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<div type="image" title="For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire" height="900" width="1200" msid="114064202" hostid="261" caption="&amp;lt;p&amp;gt;For the unversed, trading in futures and options can be akin to setting their hard-earned money on fire&amp;lt;/p&amp;gt;"></div> Once upon a time, there thrived a wild, wild land. Here, it was all about super high monetary stakes, lightning-fast trade deals, and bucketloads of money shifting hands every single second. This wilderness lured millions of individuals with the promise of super duper high returns. But, at what cost? Welcome to the unforgiving, ultra-risky wild west of <keyword id="19991165" type="General" weightage="20" keywordseo="Indian-equity-markets" source="keywords">Indian equity markets</keyword> called the <keyword id="145718" type="General" weightage="100" keywordseo="Futures-and-Options" source="Orion">futures and options</keyword>. Here, everyone seems to just fly right through the bright red-flagged warnings of financial risks to earn even a fraction of these promised returns. Most burn themselves in the process, but carry on nevertheless, as if nothing ever happened. <h2>Chasing the cloudy profits</h2>The data conclusively proves that every 9 out of 10 individuals only lost their hard-earned money in this land. But hey, what do the numbers know? Some hide their losses out of shame, some out of fear. The proponents, meanwhile, proudly boast unusually high returns on their investments, some open social media channels while others encourage their friends and family to take the plunge. Naturally, news of this unstoppable and humongous en-masse migration to the F&amp;O (futures and options) town has reached sheriff <keyword id="19901201" type="General" weightage="20" keywordseo="SEBI" source="keywords" meta.keywordsubtype="org" meta.entityname="SEBI" meta.hostid="261" meta.entityid="SEBI">SEBI</keyword>, galvanising them into action. After all, it was time to put a leash on this madness and save the common man. The inhabitants of this town doubled in the last 2 years, from 51 lakh in FY22 to 96 lakh in FY24—99.8% of whom were small and mid-income traders. But profits? Well, that's a different, rather completely absent story. <h2>Que Sera Sera, much?</h2>A recent report by SEBI (Securities and Exchange Board of India) that studied profits and losses made by traders in the equity derivatives segment between FY22-24 exposed the mad mania of futures and options trading in India, especially since the pandemic. Per the report, 91.1% of individual traders, or about 73 lakh traders had only lost money trading in futures and options in FY24. Between FY 22-24, over 1 crore traders, or about 92.8% of individual traders, had lost Rs 2 lakh each. But once bitten, twice shy? Well, not in this case. More than 75% of individuals, who had only made losses trading in F&amp;O in FY22 and FY23, continued to trade vigorously in FY24 as well, without any changes in the bottom line, which remained deep in red and negative. So, then all these traders must be uber-rich, with tons of cash and not much care to spare? Nope. 76% of traders in the F&amp;O space in FY24 had an annual income of less than Rs 5 lakh. 2 years ago, their share stood at 71%. And their choice of poison? Options! In FY24, 60% of traders made losses trading in futures, but a whopping 91.5% burnt their funds trading in options. Mind you, futures are riskier than options. With futures, which require significant capital investment, the buyer and seller both are contractually bound to adhere to the pre-determined strike price of the futures or options contract, irrespective of whether the prevailing prices are higher or lower (and thus, resulting in losses for either the buyer or seller). With options, since this adherence ain't necessary, individuals end up taking debt to take highly leveraged positions while trading here. <h2>Scale of the explosion</h2>Anyone who trades even infrequently will tell you that a demat account is the mitochondria or powerhouse of the trading cell. As of August 2024, India had over 17.1 crore <keyword id="20957284" type="General" weightage="20" keywordseo="demat-accounts" source="keywords">demat accounts</keyword>, which are a prerequisite for trading in the markets. India is the 9th biggest country in the world, in terms of total demat accounts. Did you know that our demat accounts are at par with the entire population of Bangladesh? Talk about scale! Just 4 years ago, in March 2020, this number was a mere 4 crore. Naturally, the total F&amp;O turnover on both <keyword id="20004725" type="General" weightage="20" keywordseo="NSE" source="keywords" meta.keywordsubtype="org" meta.entityname="NSE" meta.hostid="261" meta.entityid="NSE">NSE</keyword> and BSE has hit the roof, and also broken it. As of October 4, 2024, the total futures and options turnover on NSE stood at a massive Rs 4,78,27,27,750.30 crore. Good luck counting the thousands! <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total Turnover (Both Futures and Options) (In Rs Crore) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2020-21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64,36,03,951.51 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2021-22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,69,52,33,134.47 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2022-23 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,82,23,26,468.06 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023-24 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7,99,27,67,152.43 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source : NSE Another metric that underlines the meteoric growth of trading in India is the collection of STT or <keyword id="20930760" type="General" weightage="20" keywordseo="Securities-Transaction-Tax" source="keywords">Securities Transaction Tax</keyword>. As of September 2024, India's STT mop-up had gone past Rs 26,000 crore. Traders have to pay STT whenever they buy or sell any security in the market. So, more trading brings in more STT, and hence, more revenue for the government, so they're not really complaining. After all, this is certainly what they'd call enviable growth. As of August 2023, our STT collection stood at about Rs 21,599 crores. And in FY20-21, India's STT collection had been Rs 16,000 crore. If only our salaries also managed to grow at this rate! <h2>So, what's happening?</h2>Two things. One, it's the big bulls who are raking in all the moolah. And it's the younger lot (those aged under 30) who are propping them up for this. In FY24, 43% of individual traders in the market were less than 30 years of age. In just one year, this number has swelled by 12 percentage points from just 31% of individual traders. But who says ageing is bad? Wrinkles and silver hair seemingly have a propensity of incurring lesser losses in the market. In FY24, only 79% of traders aged above 60 years made losses, as compared to 93% of those aged below 30. Small and mid-income traders, which make up 98% of the total trader base, witnessed average losses per person of Rs 65,000 and Rs 1.5 lakh in FY24 in futures and options, respectively. The winner here? Clearly, the big bulls, who declared an annual income of over Rs 1 crore, ended up with average profits of Rs 96,000 per person this year. <h2>What’s the sheriff up to?</h2>The government has finally swung into action, hiking the STT rate for F&amp;O during this year’s budget. Effective October 1, 2024, the STT on futures stands at 0.02%, up from 0.0125%. For options, it was upped to 0.1% versus 0.0625% previously. Small margins, but huge impact oncoming. Says Puneet Sharma- CEO and Fund Manager at Whitespace Alpha, “SEBI aims to enhance market stability while safeguarding investor interests, reflecting the regulator's intent to balance risk management with market participation”. But this might come with its own share of challenges, too. “Stricter norms around leverage, transparency, and capital adequacy could limit the ability of investors to determine their own risk appetite, thereby stifling innovation in trading strategies. Over-regulation in an environment that thrives on strategic flexibility and creativity could dampen the market’s dynamism, affecting India's competitiveness in the global derivatives landscape”, he observes. SEBI recently came out with a set of guidelines that aim to thwart <keyword id="19972907" type="General" weightage="20" keywordseo="retail-investors" source="keywords">retail investors</keyword>' participation in futures and options and hinder them from taking undue risks. Here's a quick recap of what's to come for the residents of the F&amp;O town Margin Requirements: To battle the high volatility and chaos which is generally seen on expiry days(i.e the last mandated date, post which an option becomes invalid), SEBI will put in place an extreme loss margin (ELM) of 2% for all open short options on the day of expiry. Translation? Traders will need to pony up more cash upfront, leaving them with fewer funds to take on risky bets. It ain't a choice: No more of one expiry every single day! Going ahead, an exchange like BSE or NSE will just be able to offer weekly expiries, that too, only on one benchmark index, as opposed to an entire buffet it currently offers. At present, NSE offers weekly options contracts for its financial index, bank and midcap indices. But say goodbye to this, and hello to derivatives on only 1 index per exchange. Raising the bar: Effective November 30, 2024, the minimum contract value for index derivatives will be upped to Rs 15 lakh, from the present Rs 5-10 lakh. The hope is that by making it ultra-expensive to enter these trades, investors will be dissuaded from taking on risky trades. Pay upfront: Starting February 2025, those trading in options will have to pay the entire options premium upfront, even before their trades are executed. This is because options generally carry very high leverage, and paying a significant sum upfront can force traders to think twice. Invigilation Pro Max: Starting April 1 2025, to make sure that the number of positions for equity index derivatives does not slyly slip over the mandated limit, especially on expiry days when trade volumes are huge, the exchanges will have to take a minimum of 4 position snapshots randomly. The question is, will these injections of sobriety be enough to calm down the steroid-fed bull of the futures and options market in India? Well, only time and market turnover will tell! For more insights into the financial markets and business news, stay tuned to our site and social media handles. And don’t forget to subscribe to Business Insider India’s newsletters for your weekly dose of Simply Put! Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

<keyword id="35210" type="General" weightage="20" keywordseo="sebi" source="Orion">Sebi</keyword> on Wednesday ordered the attachment of bank and demat accounts of <keyword id="7428433" type="General" weightage="80" keywordseo="shivi-holdings" source="Orion">Shivi Holdings</keyword> to recover Rs 5.35 crore in a matter related to fund diversion case of <keyword id="223505" type="General" weightage="100" keywordseo="religare-finvest" source="Orion">Religare Finvest</keyword>. Religare Finvest Ltd (RFL) is a subsidiary of Religare Enterprises Ltd (REL). The recovery proceedings against Shivi Holdings have been initiated to recover Rs 5.35 crore, which includes interests, all costs, charges and expenses etc, the <keyword id="6355630" type="General" weightage="50" keywordseo="securities-and-exchange-board-of-india" source="Orion">Securities and Exchange Board of India</keyword> (Sebi) said in the attachment order. In its notice, Sebi asked all the banks, depositories and mutual funds not to allow any debit from the accounts of Shivi Holdings. However, credits have been allowed. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of all the defaulter. Last month, Sebi had ordered banks and depositories to attach bank and demat accounts of erstwhile promoters of Religare Enterprises -- Shivinder Mohan Singh and four other entities to recover Rs 32.10 crore in the same matter. The entities are -- Malav Holdings, RHC Holding, ANR Securities and Religare Corporate Services (now known as Finserve Shared Services). They were also the former promoters of REL. The case relates to the diversion of funds to the tune of Rs 2,473.66 crore of Religare Finvest Ltd (RFL), a subsidiary of Religare Enterprises Ltd (REL), during FY 2014-15 till FY 2017-18, in the garb of loans through layers of entities for the ultimate benefits of entities controlled by the erstwhile promoters -- Singh brothers. Sebi noted that these diverted funds never came back to RFL. The diversion of funds was never disclosed to the shareholders of REL, which misled them to remain invested in the shares of REL or deal in the securities of REL. Thus, the apparent diversion of funds led to indirect manipulation of the price of shares of REL, Sebi said in its order. By indulging in such acts, they violated the provisions of PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) norms. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/from-cheaper-smartphones-to-100-5g-labs-here-are-the-top-tech-announcements-in-budget-2023-24/articleshow/97527763.cms">From cheaper smartphones to 100 5G labs, here are the top tech announcements in Budget 2023-24</a><a href="https://www.businessinsider.in/budget/news/government-to-set-up-three-centres-of-excellence-in-artificial-intelligence/articleshow/97520242.cms"></a> <a href="https://www.businessinsider.in/budget/news/government-to-set-up-three-centres-of-excellence-in-artificial-intelligence/articleshow/97520242.cms">Budget 2023 gives a boost to artificial intelligence – government to set up three centers of excellence</a> <a href="https://www.businessinsider.in/tech/news/after-iphones-apple-reportedly-starts-manufacturing-components-for-airpods-in-india/articleshow/97515033.cms">After iPhones, Apple reportedly starts manufacturing components for AirPods in India</a>

Religare Finvest case: Sebi orders attachment of bank, demat accounts of Shivi Holdings

Sebi on Monday ordered the attachment of bank and demat accounts of <keyword id="31906" type="General" weightage="50" keywordseo="sahara-group" source="Orion">Sahara Group</keyword> firm, its chief <keyword id="31933" type="General" weightage="100" keywordseo="subrata-roy" source="Orion">Subrata Roy</keyword> and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs). The recovery proceedings against five entities -- <keyword id="486078" type="General" weightage="50" keywordseo="sahara-india-real-estate-corporation" source="Orion">Sahara India Real Estate Corporation</keyword> (now known as Sahara Commodity Services Corporation), Subrata Roy, <keyword id="1595961" type="General" weightage="80" keywordseo="ashok-roy-choudhary" source="Orion">Ashok Roy Choudhary</keyword>, Ravi Shanker <keyword id="20551" type="General" weightage="80" keywordseo="dubey" source="Orion">Dubey</keyword> and Vandana <keyword id="15888278" type="General" weightage="80" keywordseo="bharrgava" source="Orion">Bharrgava</keyword> -- for Rs 6.42 crore, includes interest, all costs, charges and expenses, the Securities and Exchange Board of India (Sebi) said in the attachment order. In its notice, Sebi asked all banks, depositories and mutual funds not to allow any debit from accounts of Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. However, credits have been permitted. Further, the market watchdog has directed all banks to attach all accounts, including lockers, of the defaulters. The regulator, in its order in June, levied a fine totalling Rs 6 crore on Sahara India Real Estate Corp, Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava. The case relates to the issuance of OFCDs by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation during 2008-09. They raised money through the public issue of securities by issuing OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues, prescribed under the norms, as per Sebi order. According to Sebi, the subscription towards the OFCDs was solicited by the two companies from the general public throughout the country, without adequately informing them about the risks involved in the instruments. The issuance was allegedly done in contravention of the provisions of the Sebi's ICDR (Issue of Capital and Disclosure Requirements) Regulations and PFUTP (Prohibition of Fraudulent and Unfair Trade Practices). SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms">Capital-intensive, cyclical and value stocks to continue their outperformance</a> <a href="https://www.businessinsider.in/thelife/personalities/news/top-five-billionaires-in-2022-elon-musk-gautam-adani-and-bill-gates/articleshow/96509847.cms">After a round of musical chairs, Musk, Gates and Adani are among 2022’s top 5 billionaires</a> <a href="https://www.businessinsider.in/stock-market/news/sah-polymers-ipo-to-open-on-dec-30-price-band-set-at-61-65-a-share/articleshow/96514593.cms">Sah Polymers IPO to open on Dec 30, price band set at ₹61-65 a share</a>

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

An Ahmedabad citizen got a lottery of not a few hundreds or lakhs, but Rs 11,677 crore in his demat account only to be taken back in a few hours. The money was in his account for more than eight hours. <keyword id="774513" type="General" weightage="80" keywordseo="ramesh-sagar" source="Orion">Ramesh Sagar</keyword> has been investing in the stock market for the last five to six years. A year ago, he opened his demat account with <keyword id="66607" type="General" weightage="80" keywordseo="kotak-securities" source="Orion">Kotak Securities</keyword>. "On July 26, 2022, I received Rs 116,77,24,43,277.10 crore in my account, of which I invested Rs two crore in the stock market and booked profit of Rs five lakh. That very evening around 8 to 8.30 p.m, the bank withdrew the amount," he told IANS. He said he had received a notification from the bank stating: "There is an issue with margin update in the app. you can continue to place orders, but the margin shown will not be updated. We regret the inconvenience and are working on resolving this at the earliest." Not just him, many other demat account holders were also lucky to hit a jackpot that day. When IANS tried to get Kotak Securities' comment on the issue from the western zonal office (<keyword id="6358070" type="General" weightage="20" keywordseo="mumbai" source="Orion">Mumbai</keyword>), the officer on phone said that the investor's pan card or demat account number can't verify the claim and comment on the issue. Update: Kotak Securities has issued the following statement: “On 26th July 2022, due to a technical glitch, additional margin limits were inadvertently uploaded in few clients' trading accounts by Kotak Securities Limited (KSL). These additional limits were reflecting in the clients' trading accounts for a short period. Our IT team had worked on this issue and withdrew the additional limits in a short span of time within the trading hours. We confirm that no amount was transferred to the bank accounts of the clients in this regard. KSL had also promptly reported the said issue to the Exchange on the same day. At KSL we strive hard to make our systems robust and error free to avoid any such incidence in the future.” SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/there-is-a-caste-and-religion-bias-in-salaries-says-an-oxfam-report/articleshow/94219196.cms">There is a caste and religion bias in salaries says an Oxfam report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/oral-nasal-urine-samples-necessary-for-monkeypox-diagnosis-icmr/articleshow/94219524.cms">Oral, nasal, urine samples necessary for monkeypox diagnosis: ICMR</a>

Tech Glitch: Man loses ₹11,677 crore windfall from demat account in hours

<ul><li>Shares of CDSL have gained 3% on July 9 as the depository’s <keyword id="240048" type="PERSON" weightage="20" keywordseo="demat-accounts">demat accounts</keyword> have reached 40 million. </li><li>Retail investors’ growing interest in investing in financial markets have benefited the depository. </li><li>Central Depository Services’ subsidiary that manages KYC records of mutual fund inverters now has over 30 million KYC records of investors.</li></ul>Shares of Central Depository Services (CDSL) have seen a four fold increase (296%) since March 2020 because the number of small investors in the country has grown sharply in the last year. On July 9, the stock gained 3% as the depository’s demat accounts reached 40 million. The company earns a major part of the revenue from the annual fee by listed securities to the depositor followed by transactional charges by brokers for every transaction that is settled. Central Depository Services’s subsidiary that manages KYC (know your customer) records of mutual fund investors now has over 30 million investors in its database. <div type="image" title="CDSL demat accounts" height="900" width="1200" msid="84268414" hostid="261"></div>Source: CDSL The sell-off in equities made the share markets attractive right after the COVID-19 outbreak in the first three months of 2020. That lured a bunch of new investors to open new accounts. The subsequent bull run ⁠— the Sensex has gained as much as 40% since March 2020 then ⁠— led to many more joining in the fear of missing out. “This journey of financial inclusion has to enhance to engage with a higher number of persons to foray into the securities market to achieve the objective to make India a capital market hub that is highly focused on corporate governance, technology, investor protection, transparency and sustainability,” said Nehal Vora, managing director and chief executive of CDSL in a press release on July 8. Tech startups like Zerodha, Groww and Upstox, which provide an easy and convenient way of investment, have also gained immensely from this wave. Zerodha holds 18.85% market share with 3.4 million unique active investors followed by Upstox with 10.9% market share with 1.9 million unique active investors, reveals data by stock market analytics platform Trade Brains. <div type="image" title="Top 5 broking firm active clients" height="900" width="1200" msid="84268454" hostid="261"></div>Source: Trade Brains CDSL’s net profit grew to ₹201 crore in the financial year 2021 from ₹106 crore in March 2020, a rise of 50%. Total income rose to ₹400 crore from ₹284 crore during the period. <div type="image" title="CDSL net profit" height="900" width="1200" msid="84268481" hostid="261"></div> SEE ALSO - <a href="https://www.businessinsider.in/tech/news/google-calendars-new-rsvp-option-will-let-you-specify-how-you-want-to-attend-a-meeting/articleshow/84237490.cms">Google Calendar’s new RSVP option will let you specify how you want to attend a meeting</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-hires-over-20000-in-june-quarter-its-highest-ever-quarterly-addition/articleshow/84240423.cms">TCS has loaded up half a million peeps as it expects many to move on</a>

CDSL stock has skyrocketed 296% since March 2020 on surge in retail demat accounts

<ul><li>Nirmala Sitharaman said that a <keyword id="105386" type="PERSON" weightage="20" keywordseo="demat-account" source="Orion">demat account</keyword> can be opened using an Aadhaar card. </li><li>Finance Minister Nirmala Sitharaman also said that banks will be able to raise an additional ₹5 lakh crore which will help recapitalise banks which are stressed with non-performing assets. </li><li>Further, there will be no tax surcharge on foreign and domestic investors.</li></ul>In a major relief to those who are looking to invest in the stock markets, Finance Minister Nirmala Sitharaman said that a demat account can be opened using an Aadhaar card. A demat account is necessary to invest in stock markets and it helps investors to hold and keep track of shares and securities in an electronic format. Currently, opening demat requires six different types of documents that makes it a cumbersome process. Now, Sitharaman has eased it. Here are the documents required to open a demat account which is required no more, according to HDFC bank: <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Documents required previously </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Documents required now </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Identity proof: Passport/ Driving licence/ Voter’s identity card/ Aadhaar card/ PAN card </td><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Aadhaar </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Address proof: Ration card/ Passport/ Voter’s identity card / Driving licence/ Bank passbook or bank statement/ Utility bills such as electricity bills or landline phone bills </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">Income proof: Salary slips/ income tax returns, </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;"> Bank account proof: Cancelled bank cheque </td></tr><tr><td style="border-left:solid #cccccc 0.75pt;border-right:solid #cccccc 0.75pt;border-bottom:solid #cccccc 0.75pt;border-top:solid #cccccc 0.75pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;">PAN card </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Other announcements Finance Minister Nirmala Sitharaman also said that banks will be able to raise an additional ₹5 lakh crore which will help recapitalise banks which are stressed with non-performing assets. Further, there will be no tax surcharge on foreign and domestic investors.

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SIMPLY PUT: SEBI is on a mission to take on the wild, wild west of futures and options in India. Here’s why, what, and how

Ira Alok Puranik

Religare Finvest case: Sebi orders attachment of bank, demat accounts of Shivi Holdings

PTI

SEBI orders attachment of bank, demat accounts of Sahara group firm, Subrata Roy and others

PTI

Tech Glitch: Man loses ₹11,677 crore windfall from demat account in hours

IANS

CDSL stock has skyrocketed 296% since March 2020 on surge in retail demat accounts

Bhakti Makwana

Now you can open a demat account with just an Aadhaar card

BI India Bureau

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