Can one have two demat accounts?

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  #1  
Old 1st October 2007, 12:26 AM
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Question Can one have two demat accounts?



One of my friend has a demat a/c with Integrated Enterprises..
Now, if he wants to trade online.. Can he have another demat a/c in his name? He is a salaried person.

And what demat a/c (online) would you guys suggest to take up with?
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  #2  
Old 1st October 2007, 07:31 AM
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Default Re: Can one have two demat accounts?

Quote:
Originally Posted by faltub View Post
If I am not mistaking one can have upto 5 D-mat a/cs.

F
If I am not mistaken, a person can have N number of Demat accounts!!!
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  #3  
Old 1st October 2007, 09:18 AM
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Default Re: Can one have two demat accounts?

Oh thanx...
Any links for the source (proof) ?
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  #4  
Old 1st October 2007, 09:46 AM
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Default Re: Can one have two demat accounts?

Quote:
Originally Posted by =CrAzYG33K= View Post
Oh thanx...
Any links for the source (proof) ?
No sir, I dont have any proof but do not remember reading about any restriction on demat account.
Also I consider Bank accounts at par with Demat accounts, the difference being that in banks you trasact money and in Demat share transactions are done. WE DO NOT HAVE ANY RESTRICTIONS ON HOW MANY BANK ACCOUNTS WE CAN HAVE SO I CONSIDER THE SAME APPLIES FOR DEMAT A/C TOO.
Regards
R K Karnani
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  #5  
Old 1st October 2007, 11:02 AM
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Default Re: Can one have two demat accounts?

Quote:
Originally Posted by rkkarnani View Post
No sir, I dont have any proof but do not remember reading about any restriction on demat account.
Also I consider Bank accounts at par with Demat accounts, the difference being that in banks you trasact money and in Demat share transactions are done. WE DO NOT HAVE ANY RESTRICTIONS ON HOW MANY BANK ACCOUNTS WE CAN HAVE SO I CONSIDER THE SAME APPLIES FOR DEMAT A/C TOO.
Regards
R K Karnani
Thanks very much for the help....
Now, coming to the second question ....
I need an online share-broking demat a/c.
I'm leaning towards ICICI demat... but forum members say it's bad and costly..
Which is the best then?
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  #6  
Old 1st October 2007, 11:13 AM
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Default Re: Can one have two demat accounts?

Is there any check for applying ipo by a person having multiple demat a/c at the time of allotment of shares.
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  #7  
Old 1st October 2007, 11:27 AM
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Default Re: Can one have two demat accounts?

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Originally Posted by ranj_2k View Post
Is there any check for applying ipo by a person having multiple demat a/c at the time of allotment of shares.
IPO application per PAN number !!! An individual can legally apply only ONCE in an IPO !!!!
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  #8  
Old 1st October 2007, 11:30 AM
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Default Re: Can one have two demat accounts?

Quote:
Originally Posted by =CrAzYG33K= View Post
Thanks very much for the help....
Now, coming to the second question ....
I need an online share-broking demat a/c.
I'm leaning towards ICICI demat... but forum members say it's bad and costly..
Which is the best then?
I depends , if you are trading through ICICI then it is advisablethat you have an account with them. It should not matterif the charges are a bit on the higher side. Ther would be other advantages of having a demat with your trading account.
I trade through MOSL and have my demat account with them and is working fine.
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  #9  
Old 1st October 2007, 11:31 AM
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Default Re: Can one have two demat accounts?

Thank you for your information. Is there any check on PAN No. at the time of allotment?
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  #10  
Old 1st October 2007, 11:37 AM
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Default Re: Can one have two demat accounts?

Quote:
Originally Posted by ranj_2k View Post
Thank you for your information. Is there any check on PAN No. at the time of allotment?
No, dont think so..... but if multiple applications are detected will be a legal offence. The allotment may be denied or cancelled!!!
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