To hold your shares and easily trade in the share market, firstly you need to open your Demat account. Here are several steps to open your Demat Account
1. Choose a Depository Participant (DP): Go for a Depository Participant (DP) you would like to open your account with; this thing will serve up as the mediator between you and the depository. Depository Participants can be banks, brokers or online investment platforms.
2. Submit your KYC (Know Your Client) Documents: Submit filled KYC form with passport size photographs, your PAN card and other photocopied required documents.
- Address Proof
- Pan Card
- Recent Passport sized Photographs
At this time, you will be given the option to name someone as your nominee. They will be allocating with the legal responsibility of your shares if somewhat wrong were to come about to you. The option of one’s nominee can be changed, if require be in the future, by refilling the same form.
The KYC form also has the Depository Participant-Investor agreement which includes the terms of the agreement, charges, rules and regulations you will incur whilst holding a Demat account. This form also includes the rights of the investor and duties of the Depository Participants.
3. Perform In-Person Verification: An In-Person Verification may be conceded out by a person from your DP’s firm to make sure that the information gives you in the form are genuine.
4. Obtain Beneficiary Owner Identity (BOID) Number: Once your application has been processed and your DP has facilitated the opening of your account, that will give you a Beneficiary Owner Identity (BOID), a unique account number that you can use during future transactions and to the right to use your account.
Any of you can easily open a Demat account to trade in share market. There are various online share brokers with them you can comfortably open your Demat account and can simply enjoy the trading in the share market.