Para 1 – Key relaxations and valuation changes:
SEBI has further enhanced the Facility for Basic Services Demat Account (BSDA) to promote ease of investment and ease of doing business. For determining BSDA eligibility thresholds, Zero Coupon Zero Principal (ZCZP) bonds, delisted securities and suspended securities are excluded.
For valuation purposes, securities are to be valued based on daily closing price/NAV; where unavailable, last traded price may be used; face value is to be considered for unlisted securities (other than MF units); and last closing price for illiquid securities. DPs are now required to reassess BSDA eligibility every quarter.
Para 2 – Consent framework and implementation timeline:
DPs must open or convert eligible demat accounts into BSDA by default, unless the Beneficial Owner provides explicit active consent through an authenticated and verifiable channel to opt for or continue with a regular demat account.
These changes modify and supersede specific paragraphs of the earlier circular and will come into force from March 31, 2026. Depositories are directed to amend bye-laws, disseminate the circular, and implement necessary systems within prescribed timelines (systems within 75 days and post-testing implementation within 90 days).
