/2022/053”

Operational guidelines for mode of operation (single/joint/either-or-survivor) in joint demat accounts.

NSDL/POLICY/2022/052

Section titled “NSDL/POLICY/2022/052”

Forwards SEBI Circular SEBI/HO/MIRSD/DoP/P/CIR/2022/44 dated April 4, 2022. DDPI is a separate document under which clients explicitly authorize broker/DP to access BO account for the limited purpose of pay-in obligations for trade settlement. Securities credited to TM pool only. DDPI registered in demat account by TM/CM.

NSDL/POLICY/2022/046

Section titled “NSDL/POLICY/2022/046”

PAN-Aadhaar linkage requirement for KYC compliance per CBDT mandates.

NSDL/POLICY/2022/041

Section titled “NSDL/POLICY/2022/041”

Mandatory 6 KYC attributes: Name, address, PAN, valid mobile, valid email, income range. Name/address already mandatory; PAN non-compliant accounts already suspended. NSDL to suspend demat accounts in eDPM where Mobile/Email/Income Range not updated. Suspension effective April 1, 2022.

NSDL/POLICY/2022/020

Section titled “NSDL/POLICY/2022/020”

Operational guidelines for mandatory nomination. Existing demat holders required to provide choice of nomination by March 31, 2023 (extended), failing which trading accounts frozen for trading and demat accounts frozen for debits.

NSDL/POLICY/2022/014

Section titled “NSDL/POLICY/2022/014”

Early redemption procedural guidance for specific SGB tranches.

NSDL/POLICY/2022/0001

Section titled “NSDL/POLICY/2022/0001”

DDPs and Custodians required to publish Investor Charter and disclose complaint data on websites.

NSDL/POLICY/2021/0114

Section titled “NSDL/POLICY/2021/0114”

SPICE eDIS (electronic Delivery Instruction Slip) launched on SPEED-e facility, providing electronic alternative to physical DIS slips.

NSDL/POLICY/2021/0112

Section titled “NSDL/POLICY/2021/0112”

Common simplified norms for RTAs processing investor service requests and norms for furnishing PAN, KYC details and Nomination.

NSDL/POLICY/2021/0098

Section titled “NSDL/POLICY/2021/0098”

New client sub-types added for demat account opening to accommodate broader entity classifications.

NSDL/POLICY/2021/0089

Section titled “NSDL/POLICY/2021/0089”

Surveillance obligations for DPs detailing transaction monitoring, alert generation, and reporting to NSDL.

NSDL/POLICY/2021/0049

Section titled “NSDL/POLICY/2021/0049”

CBDT format/procedure for SFT submission for depository transactions per Income Tax Rules.

NSDL/POLICY/2021/0023

Section titled “NSDL/POLICY/2021/0023”

Reason code/purpose annexure for NSDL system file format reporting.

NSDL/POLICY/2021/0015

Section titled “NSDL/POLICY/2021/0015”

Amendments to NSDL Business Rules.

NSDL/POLICY/2021/0009

Section titled “NSDL/POLICY/2021/0009”

Forwards SEBI Master Circular SEBI/HO/MRD2/DDAP/CIR/P/2021/18 dated February 5, 2021 — Master Circular for Depositories consolidating all SEBI depository-related circulars.

NSDL/POLICY/2020/0134

Section titled “NSDL/POLICY/2020/0134”

Updated FAQ on online KYC requirements per SEBI April 24, 2020 circular. Operational clarifications for DPs.

NSDL/POLICY/2020/0115

Section titled “NSDL/POLICY/2020/0115”

Annexure on online KYC operational guidelines covering Aadhaar OVD, DigiLocker, eSign workflows.

NSDL/POLICY/2020/0109

Section titled “NSDL/POLICY/2020/0109”
  • date_issued: 2020-09-25
  • issuer: NSDL
  • title: “FAQ on SEBI Circular dated April 24, 2020 on online KYC - Annexure”
  • applies_to: depository
  • in_force_date: [unknown — verify]
  • status: in-force
  • impact_areas: onboarding, re-KYC, digi-locker, esign, aa
  • primary_url: https://nsdl.co.in/downloadables/pdf/2020-0109-Policy-Annexure.pdf

FAQ on SEBI Circular dated April 24, 2020 on online KYC. Live photograph of client mandatory for online account opening (whether through Aadhaar OVD, any other OVD or KRA download).

NSDL/POLICY/2020/0077

Section titled “NSDL/POLICY/2020/0077”

Original operational guidelines for margin pledge/re-pledge in NSDL depository under SEBI’s new margin pledge framework that replaced title transfer collateral.

Practical notes

Section titled “Practical notes”
  • [gotcha] Circular IDs are case-sensitive and the issuer’s exact punctuation matters when looking them up on the official site.
  • [industry practice] Most ops teams subscribe to the issuer’s email distribution list rather than scraping the site — leads to more reliable real-time tracking.
  • [risk trade-off] Some entries are marked [unknown — verify] where the agent could not re-fetch the primary URL or the document used informal numbering; treat those as leads, not citations.

Verified through

Section titled “Verified through”

2026-09-11

AI-generated and not legal advice. See the project README for the full disclaimer.

Built by Rakesh Waghela — Technology & Product Consultant

LinkedIn @webiyo Topmate

Available for consulting and collaboration on technology, product strategy, and system architecture. Connect on LinkedIn.

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Disclaimer: This documentation was generated using Claude Code, an AI-powered LLM by Anthropic, as a research and capability estimation exercise. AI models can hallucinate — information here may be inaccurate, incomplete, or outdated. Any resemblance to the products or documentation of any specific vendor or organization is purely coincidental and unintended. This project is not directly inspired by any particular product, vendor, or proprietary system, and no plagiarism is intended. All content is based on publicly available information. This is not legal, financial, or compliance advice.