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As per SEBI Directives, w.e.f. 02 January 2002. All trades of shares and securities will be settled only in Demat mode by all classes of investors. This implies that w.e.f. 02 jan 2002 all investors will have to open a Demat account to trade in shares and securites.
A Depository is an entity which holds shares of investors in the form of electronic accounts in the same manner as a bank holds money for depositors. Depository system is a facility of holding and trading shares and securities in electronic mode through a depository.
Central Depository Services (India) ltd. , Mumbai (CDSL) is a Depository promoted by Mumbai Stock Exch., Calcutta Stock Exch., State Bank of India, Bank of Baroda, Bank of India, HDFC bank, Standard Chartered Bank, Union Bank of India and other banks.
- No risk of loss/mutilation/theft of shares.
- No bad deliveries.
- Immediate transfer of shares and securities.
- Reduction in paper work.
- Fast settlement cycle, early pay-outs.
- No Stamp Duty for transfer of shares.
- Low transaction cost for buying/selling of shares.
- Easy & low interest loans against demat shares.
- Increase in the liquidity of securities.
- Instant disbursement of non-cash corporate benefits such as Rights/Bonus/Dividend etc. Into Demat A/c of the investor.
- Regular account status at any point of time
- Opening of Demat Accounts.
- Maintaining holdings in the electronic form.
- Dematerialised Securities : Convert physical shares into electronic form.
- Rematerialise Securities : Convert electronic securities back to physical securities.
- Effect Settlement of shares & securities traded on stock exchanges. (Market Trades)
- Effect Settlement of shares not done through stock exchange. (Off-market trades)
- Facility of pledging/hypothecating dematerialised securities for availing loan/advance against demat shares.
- Credit electronically public issue/rights/bonus offers.
- Nomination facility available for Demat accounts.
Your Bank has been authorised by SEBI as Depository Participant of CDSL mumbai and to offer you Depository Services which provide a safe and economical way of holding your securities and settling trades in the demat mode.
Fill up the account opening form available with us and submit to us with the following documents.
- Stamped agreement duly signed and witnessed.
- Authorisation for recovery of charges.
- Certified copy of any of the following : Ration card/Passport/Election ID card.
- One passport size photograph of each account holder with his signature across the photograph.
- Photocopy of PAN/GIR number.
- Date of Birth certificate (in case of minor)
- Power of Attorney (if applicable).
- Copy of RBI approval and proof of NRI status in case you happen to be an NRI.
We will open your Demat account and instantly allot you 16 digit unique client ID number. (Demat account number) now you can use this account for transacting in shares and securities.
After having opened your Demat account with us surrender your share certificate(s) along with Demat request form (DRF) to us against our acknowledgment we will submit the share certificate(s) along with the DRF form to the company/transfer agent who will deface/destory the share certificates and credit an equivalent number of securities into your Demat account with CDSL under information to us. We will inform you confirming the credit of shares in your account. The entire process may take 15-30 days.
Procedure for sale/purchase of Demat shares is similar to physical shares . You will instruct your broker to purchase/sell shares in demat mode. After confirmation of sale by your broker you should instruct us by filling instruction slips. After confirmation of purchase by your broker you need not give us any instruction if you have already given credit waiver instruction while opening your account. Purchased shares will be credited automatically into your Demat account. Payment for purchase / sale would be done in the same manner.
- You can maintain ZERO balance in your Demat account.
- Accounts can be operated by Power of Attorney Holders.