SBI employees will no longer be able to maintain demat or trading accounts with any other depository outside the group. The largest public sector bank State Bank of India (SBI) has recently issued a directive in this regard. According to a report by Moneycontrol, the bank has instructed its employees and their dependents in the order not to maintain demat or trading accounts with depositories outside the SBI group.

The notification cites the need to have a “system of imposing restrictions/monitoring mechanisms” on employees. It states that employees “cannot open demat or trading accounts with external service providers without the prior written permission of their controller not below the rank of Chief General Manager.”

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The bank has also asked employees to submit demat account details of themselves and their family members on a quarterly basis for verification. The bank has also informed employees to seek permission to continue existing demat/trading accounts of themselves or their dependents outside the SBI group within six months, or else close the accounts.

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