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Demat account is the primary requirement to operate in the Indian financial market. Similar to the demat account is a trading account. Both these accounts are very important for you to invest and hold shares for the long term period. With the help of a trading account you can purchase or sell shares, whereas the demat account holds the shares electronically. Therefore, it is important to have a demat account. Now you must be wondering if you can open multiple demat accounts or is opening multiple demat
Is Opening Multiple Demat Accounts Legal?
Yes, you can open multiple demat accounts. There are no restrictions on the number of demat accounts that can be opened by you. However, there are some things that you must know before opening multiple demat accounts.
Things to Know About Opening Multiple Demat Accounts
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It is absolutely legal to open multiple demat and trading accounts. But there is a condition attached to it. You cannot have multiple demat accounts or multiple trading accounts with the same Depository Participant (DP) or the same broker. Therefore, if you have a demat account or trading account with a DP or broker, you cannot open another account with them.
- Every demat account will attract charges in the form of annual maintenance charges (AMC). The DP will charge this amount even if your demat account is idle and no transaction is being carried out. The AMC charges range from Rs. 700 to Rs. 1000 annually. Therefore, you must be aware of the fact that you will have to pay the AMC on every demat account you open.
- Multiple demat accounts are very helpful if you are both a trader and an investor in the stock market. By opening multiple demat accounts and multiple trading accounts you can easily segregate the investment portfolio and trading portfolio.
- By opening multiple demat accounts you get the services of different brokers. Every broker is different in itself and their services will vary from each other. However, with multiple demat accounts, you get access to variety of brokerage and research reports, a range of trading products, variety of trading platforms, etc.
- While opening multiple demat accounts you must make sure that you do not keep it unused for longer period. This is because unused demat account has the possibility of getting frozen. To reactivate it you will need to complete your eKYC again.
- There is no requirement to open multiple trading accounts along with multiple demat accounts.
- It is very safe to keep your shares with stockbrokers when you have multiple demat accounts. The stockbrokers or DPs have no control over your holdings in the demat account. In fact, your shares kept in the demat account are held with depository. At present there are two depositories in India; National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL).
- You must regularly monitor the monetary balances and transactions carried out in the multiple demat accounts
From the above mentioned points, it can be seen that opening multiple demat accounts in India is absolutely legal. However, before opening multiple demat accounts you must carefully analyse its requirement. If you want to open a new demat account , you may consider opening a demat account with Kotak Securities.
| FAQs Pages | ||
|---|---|---|
| Demat Account Profile | Transfer Shares from Demat Account | Demat Account Security Key |
| Transfer Shares to Demat | NRI Account | Demat Account Charges |
