More Than One Dmat Accounts

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Jignesh Desai (Querist)
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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)
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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)
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19 October 2010 restriction is on having not more than one PAN no.....n not on accounts

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Jignesh Desai

Jignesh Desai (Querist)
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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 .