A share market is an area where people from different walks of life make investments to get better ROI. But for investing in the share market, it is mandatory to open a free account. But newcomers often face a lot of questions while filling up the questionnaire for opening the demat account. Here we will discuss in detail the answers to all questions which you might come across in the questionnaire:-
Does the brokerage firm you hire have the best demat account?
If you are unsure about the way on how to open demat account, first and foremost you will have to check whether you will have single-point access to different stock exchanges such as BSE, NSE, NCDEX and MCX. You can trade during any period of time using your email, SMS and phone. Brokerage firms with a good reputation in the market also offer share detailed reports which are created by experts. The firm will enable you to manage your portfolio, trade with high efficiency, track the updates to real-time stocks and also retrieve records whenever it is necessary.
How can I open a demat account with a brokerage firm online?
First and foremost, you will have to contact a depository participant who is registered. You can either download an account opening form from the website of the DP or collect it from the local branch office. Then submit the major documents that satisfy the KYC (Know Your Customer) norms.
For opening demat account, you may submit any document from amongst your address proof, copy of your PAN card, income tax returns, coloured photographs, bank statement of the last three months and a crossed cheque.
An in-person phone verification shall be done for confirming the details which were offered in the form for account opening. Once your application gets approved, you will be offered with an internet password and a transaction password. You will then be able to make the purchase or transfer of securities.
What documents will you require for opening a demat account with a brokerage firm?
For opening a demat account with a brokerage form, you will need to submit a fully filled account opening form which you can get from the brokerage firm’s website or at its branch office. Apart from the fully filled form, you will also need to submit other documents like address proof, identity proof and passport sized photos which have been recently taken. You will also need to carry your original documents for verification. You can submit either your PAN card, voter’s ID, residential electricity bill, driving license or residential telephone bill.