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Documents Required to Open a Demat Account

Documents Required to Open a Demat Account

When you submit the Demat Account opening form there are a prescribed set of documents that are required to verify your background as a client. Two of the key sets of documents required for a demat account are identity proofs and residence proofs. Remember, that the documents required for opening a demat account are in addition to the PAN. Your PAN card issued by the Income Tax Department is the primary document required for opening a demat account. The proofs of residence and identity have to be submitted on top of that.

Demat documents for proof of identity…

As a proof of identity the following documents are accepted by your DP:

  • Any unique identity card issued by a recognized government authority along with your photograph affixed to the identity card. The DP will accept your Passport, Aadhar Card, Voter ID card or your Driving License issued by an Indian RTA as a valid proof of identity. The name must be spelt in exactly the same format and the date of birth must match with the details filled in the demat account opening form.
  • Apart from these government issued ID cards, the DP will also recognize any ID card or document with valid photograph issued either by the central government, state government, government departments, statutory bodies, public sector undertakings, scheduled commercial banks etc. ID cards issued by colleges affiliated to recognized Universities as well as professional bodies like ICAI, ICWAI, Bar Council and ICSI to members are also valid.

Demat documents for proof of address…

The following documents are acceptable by the DP as proof of address:

  • Any ID card issued by a statutory authority with the address mentioned. However, the same document cannot be presented as proof of identity and proof of address.
  • Bank Account statements or a copy of the passbook for the last 6 months provided such statement is not more than 3 months old as on the date of the account opening.
  • Any utility bill like landline telephone bill, electricity bill, water bill or gas bill are valid if the address is clearly mentioned and the bill is not more than 3 months old.
  • In case of a married couple staying in the same house, the address of the spouse can also be used as an address proof. However, this is subject to the discretion of the DP.
  • In case your are living in your own house then the sale deed and if you are living on leave-and-license, then a copy of the lease agreement are also accepted. It is essential that these documents have been registered with the registrar and police verification has been completed.
  • In addition, the DP can also accept a letter from a government body or government company or bank testifying to the individual’s address. That is also acceptable as proof.

Can you open demat account if you do not have a PAN card?

The PAN card is the primary document for the opening of your demat account. In case you do not have a PAN number allotted, you can apply for the PAN in Form 49A and submit a copy of the form to your DP. The PAN number when allotted can be updated in your DP’s records. The current rules also exempt investors residing in the state of Sikkim from submitting their PAN card for opening a demat account. Employees of embassies and multilateral agencies who are exempted from filing returns in India are also exempt from the PAN card requirement for opening a Demat account.

What if original copies are not available?

The basic rule of opening a Demat account is that you need to submit self-attested photocopies of the documents and carry the originals with you for verification. In case you do not have originals, the Notary Public, a government gazetted officer or the manager of a PSU bank is authorized to attest. These are as good as the originals. Additionally, in case of NRIs, the documents have to be attested by the overseas branch of the bank, court magistrate, and judge or by the embassy or the consulate general of the country where the NRI resides.

It needs to be added that the DP is within its rights to insist on additional documentation if it deems fit before opening the demat account.

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