The process of opening a demat account is very easy and simple. It is similar to the opening of a bank account
First an investor should fill up an account opening form.
The account opening form must be supported by copies of any one of the approved documents to serve as proof of identity (POI) and proof of address (POA) as specified by SEBI.
PAN card is mandatory for opening a demat account
All applicants should carry original documents for verification by our authorized official.
Further, the investor has to sign an agreement with us in a prescribed standard format, which details rights and duties of investor and DP..
On opening an account, we will allot a unique BO ID (Beneficial Owner Identification Number), which is required to be quoted for all future transactions.
Can I open more than one account with the same DP?
Under the depository system, there is no restriction on opening more than one demat accounts in the same or identical name/s with the same or other DPs subject to compliance of all requirements.
Does demat account provide for the facility of nomination?
Yes, All individual BOs can avail of the nomination facility under the demat account.
Can I operate a joint account on "either or survivor" basis just like a bank account?
No. The demat account cannot be operated on "either or survivor" basis like the bank account.
Can someone else operate my account on my behalf on the basis of a power of attorney?
Yes. If you authorise any person to operate your account by executing a power of attorney and submit it to DP, that person can operate the account on your behalf.
Can I add or delete names of accountholders (second or third accountholder) after opening the account?
No. Names of the accountholders for a depository account cannot be changed. If you want to change name or add / delete an accountholder, you need to open a new account in the desired holding pattern (names) and transfer the securities to the newly opened account. The old account may be closed.
Do I have to keep any minimum balance of securities in demat account?
A demat account can be opened and maintained even with 'nil' balance.
Do I have the facility to freeze or lock my account?
You can freeze or lock your demat account for any given period of time, if so desired. Accounts can be frozen for debits (preventing transfer of securities out of accounts) or for credits (preventing any movements of hindrances into accounts) or for both.
How does a BO get information that the DP has updated his account after each transaction?
DP sends to BO, a statement of transactions and balances at least once every month, even where a single transaction has taken place during the month. If no transactions take place, a statement of transactions will be sent at the end of every quarter.
Demat account holders can also view their statement of transactions online using SPEED-e services and logging into our website
