Can I have demat account joint holders
A demat account is the account where the shares that you buy are held in dematerialized or electronic form. It is not possible to have joint trading accounts. But a joint demat account is allowed. This joint demat account can have 1 primary account holder and up to 2 joint account holders. The utility of joint demat account comes where you want to hold stocks along with your family members. So you can be the primary account holder of the demat account. And your wife and daughter can be the joint account holder.
In order to trade the shares held in your demat account, you need to have a trading account. The trading account that can be linked to the joint demat account should be only of the primary account holder.
The steps for opening a joint demat account are simple.
Step 1: Apply for opening a joint demat account with a depository participantGo to a depository participant. The depository participant is usually a stock broker, such as IIFL Securities. The broker will ask for KYC documents of all the joint account holders.
Step 2: Submit the KYC documentsIn the next step, you submit the KYC documents. These documents include Aadhar card, PAN card etc. As mentioned above, all the joint account holders will have to submit their respective KYC documents.
Step 3: In-person verificationIn the case of joint demat accounts, in-person verification of all the account holders is mandatory. A broker, such as IIFL Securities, gets it done easily and at your convenience.
Step 4: Your joint demat account will now be openedAfter you complete the above three steps, your joint demat account will be opened. It is as simple as that.