HOW TO OPEN A DEMAT ACCOUNT?
Dematerialized accounts, or demat accounts as they are better known, help investors store and keep track of certificates of shares, bonds, and mutual funds and other securities held in electronic format. A Demat account facilitates document-free trade and transfer transactions.
In order to have this account, listed below is the procedure of open a Demat account.
Demat Account Opening Procedures
Select a Depository Participant (DP)
Submit your KYC Documents
Appear for In-Person Verification
Get Beneficiary Owner Identity (BOID)
The procedure to open a demat account is almost similar for all the depository participants, and all the brokers follow it. Here are the steps to open demat account:
1. Select a Depository Participant (DP): Select a Depository Participant (DP) you would like to open your account with; this entity will serve as the intermediary between you and the depository. DPs can be banks, brokers or online investment platforms.
Angel broking has been providing this service since 1987, and is registered with the Central Depository Services Limited (CDSL), as well as being a member of BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).
2. Submit your KYC Documents: Submit the form given to you for opening an account, the KYC form, passport size photographs, your PAN card (Permanent Account Number), and other photocopied documents.
At this point, you will be given the option to name a person as your nominee. They will be assigned with the responsibility of your shares if something were to happen to you. The choice of one’s nominee can be changed, if need be in the future, by refilling the same form.
The KYC form also has the Depository Participant-Investor agreement which comprises the terms of agreement, rules and regulations, and charges you will incur whilst holding a Demat account. This form also includes the rights of the investor and duties of the DP.
3. Appear for In-Person Verification: An In-Person Verification may be carried out by a person from your DP’s firm to ensure that the details provided by you in the form are authentic.
4. Get Beneficiary Owner Identity (BOID): Once your application has been processed and your DP has facilitated the opening of your account, he/she will give you a Beneficiary Owner Identity (BOID) – a unique account number – that you can use during future transactions and to access your account.
You need to open a Trading account along with the Demat account so that you can immediately begin buying and selling shares.
Opening a demat account is the beginning of a hassle-free investing experience that involves neither the storage risks of paper certificates nor the time-consuming nature of offline trading.
Documents Needed to Open a Demat Account
The documents required to open a demat account include a proof of address and proof of identity. In addition, applicants will need to submit a copy of their PAN card and passport-sized photographs.
Proof of Identity for opening a demat account:
Voter’s identity card
Income tax returns
Bank attestation
Electricity bill
Identity cards issued by the central or state government along with a photograph
Identity cards issued by professional bodies like the Bar Council, Institute of Chartered Accountants of India, and Institute of Cost Accountants of India
Passport
Driving license
PAN card
Identity cards issued by public sector undertakings, regulatory or scheduled authorities, public financial institutions, university-affiliated colleges, or scheduled commercial banks
Proof of Address for opening a demat account:
Ration card
Identity cards issued by professional bodies like the Bar Council, Institute of Chartered Accountants of India, and Institute of Cost Accountants of India
Passport
Identity cards issued by public sector undertakings, regulatory or scheduled authorities, public financial institutions, university-affiliated colleges, or scheduled commercial banks
Voter’s identity card
Self-declaration by Supreme or High Courts judges
Agreement for sale
Leave and license agreement
Verified copies of electricity bill
Bank statement or passbook
Driving License
Residential telephone bill
Information to be provided on Demat Account Opening Form:
Name/s of account holder/s: All the names on the demat account opening formshould be exactly the same as stated on the physical certificates to ensure seamless dematerialization of securities
Mailing and communication address: The applicant’s address must be supported by a copy of one of the above-listed documents. Non-resident applicants will have to provide address proof for both themselves as well as the constituted attorney
Guardian details for minor accounts: Guardians are only eligible to open a demat account in the name of a minor applicant. He or she must sign the application form and provide his or her details along with the minor
Bank account details: All bank details, such as name of bank, branch, MICR, and IFSC code must be provided at the time of opening the Demat account
Nomination declaration: Beneficial owner/s can nominate another person to allow automatic transfer of all holdings on the death of the account holder/s.
While only photocopies of the following documents are necessary for submission, originals will be need for verification purposes.
Important Points and Guidelines to Remember While Opening a Demat Account at Angel Broking:
Self-attested copy of PAN card is mandatory for all clients.
Copies of all the documents submitted by the applicant should be self-attested and accompanied by originals for verification. In case the original of any document is not produced for verification, then the copies should be properly attested by entities authorized for attesting the documents, as per the below mentioned list.
If any proof of identity or address is in a foreign language, then translation into English is required.
Name & address of the applicant mentioned on the KYC form, should match with the documents submitted.
If correspondence & permanent address are different, then proofs for both have to be submitted.
Sole proprietor must make the application in his individual name & capacity.
For non-residents and foreign nationals, (allowed to trade subject to RBI and FEMA guidelines), copy of passport / PIO Card / OCI Card and overseas address proof is mandatory.
For foreign entities, CIN is optional; and in the absence of DIN no. for the directors, their passport copy should be given.
In case of Merchant Navy NRI's, Mariner's declaration or certified copy of CDC (Continuous Discharge Certificate) is to be submitted.
For opening an account with Depository participant or Mutual Fund for a minor, photocopy of the School Leaving Certificate/Mark sheet issued by Higher Secondary Board/Passport of Minor/Birth Certificate must be provided.
Politically Exposed Persons (PEP) are defined as individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., Heads of States or of Governments, senior politicians, senior Government/judicial/military officers, senior executives of state owned corporations, important political party officials, etc.
Demat Account Opening Charges:
Although, no charges are levied at the time of opening a Demat account, there are certain charges applicable for its operations. All these charges and fees are transparent and communicated to the account holders.
No fees at the time of opening a demat account. All other charges are payable per month. It is important for the users to bear in mind that any delay in the payment of these monthly charges may result in the freezing of their accounts. All information related to these is available in the agreement signed at the time of opening a demat account.
Users also need to bear in mind that the demat account charges are subject to changes as per the company’s discretion under the provisions of the National Services Depository Limited.
The values of various transactions would be as per the rates provided by the central depository or the actual value, whichever is higher.
Service tax and other statutory fees are levied as per prevailing rates.
Annual maintenance charges will be applicable as per current guidelines.
In the case of no transactions, the DP may not send quarterly transaction statements to the clients. For such demat accounts, there will be no levy of the annual maintenance fees.
Sole or first holders can opt for the Basic Services Demat account (BSDA) if the value of the security holdings does not exceed INR 2 lakhs. If the BSDA is re-converted to a regular account (non-BSDA), all the applicable charges of such accounts are levied.
Dematerialization and re-materialization fees as per prescribed rates are applicable.
Re-materialization or redemption of mutual fund holdings held in the Demat account is chargeable.
If securities held in the demat account are pledged in favour of the DP or another party, the Pledge Charges are applicable.
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