Largest PSU lender State Bank of India (SBI) in a recent circular has instructed its employees and their dependants to not run demat or trading accounts with depositories outside of the SBI Group.
The circular cited the need for a 'system of placing restriction/monitoring mechanism' on employees, stating that staff cannot open demat or trading accounts with external service providers 'without prior written permission of his/her controller not below the rank of Chief General Manager'.
The bank has also asked employees to submit their and their family member's demat account statement on quarterly basis for verification. The bank has also informed employees to seek permission to continue their or their dependent's existing demat/trading accounts outside of the SBI Group within six months, or else close the accounts.
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