Gilts Accounts

A gilt account is designed to hold government securities and is maintained by an entity or an individual with a custodian which could either be a bank or a Primary Dealer or a financial institution that is permitted by the Reserve Bank of India to operate, what is termed as, a Constituents Subsidiary General Ledger Account (CSGL) with the RBI. As a Primary Dealer, PNB Gilts Ltd, is authorised by the RBI to open and operate CSGL accounts and thus act as a custodian for such accounts. As a custodian of the Gilt Account Holders(GAH), we maintain CGSL accounts with the RBI while the ownership of the securities held in these accounts rests with the constituents/GAH. The servicing of securities held in such accounts is done electronically, thus, facilitating easy and hassle-free trading and maintenance of the securities as prescribed by the RBI.

Advantages of opening a gilt account:

Gilt accounts enable the investors to realise all benefits of a dematerialized holding through their bankers without the difficulty and risks associated with physical form.
Collection and payment of maturity proceeds and interest is faster as these are collected by the primary member and immediately passed on to the client’s gilt account.
Quick settlement
Low administrative costs and minimal charges

In our efforts to deepen the reach and availability of Government securities to all types of investor segments, we have opened multiple CSGL accounts over the years and continue our efforts in this direction. Our constituent profile encompasses a wide gamut of investor segments including insurance companies, regional rural banks, individuals, provident and pension funds, trusts, cooperative banks, financial institutions and so on. We are custodians of an asset base of above Rs 80,000 cr for our constituents with a constant endeavour to make available to them the best possible service and results.

Why open a gilt account with PNB Gilts?

We offer a comprehensive set of services to ensure efficient management of gilt accounts for our constituents.

Clients get regular market feedback throughout the trading session.
We have a designated constituent dealer for all CSGL trades.
Upon request, we convert physical scrips of government securities held by you to dematerialized form and credit the same to your gilt account. If, on the other hand, you require physical scrips of a government security, we help you obtain these rematerialized scrips too.
Zero to minimal transaction fee
Regular mailer of statements and transaction reports are sent to constituents.
Regular market analysis and market reports are shared with constituents.
Convenient bidding in primary market.
We also undertake activities in the open market operations of the Reserve Bank of India on behalf of our constituents.
We entertain trade requests till the last minute of market closing.

For opening a Gilt Account with the Company, the client shall enter into a CSGL agreement with the Company. Necessary KYC (Know Your Customer) documents also need to be submitted along with the CSGL agreement. An indicative list of documents required for KYC is as under:

Documents/CDD measures in case of

Particulars	Valid Documents
Individuals, Beneficial Owner	a. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India/ Job Card issued by NREGA duly signed by an officer of the State Government and letter issued by the National Population Register containing details of name and address. Permanent Account Number of individual/ Beneficial owner or Form No. 60 of the unincorporated association or a body of individuals b. Such other documents pertaining to the nature of business or financial status specified by the company in their KYC policy. c. RE can obtain KYC identifier with explicit customer consent to download records from CKYCR
Sole proprietary firm	a. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India of Proprietor. b. Permanent Account Number of individual/ Beneficial owner or Form No. 60 of the unincorporated association or a body of individuals c. In addition to the above, any two of the following documents as a proof of business/ activity in the name of the proprietary firm shall also be obtained. d. Registration certificate or Udyam Registration certificate (URC) issued by Govt of India. e. Certificate/license issued by the municipal authorities under Shop and Establishment Act. f. Sales and income tax returns. g. CST/VAT certificate. h. Certificate/registration document issued by Sales Tax / Service Tax / Professional Tax authorities. i. License/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute. j. Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm's income is reflected, duly authenticated/acknowledged by the Income Tax authorities. k. Utility bills such as electricity, water, and landline telephone bills. l. In cases where the REs are satisfied that it is not possible to furnish two such documents, REs may, at their discretion, accept only one of those documents as proof of business/activity.
Company	a. Certificate of incorporation. b. Memorandum and Articles of Association. c. A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf. d. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India of authorized signatories. e. Permanent Account Number of individual/ Beneficial owner or Form No. 60 of the unincorporated association or a body of individuals. f. The name(s) of the relevant persons holding senior management position g. The details of the registered office and the principal place of its business, if it is different
Partnership firm	a. Registration certificate. b. Partnership deed. c. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India of partners/authorized signatories. d. The names of the all partners e. The details of the registered office and the principal place of its business, if it is different
Hindu Undivided Family	a. Identification information as mentioned under Section 2 in respect of the Karta and Major Coparceners. b. Declaration of HUF and its Karta. c. Recent Passport photographs duly self-attested by major co-parceners alongwith their names and addresses. d. The Permanent Account Number or the equivalent e-document thereof or FormNo. 60 as defined in Income-tax Rules, 1962.
Trust	a. Registration certificate. b. Trust deed. c. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India of trustee(s). d. Permanent Account Number of individual/ Beneficial owner or Form No. 60 of the unincorporated association or a body of individuals e. The name of the beneficiaries, trustees, settlor, Protector(if any) and authors of the trust f. The address of the registered office of the trust g. List of trustees and documents, as specified in Section 16, for those discharging role as trustee and authorized to transact on behalf of the trust. h. Provided that in case of trust, the RE shall ensure that trustees disclose their status at the time of commencement of an account based relationship or when carrying out transactions as specified in MD.
Unincorporated association or a body of individuals	a. Resolution of the managing body of such association or body of individuals. b. Power of attorney granted to transact on its behalf. c. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India and d. Such information as may be required by the Company to collectively establish the legal existence of such an association or body of individuals.
Juridical persons not specifically covered in the earlier part, such as Government or its Departments, societies, universities and local bodies like village panchayats	a. Documents showing name of the person authorized to act on behalf of the entity. b. Anyone Certified copies of passport/ Driving Licence/ proof of possession of Aadhar Card/ the Voter’s identity Card issued by the Election commission of India., and c. Documents as may be required by the RE to establish the legal existence of such an entity/juridical person. d. In case of customers who are nonprofit organization, the details of such customers are registered on DARPAN portal of NITI Aayog. If such customers are not registered on the DARPAN portal, RE’ s shall register the details on the DARPAN portal. RE s shall maintain such registration records for a period for 5 years after the business relationship between the customer and RE has ended or the account has been closed, whichever is later

Note: For opening of any client account, Aadhar card would be taken. If Aadhar has not been assigned then proof of application of enrolment for Aadhar is to be obtained, but it is valid till six months. However in exceptional cases, with proper approval from principal officer, the period may be extended further maximum by three months.

The Document to be obtained shall be a self-certified (in case of individual) or a certified true copy (in other cases) and shall also contain the name of the officer certifying it along with the date of certifying it. The company shall print/download the prospective client’s e –Aadhaar letter from the UIDAI portal if such a client knows only his/her Aadhaar number of if the customer has only a copy of Aadhaar downloaded from a place/source elsewhere, provided the prospective customer is physically present in the company. The client shall not be required to furnish separate proof of current address, if the same is different from address recorded in OVD. In such case, the client shall submit a declaration indicating his correspondence address.

KYC documents for eligible FPIs under PIS

		FPIType
DocumentType		CategoryI	CategoryII	CategoryIII
EntityLevel	Constitutive Documents (Memorandum and Articlesof Association, Certificateof Incorporation etc.)	Mandatory	Mandatory	Mandatory
	Proof of Address	Mandatory (Powerof Attorney {PoA} mentioning the addressis acceptableas addressproof)	Mandatory (Powerof Attorney mentioning the addressis acceptableas addressproof)	Mandatoryother than Powerof Attorney
	PAN	Mandatory	Mandatory	Mandatory
	FinancialData	Exempted*	Exempted*	Mandatory
	SEBI Registration Certificate	Mandatory	Mandatory	Mandatory
	Board Resolution @@	Exempted*	Mandatory	Mandatory
Senior Management (Whole Time Directors/ Partners/ Trustees /etc.)	List	Mandatory	Mandatory	Mandatory
	Proofof Identity	Exempted*	Exempted*	Entitydeclares* on letter headfull name,nationality,date ofbirthor submitsphoto identityproof
	Proof of Address	Exempted*	Exempted*	Declarationon Letter Head *
	Photographs	Exempted	Exempted	Exempted*
Authorized Signatories	List Signatures and	Mandatory– list of Global Custodian signatoriescan be givenin case ofPoA toGlobal Custodian	Mandatory- list of Global Custodian signatoriescan be given in case of PoA to Global Custodian	Mandatory
	Proofof Identity	Exempted*	Exempted*	Mandatory
	Proofof Address	Exempted*	Exempted*	Declarationon Letter Head *
	Photographs	Exempted	Exempted	Exempted*
Ultimate Beneficial Owner (UBO)	List	Exempted*	Mandatory (can declare “no UBOover25%”)	Mandatory
	Proofof Identity	Exempted*	Exempted*	Mandatory
	Proofof Address	Exempted*	Exempted*	Declarationon Letter Head *
	Photographs	Exempted	Exempted	Exempted*
* Not required while opening the bank account. However,FPIs concernedmay submit anundertaking thatupon demandby Regulators/ LawEnforcement Agenciesthe relative document/s would be submitted to the bank.
@@ FPIs from certain jurisdictions where the practice of passing Board Resolution for the purpose of opening bank accounts etc. is not in vogue, may submit 'Power of Attorney granted to Global Custodian / Local Custodian in lieu of Board Resolution'

Category	Eligible Foreign Investors
I.	Government and Government related foreign investorssuch as ForeignCentral Banks,Governmental Agencies,Sovereign Wealth Funds, International / Multilateral Organizations / Agencies.
II.	Appropriately regulated broad based funds such as Mutual Funds, Investment Trusts, Insurance / Reinsurance Companies, Other Broad Based Funds etc. Appropriately regulated entities such as Banks, Asset Management Companies, Investment Managers/ Advisors, Portfolio Managers etc. Broadbased fundswhose investmentmanager isappropriately regulated. UniversityFunds andPension Funds. University related Endowments already registered with SEBIas FII/ Sub Account.
III.	Allother eligibleforeign investorsinvesting inIndia underPIS route not eligible under Category I and II such as Endowments, Charitable Societies / Trust, Foundations, Corporate Bodies, Trusts, Individuals, Family Offices, etc.

Eligibility:

All entities registered in India like banks , financial institutions , primary dealers ,Individuals, Corporates, Regional Rural Banks, Co-operative Banks, Provident Funds, Pension Funds, Gratuity Funds, Trusts, Insurance Companies, Mutual Funds, foreign institutional Investors, firms , companies, corporate bodies , Partnership firms, Institutions are eligible to purchase government securities.

Clients interested in buying/selling in any of the debt securities, SLR or Non SLR and/or opening CSGL account may contact us on +91-1140729713/15/20/30/35.

Gilts Accounts

Our Services

Gilts Accounts

Particulars

Valid Documents

KYC documents for eligible FPIs under PIS