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ACCOUNT OPENING

To avail of the various services offered by Depositories (NSDL /CDSL), an investor/ a broker / an approved intermediary (for lending & borrowing) has to open an account with a DP.

Types of accounts :

  • Beneficiary account :

    An investor who wants to hold securities in Dematerialized (Demat) form and receive or deliver securities by inter-account transfers must have an account called beneficiary account with a DP of his choice.

  • Clearing member account :

    Member brokers of those stock exchanges which have established electronic connectivity with NSDL/CDSL need to open a clearing member account, with a DP of his choice, to clear and settle trades in the Demat form. This account is popularly known as Settlement account or "Pool account". This account is meant only to transfer securities to and receive securities from the clearing corporation/ house and hence, the member broker does not have any ownership (beneficiary) rights over the shares held in such an account.
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The process of opening a Demat account is very similar to that of a bank account. There are some common details which are required for any type of account opening with the DP, these are:

  • Name of the account holder
  • Date of birth (for individual accounts)
  • Occupation and financial details
  • Address & phone/fax number
  • Bank details like name of bank, type of account (current/savings), account number, branch address, MICR, etc.
  • PAN number
  • Details of nomination (for individual accounts only)
  • Specimen signature.
  • E-mail address
  • Mobile number
  • Address for communication

For opening the account customer need to approach our branch enabled for offering DP services of CDSL/NSDL.

 
 

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