Write short notes on the following : SARAL Account Opening

SEBI vide circular dated 4th March, 2015 provided for SARAL account opening for resident individuals. An individual investors can open a trading account and demat account by filling up a simplified Account Opening From (AOF") termed as 'SARAL AOF' and will also have the option to obtain other facilities, whenever they require, on furnishing of additional information as per prescribed regulations/circulars. For a set of individual investors, it has been decided by the SEBI to simplify the requirement of submission of 'proof of address'. The requirement of submission of proof of address is as follows: (i) Individual investor may submit only one documentary proof of address (either residence/correspondence or permanent) while opening a trading account and/ or demat account or while undergoing updation. (ii) In case the proof of address furnished by the said investor is not the address where the investors is currently residing the intermediary may take a declaration of the residence/correspondence address on which all correspondence will be made by the intermediary with the investor. No proof is required to be submitted for such correspondence/residence address. (iii) In the event of change of address due to relocation or any other reason, investor may intimate the new address for correspondence to the intermediary within two weeks of such a change. The residence/ correspondence address and any such change thereof may be verified by the intermediary through positive confirmation such as (i) acknowledgment of receipt Welcome Kit/ dispatch of contract notes/ any periodical statement, etc. (ii) telephonic conversation; (iii) visits, etc.