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How to Open Demat Account?
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What is Demat account?
Demat or Dematerialised A/C is a transaction account where all the financial instruments such as share certificates, mutual fund investments, and bonds are converted into electronic form. A dematerialized account can be opened by the investor at depositories with the help of depository participant.
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Where to open?
- To open a demat account visit a nearby Depository Participant.
- DP- Depository Participant- A member of depositories who is licensed under SEBI (Securities and Exchange Board of India).
- Search DPs in the list of depositories in websites: CDSL (Central Depository Services (India) Ltd and NSDL (National Securities Depository Ltd).
Steps to check before opening demat a/c:
- Check whether Depository Participant (DP) is SEBI (Securities and Exchange Board of India) registered Firm.
- Fill account opening form, which is a “know your client” (KYC) application. Fill your details in the form.
- Documents for proof of address and identity are required. Generally the documents are,
- PAN (Compulsory)
- Bank statement (last 6 months)
- Address Proof
- Income Tax Return (If required)
- Two color passport size photos
- Bank crossed Cheque
- KYC details
- You have to sign an agreement of rights and duties between you as an investor and the agent.
- The agreement informs your obligation over their norms and regulations of trading.
- Get a copy of the agreement and schedule of monthly or yearly charges.
Steps to check after opening demat account:
- Your documents and details in it will be verified either in-person or through a call.
- Finally BO ID (Beneficiary owners Identification) / Demat Account number is given which is your transaction account.
- To access your demat account an internet password and a transaction password is required.
- All your purchases / investments in securities will be credited to this account.
- If you sell your securities, your demat account will be debited and if you purchase it will credited.
- To trade share in exchange we need a share trading account
- Only when transactions are confirmed and completed
- There are four major charges usually levied on a demat account:
- Account opening fee,
- Annual maintenance fee,
- Custodian fee and
- Transaction fee.
- Charges for all fees vary from DP to DP.
Demat account is useful for investors to maintain the financial instrument safe, transparent, hassle free and cost effective. Every person can have more than one demat account but we can have only one demat with every DP (Such as broker). You can find steps to transfer shares from one demat account to an another.
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