Nowadays many people talk about investing in the share market6. If you also want to invest in the share market and start dealing in the different options available there. First of all, the person needs to open the Demat account. It is an account that will open up all the opportunities of purchasing, selling, and even holding shares. This account will make it very easy for people how to manage their overall investment. Now the basic question will arise in every common person’s mind i.e. how to open a Demat account?
To open the demat account, the person just needs to follow certain steps. Let’s have a look at them.
- Select the depository participant: To open a Demat account, it is very important to choose the right depository participant. For opening the demat account, it will be great to get the best DP services that will guide the person in the best possible way. The DP services are available in India through banks, online investment platforms, and even stockbrokers.
- Fill out the demat opening form: The person needs to fill-up the form for the demat account opening. In that form, the person will be required to fill up all the details asked there. This will include certain basic information and this is a mandatory step without which the further processing of the demat account is not possible.
- Complete all your Know your customer requirements: After the submission of the form, it is very important to fulfill all the requirements regarding knowing your customer. for this the person needs to upload all the documents such as identity proofs, bank account, address proofs, and even income proof. While opening the account it is better to have all such documents nearby you so that there is no problem faced during the submission.
- Complete the verification process: For completing the overall work of the Demat account opening, it is very important to complete the overall verification process. For this process, the person might either get a voice call or video call depending upon the convenience. Here the person needs to verify all the documents attached with the demat account opening form.
- Signatures of agreement copies: Once the verification process is done, the person needs to sign a contract with the depository participants. There will be numerous copies of agreements that need to be signed out of which one will be kept by the person.
- Get your identification number: After all the processes are done regarding the person will be allotted the identification number. This is the number be unique that will help the person to access the demat account as and when required.
So if you are planning to open a demat account, you need to follow every single step to get to the desired results. if you are looking for the best depository services, 5paisa is always here to provide the best services to all their clients. It is one best platforms that provide timely information to all the clients regarding markets.
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