The Central Depository Services (India) Limited (CDSL) on December 15, 2025, issued a circular regarding the Validation of KYC Records with KRA.
CDSL has reminded Depository Participants (DPs) of the earlier Communique dated November 13, 2025, regarding the freezing of demat accounts whose KYC records have been found invalid by KRAs after validation. KRAs have now provided updated lists of PANs that are non-validated (including invalid PANs) and PANs updated between November 1–30, 2025.
Based on this data, CDSL has made available a DP-wise list of demat accounts linked to non-validated PANs in the DPs’ billing folder, with the file name format “BLNG<<DP ID>>_KRA_DEFICIENT_BO_06122025.tar”. These identified demat accounts will be frozen for both debit and credit with freeze reason code “27 – Account holder related – KYC non-compliant” on December 27, 2025, using data updated by KRAs as on December 24, 2025.
For unfreezing such accounts, DPs must follow the existing procedure specified in Communique dated September 5, 2023 (CDSL/OPS/DP/SYSTM/2023/525).
[Circular No. CDSL/OPS/DP/POLCY/2025/823]
