Documents required for opening Demat account

Demat accounts are similar to other bank accounts, but they can be used to hold securities or other financial instruments. The opening a demat account online procedure is nearly identical across all institutions and firms. Therefore, the required documents to open the account are the same. These are the different types of documents that are required to open a Demat account:

  1. Photo ID (POI) Driving licence
  2. Evidence of address (POA) Passport
  3. For trading in derivatives like F&O, proof of income (Eg. Copy of ITR Acknowledgement
  4. Evidence of bank account (Eg. : Cancelled check
  5. PAN Card
  6. 1 to 3 passport-sized photographs

This is a detailed list of documents required to open a Demat account.

List of documents that can be used as proof of identity:

  1. PAN card with valid photo. This is a mandatory requirement for all applicants except those who are specifically exempt from obtaining PAN (listed in "Exemptions/Clarifications" to PAN section)
  2. Unique Identification Number (UID) (Aadhaar/ Passport/ Voter ID card/ driving license)
  3. Issued by any of these: Central/State Government with its Departments and Statutory/Regulatory Authorities; Public Sector Undertakings; Scheduled Commercial Banks; Public Financial Institutions; Colleges affiliated to Universities. Member IDs issued by Professional Bodies like ICAI, ICWAI or ICSI. Banks issue Credit Cards/Debit Cards

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List of documents that can be used as proof of address:

  1. Passport/Voters Identification Card/Ration card/Registered Lease Agreement of Residence/Driving Licence/Flat Maintenance Bill/Insurance Copy
  2. Utility bills such as Telephone Bill (only landline), Electricity Bill, or Gas Bill - No more than three months old
  3. Bank Account Statement/Passbook – Not older than 3 months
  4. Self-declaration by Supreme Court and High Court judges, giving new address for their accounts
  5. Any of the following can issue proof of address: Bank Managers of Scheduled Commercial Banks or Multinational Foreign Banks/Gazetted officer/Notary public/Elected representatives of the Legislative Assembly/Documents issued from any Government or Statutory Authority
  6. Issued by any of these authorities: Central/State Government, its Departments and Statutory/Regulatory Authorities; Public Sector Undertakings; Scheduled Commercial Banks; Public Financial Institutions; Colleges affiliated with Universities and Professional Bodies like ICAI, ICWAI and ICSI to their Members
  7. For FII/sub accounts: A Power of Attorney document that is given by FII/subaccount to Custodians (which have been duly notarized, apostilled, or consularised) and which mentions the registered adress
  8. Acceptable proof of address may be in the spouse's name

Notice: Documents with an expiry date must be submitted on the date they were received.

Documents admissible for Proof of Income

  1. Photocopy of the Income Tax Return (ITR) Acknowledgement Slip submitted to the Income Tax Department during tax filing
  2. A certified Net Worth Certificate by a Chartered Accountant. Alternately, a photocopy the Annual Accounts duly reviewed by a qualified Chartered Accountant.
  3. A recent Salary Slip, or another document that proves income and net worth such as Form 16 is sufficient to show proof of salary.
  4. An Demat account statement with an eligible Depository Participant
  5. The client's income history for the last 6 months is shown on the current bank account statement
  6. Additional documents to support the claim and self-declaration that can be used to prove ownership of assets

Exemptions/Clarifications to PAN*

  1. Transactions for the Central Government or State Government, and officials appointed by Courts, e.g. Official liquidator, Court receiver etc.
  2. Sikkim is home to many investors.
  3. UN entities/multilateral agencies exempt from paying taxes/filing tax returns in India.
  4. SIP of Mutual Funds Up to Rs. 50,000/- per annum
  5. For institutional clients, FIIs and MFs, VCFs and FVCIs are all eligible. Custodians must verify the PAN card details together with the original card and then provide certified copies to the intermediary.

Not required: Documentary evidence supporting such claims must be available.

Liste of persons authorized to attest documents

  1. Notary Public, Gazetted Officer, Manager of a Scheduled Commercial/Co-operative Bank or Multinational Foreign Banks (Name, Designation & Seal should be affixed on the copy)
  2. PaN NRIs can have documents attested by authorized representatives of Scheduled Commercial Banks overseas branches registered in India, Notary public, Court Magistrate and Judge.

The Depository participant, or your broker, may ask for additional proof of identity, income, or address. Your account will be open once all documents have been submitted, verified and checked by the relevant departments.

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