More Than One Dmat Accounts

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This query is : Resolved

Jignesh Desai (Querist)

14 October 2010 Is it legal for a person to have two DMat Accounts on the same name . What if both these accounts are with different Depositories ? For e.g. , he has one account with Allahabad Bank which is a Depository Participant with CDSL & another account with Bank of Baroda which is a Depository Participant with NSDL .What is the penalty if this is illegal ?

Ajay Mishra

Ajay Mishra (Expert)

18 October 2010 Hi

There is no restriction to open De-Mat account in the same name with different DP.

A person can open demat account as they can maintain.

Regards

CMA Amit Varma

CMA Amit Varma (Expert)

19 October 2010 restriction is on having not more than one PAN no.....n not on accounts

Jignesh Desai

Jignesh Desai (Querist)

21 October 2010 Thanks , both of you . Now , I think I am clear that it is alright to have more than 1 Dmat accounts in same name but one cannot apply to an IPO on one name from 2 Dmat Accounts .

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