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Most new market participants gabble with the question - can we open multiple Demat accounts and their legalities? Let us help you if you also have the same query - can I open multiple Demat accounts.
A Demat account is a prerequisite to investing in the stock market. Whether it is a primary or secondary market, you need a Demat account to take the delivery of stocks. This is per the guidelines set by the Securities and Exchange Board of India (SEBI). You can hold various financial assets, including mutual funds, bonds, etc., in your Demat accounts.
The SEBI allows investors more than one Demat account in their name. Therefore, it is not illegal to have multiple Demat accounts.
Most individuals ask brokers 'can I open two Demat accounts?' The straightforward answer is yes. Investors can consider opening two Demat accounts with a discount broker and a full-service broker simultaneously.
While finding the answer to - can we have multiple Demat accounts - and making a decision, investors should go through the positives and negatives of multiple Demat accounts.
Thus, you can open multiple Demat accounts with a single PAN card but with different stockbrokers and the answer to ‘how many Demat account one can open’ depends on your investing and trading requirements in the stock market.
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Yes, you can have 2 Demat accounts with different brokers.
Like many investors, if you want to segregate your investing and trading profiles or store assets separately based on your financial goals, then the answer - 'can I have two Demat accounts' is yes.
It is a yes to - 'can we have two Demat accounts.' But you do not have to keep it active unnecessarily, even if you do not have any holdings in them. You can close your Demat account after following the due process.
Yes, you must close your Demat account if it is dormant for a long time. It is necessary to avoid any fraudulent activity that can happen in a dormant demat account.
Yes, SEBI allows the opening of two Demat accounts with two different stockbrokers.
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