Opening demat accountNow a days one can open demat account with a very easy procedure which just takes 15 mins and one has to sign on a few dotted lines and has to deposit identification proofs which may range from passport, pancard, ration card, voter card etc. One can have as many as demat accounts as there is no restriction on the number of depository accounts which can be opened by an individual. The point requiring attention is that if your existing physical shares are in joint names, be sure to open the account in the same order of names before you submit your share certificates for demat.
Thus do not worry and go out and open the demat account as opening a depository account is as simple as opening a bank account. You can open a depository account with any DP convenient to you by following these steps:
- Fill up the account opening form, which is available with the DP.
- Sign the DP-client agreement, which defines the rights and duties of the DP and the person wishing to open the account.
- Receive your client account number (client ID). This client id along with your DP id gives you a unique identification in the depository system.